Pure Gold Mining, Wabauskang First Nation and Lac Seul First Nation have signed a project agreement with respect to Pure Gold’s Madsen Red Lake mine in Ontario, Canada.
The agreement establishes a long-term and mutually beneficial partnership between Pure Gold and the First Nations.
Under the agreement, Pure Gold acknowledges the rights and interests that both the First Nations own in the region surrounding Madsen.
Simultaneously, the First Nations support the company’s rights and interests in the development and future operation of Madsen Red Lake Mine.
First Nations will collaborate with Pure Gold in support of the operational permitting process for the mine and all subsequent authorisations by the regulatory bodies.
The agreement also confirms the commitment to sustainable development and protecting the environment, as well as direct support for environmental monitoring.
Wabauskang First Nation chief Doug Riffel said: “The signing of this agreement with Pure Gold recognises our inherent rights, provides for ongoing informed consent and the sharing of the benefits from economic activity within our territory.”
Pure Gold has also agreed to issue 500,000 common shares to each First Nation and plans to make future financial contributions based on gold production.
Pure Gold president and CEO Darin Labrenz said: “The establishment of a long-term partnership with the support and participation of the Wabauskang First Nation and Lac Seul First Nation is key to the successful development of the Madsen Red Lake Mine.
“This agreement demonstrates Pure Gold’s commitment to developing mutually beneficial and cooperative relationships, and establishing long-term benefits for the communities of Wabauskang and Lac Seul.”