Feasibility study for Madsen mine

Toronto junior Madsen Gold (TSE) is conducting a feasibility study on its property near Red Lake, Ont. Funds are provided by a provincial government Norfund grant and a flow-through share issue.

Proven and probable reserves are 557,200 tons grading 0.333 oz. gold per ton. At US$380 per oz., a lower-grade inventory of 226,400 tons grading 0.22 oz. gold would be added to reserves.

The feasibility suggests a mining and milling rate of 400 tons per day. Seventy-five people would be employed and the mine life, based on current reserves, would be 4.2 years.

Madsen estimates capital costs, including a 500-ton-per-day mill, would be $6.8 million to $8.8 million.

Final feasibility is expected by late May.

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