Knight Piésold: Pure Gold starts construction of Madsen mine

Construction of the TSX-V and LSE-listed Pure Gold's Madsen Red Lake mine, in Canada, has started, with the mine "perfectly timed" to benefit from a rising gold market, president and CEO Darin Labrenz said on Monday. Gold has risen to nearly C$2 000/oz and at that level, Madsen Red Lake could generate C$800-million in cumulative pre-tax cash flow, he said in a statement, announcing the award of engineering partners for the project.