Page 56 Contd on pg 58 By Kevin V incent The fnancial horsepower behind companies like Pure Gold Mining is talking very bullish about 2020 Dr Mark ODea Founder of Oxygen Capital told a packed house at an in vestor event February 3rd in V ancou ver that 2020 has vision certainty and focus ODea said that the focus in 2020 is very much going to be on gold He told an audience of nearly 300 that in dustry sentiment has changed for the better Gold has broken 1500 and it looks like it is going to stay there Building and buying during bear markets when properties are cheap is the wise and prudent thing to do he told the attentive breakfast audience For fve years Oxygen has been buy ing exploring and advancing projects to use industry jar gon said ODea Oxygen has been focused on T ier One projects in T ier One places P ur e G old t o b e O x y gen C apital s thir d pr o duc er in 2020 Headfr a me mill a nd t a ilings f ac ilit y P ure Gold R e d Lak e Mine Phot o b y P ure Gold Mining One of those prime tar gets is the Pure Gold operation in Red Lake The company is getting ready for their frst gold pour at the Red Lake mine ODea told the audience that Pure Gold will be pouring and producing over the next 10 months during the highest price of gold in Canadian dol lars ever Pure Gold will become Oxygen s third operating mine in 2020 ODea pointed out that Oxygen Capital has been responsible for three of the world s 42 new gold mines that have been developed since 2016 Repeatedly quietly consistently ODea wasn t shy when he pointed out that some of the biggest producers in the world including Barrick New mont AgnicoEagle and others would be hardpressed to match Oxygen s record over the past 18 years Five of the companies Oxygen has cre ated over that period have been sold delivering over 1Billion in value to shareholders The Pure Gold Red Lake Mine con tinues to produce signifcant high grade gold drill intercepts and today s results from areas planned for mining this year highlight local opportuni ties for mine expansion stated Da rin Labrenz President and CEO of Pure Gold Similar to the 2018 test mining program where the discovery of a new hanging wall zone resulted in 56 more ounces than predicted these drill holes have identifed both potential extensions to mine stopes and opportunit ies to test and develop new stopes Since announcing the commencement of construction in 2019 we have rap idly built out our operations team and our ongoing test mining program has provided development within reach of several of these planned stoping areas W e understand the orebody well and we are now demonstrating the poten tial for it to grow W ith construction well underway we look forward to frst gold production expecte d in late 2020 Diamond drilling has identifed both extensions to existing stopes and new zones that may be incorpora ted into future short term mine plans Drill holes PG19714 PG19716 PG19717 and PG19722 represent step outs of 4 metres to 18 metres from existing mining shapes Drill hole PG19719 suggests a new hanging wall zone while PG19735 highlights an opportunity for potential additions to the mine plan with 6 me tres grading 132 gt gold occurring more than 50 metres away from the current mine plan Photo Mark ODea Founder of Oxygen Capital Page 57 The acquisition and installation of key infrastructure for under ground mine operations has commenced on site including the installation of new compressors and ventilation systems and the advancement of the exist ing ramp Active dewaterin g of the under ground mine is well underway and on schedule with the mine water level currently at approximately 240 metres below surface The feasibility study contemplated leasing certain equipment for the frst two years of production however further research done on the Compa ny s equipmen t needs and an analysis of current equipment costs demon strated that signifcant savings could be achieved from the feasibility study over the initial two years by purchas ing the under ground mining feet T o date approximately 61 million in equipment has been purchased and delivered to site The equipment in cludes two haul trucks two LHD scooptrams two jumbos a scissor lift a minec at a boom truck a mine res cuepersonnel carrier and a telehan dler among other mobile equipment While this expenditure increases the initial capital requirement s total mine equipment expenditures will be reduced by approximately 30 over the frst two years by elimina ting the mobile lease payments Under ground services includi ng water and electrical supply and communica tions have been upgraded in the ramp and haulage of stockpiled test min ing material to surface is underway As part of the test mining program preproduction under ground ramp development was initiated ahead of schedule and is progressing at an ac celerated pace Under gr ound De v elopmen t P ur e G old Under ground T est Mining Jumb o drill P ure Gold R e d Lak e Mine Phot o httppuregoldmining c a our pro je c tsmadsenre dlak e goldpro je c t ontarioaccessca 5831 King Str eet Por cupine Access Ontario 7052660931 Trusted partner SALES MAINTENANCE REP AIR