One of Canada’s most promising mines is on the verge of getting a full restart.

‍What’s happening:‍

• West Red Lake Gold (TSXV: WRLG) has successfully landed financing commitments of more than $68M CAD
  

Why it matters:‍

• The new funding will go towards advancing the full restart of their flagship Madsen Gold Mine, which contains significant high grade gold deposits and is located in the historic Red Lake district of Ontario
  

By the numbers:‍

• $48M CAD of the new financing is coming through a loan from the Nabari Natural Resources Credit Fund II with the remaining $20M CAD being completed through a bought deal
  
• Over $350M CAD was previously invested into bringing the Madsen Gold Mine into initial production
  
• More than 20% of West Red Lake Gold is owned by legendary mining financier Eric Sprott’s Sprott Resource Lending Corporation and 11% is owned by natural resource serial entrepreneur Frank Giustra
  

Going deeper:‍

• The Madsen Gold Mine was formerly owned and operated by Pure Gold prior to going bankrupt and is fully permitted for moving into production
  

The intrigue:‍

• The Red Lake district of Ontario represents one of the most successful geographies for Canadian gold mining and has seen more than 30M ounces of high grade gold be produced throughout history

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