West Red Lake completes acquisition of Madsen Gold Project

Cont’d from pg. 78 strides forward and are becoming a name synonymous with the Red Lake Gold camp. Both Shane and Duncan add incredible leadership and bench strength to an already talented group.”

In June the company announced that it completed the acquisition of the Madsen Gold Project through the acquisition of all of the outstanding shares of Pure Gold Mining Inc.

“The company’s acquisition of the Madsen Gold Project includes a fully permitted underground gold mine with an estimated resource of 1.65M oz in the Indicated category and a highquality mill facility. Combined with the high-grade Rowan gold resource located west of Madsen, the company will continue to expand and infill its mineral resources and work to derisk and grow these assets located in one of Canada’s most iconic gold camps.” said Shane Williams, President and CEO of West Red Lake Gold Mines.

Tony Makuch Joins Board Of Directors

It’s clear that Giustra and Sprott have high expectations for the Madsen. When the takeover was fully executed, they announced that Tony Makuch was going to occupy the next seat at the table.

Makuch has over 35 years of mining industry experience, is the CEO and Director of Discovery Silver Corp and was previously President, CEO and Director of Kirkland Lake Gold Ltd.

During his five-year tenure as CEO of Kirkland Lake, Mr. Makuch led the transformation of the company, with annual gold production increasing from 315,000 oz to over 1,400,000 oz, the market capitalization of the company increasing from approximately C$1 billion to over C$13 billion and Kirkland’s share price increasing over 530%. These milestones were achieved through two successful acquisitions, industry-leading operational performance and significant exploration success and ultimately culminated in Kirkland’s merger with Agnico Eagle Mines Limited in 2022.

Prior to joining Kirkland, Mr. Makuch was President and CEO at Lake Shore Gold Inc., from 2008 until its acquisition by Tahoe Resources Inc. in 2016, when he became the Executive Vice-President and President of Canadian Operations.

“We are delighted to have Tony Makuch join the board of directors of West Red Lake Gold,” said Frank Gi- ustra, Strategic Advisor to the company. “Tony brings a remarkable track record of achievements in gold mining, excelling as an engineer, executive, and company builder. With the recent appointments of Shane Williams and Duncan Middlemiss, West Red Lake Gold team is now fortified with three leaders in mine development and operations in the Canadian Shield. I am inspired by the team we are building.”

Madsen Mine Highlights:

• As a flagship asset, the Madsen Mine commanded a peak market capitalization of >$1.15 billion in 2021

• Madsen is a past-producing mine that has benefited from >$350M historical investment

• Brownfields site with permits to restart production, existing infrastructure including a 800+ tonne per day mill, double ramp access, significant underground mine development, 1,275 metre shaft, tailings management facility, water treatment facility, all-season access and nearby workforce

• Historical Indicated Mineral Resources* of approximately 1.7 million oz Au @ 7.4 g/t and Historical Inferred Mineral Resources* of approximately 0.4 million oz Au @ 6.3 g/t .

•Located in Red Lake, one of the world’s most prolific mining districts with >30Moz of gold produced to date. Madsen is strategically surrounded by major producers Evolution Mining (ASX:EVN), Kinross Gold (TSX:K) and Barrick Gold (TSX:ABX)

• Opportunities to expand existing Mineral Resource inventory with multiple untested near-mine exploration target areas

• Significant exploration potential along the regional structures controlling mineralization