Page 52 development safely and ahead of schedule With surface work also well underway we look forward to opening a brandnew high grade gold mine in Red Lake marking the frst step on our path to become Canada s next largescale iconic gold producer The Pure Gold Red Lake Mine is fully funded to production and con struction is welladvanced Over the last year the Pure Gold team has seamlessly shifted from ex ploration to development and to day is on cusp of production with frst gold pour only months away In the process the Company has completed an updated mineral re source estimate a defnitive feasi bility study formalized a relation ship with our First Nation partners executed a project fnance pack age with enough fexibility to allow for risklowering capital investment decisions and commenced both surface and underground construc tion A summary of some of the key developments is highlighted below The good news continued in late May when a familiar gold backer Eric Sprott ofered to help fnance Pure Gold s operations with a 15 million investment PureGold has all the attributes I look for in a Company loca tion grade size and growth said Sprott Pure Gold s mine in Red Lake has over 7km of strike with known high grade shoots that have only been defned down to 1200 metres compared to 2500 metres in the neighbouring Red Lake mine complex The ultrahigh grade hits in the 8 zone remind me a lot of the HG Zone that built Goldcorp as well as SMC at Macassa and the Swan Zone at Fosterville These are the types of discoveries that have the potential to be company makers and tend to lead to a much higher production profle than origi nally given credit Mr Sprott is a cornerstone inves tor of Pure Gold and continues to be a strong supporter of our vision to becoming a high margin longlife gold producer uniquely positioned in the Red Lake camp said Dari Labrenz W e are fully funded and ontrack to pour our frst gold in Q4 2020 into a record high gold price environment for Canadian produc ers This new investment in explo ration enables us to concurrently ramp up our focus on aggressive resource growth without impacting our capital budget for fnal mine completion and frst gold pour W e believe this combination of near term cash fow through produc tion and organic resource growth will create signifcant value for our shareholders in the near term The gross proceeds from the issu ance of the FT Shares will be used for Canadian exploration expens es and will qualify as fowthrough mining expenditures In early June drilling recom menced W e believe strongly in the organic growth potential of our Pure Gold Red Lake Mine property And we are confdent that the mine plan outlined in our feasibility study is scalable and has the potential to expand said Labrenz W e are now launching an ag gressive exploration program de signed to realize our vision for fu ture growth at Canada s next gold mine Our drill program has been designed with the goal of increas ing indicated mineral resources through infll drilling with potential to convert to future reserves ex pand our gold resources through stepout drilling and make new highgrade discoveries through re gional explorationWhile we remain completely focused on our fully funded mine construction and ramp up we strongly believe in the po tential for our mineral reserves and mine production to grow and our new program is designed to start building our future growth today Pure Gold launches aggressive exploration program Page 52 MLEN SPRING 2020 Contd from pg 50