History
In 1934, Marius Madsen staked claims of the property of the future Madsen Mine for the Falcon Gold Syndicate. On March 8, 1935, realizing the value of the property, Madsen founded Madsen Red Lake Gold Mines Ltd. and bought the claims. Having problem with financing the problem, Marius Madsen worked with Joe McDonough, who helped promote the mine and raise capital for development. McDonough was made president of the company. Mine production began on 1938. [1] [2] [3] In 1974, the mine was acquired by Bulora Corp. Ltd. [3] , but was closed two years later, in 1976, due to falling gold prices and increased operating costs of labour and supplies. [4]
In 1980, the mine was sold to E.R. Rowland. Having also acquired the nearby Starratt-Olsen mine, Rowland combined the two properties. [5] Red Lake Buffalo Resources acquired the combined property in 1990, and then later changed the company's name to Madsen Gold Corp. [6] In 1997, the mine restarted operations. In 1998, Claude Resources acquired Madsen Gold Corp. and its Madsen Mine. [7] Operations were stopped in 1999. [8]
In 2014, the mine was sold to Laurentian Goldfields [8] , which later renamed itself to Pure Gold Mining. Pure Gold restarted commercial operations at the mine in August 2021. However, the company failed to produce enough gold to match their projections. Operations at the Madsen mine were suspended a year later, on October 24, 2022, and Pure Gold was granted creditor protection on October 31. [9] [10] Pure Gold and the Madsen mine would be acquired by West Red Lake Gold Mines [11] , with the acquisition being completed on June 16, 2023. [12] On January 2, 2025, West Red Lake Gold announced that they would restart the Madsen Mine, with production beginning later in 2025. [13]
This page is based on this
Wikipedia article Text is available under the
CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.
