ONTARIO – Laurentian Goldfields of Vancouver has completed the purchase of the Madsen gold project 16 km west of Red Lake. Madsen is a former producer that operated from 1938-74 and 1997-99, producing over 2.45 million oz of gold.
Laurentian made an initial $3.75 million cash payment to former owner Claude Resources and issued 9.78 million common shares to Claude, giving the latter a 10.1% interest in Laurentian. The final condition of the sale was that Laurentian complete a financing to raise a minimum of $7.5 million. Laurentian has accomplished that with the closing of a recent private placement that grossed $18.6 million.
Laurentian intends to continue exploration of the high grade portions of Madsen along the 12-km Madsen mine trend and the 10 km long 8 Zone corridor.
More information about the Madsen gold mine is available at LaurentianGoldfields.com.