07:54 AM EDT, 09/04/2024 (MT Newswires) -- West Red Lake Gold Mines ( WRLGF ) , which lost near 7% yesterday, earlier Wednesday provided an update on activities at the Madsen Mine as the company advances towards its goal of a targeted restart in 2025.

In a statement WRLG said since acquiring the Madsen Mine project last year, it has completed a site-wide operational assessment to make informed decisions about what surface and underground upgrades would underpin a sustainable mining operation.

"I have led teams through many mine builds and each build reinforced the lesson that operational readiness is essential to a successful mine startup," said Shane Williams, President and CEO. "Operational readiness spans the entirety of a mine, from infill drilling to stope and development planning to budgeting to maintenance and procurement systems to strong staffing and an active safety culture and much more.

"Since the Madsen mine was acquired with an abundance of infrastructure, our focus has been understanding what to add to increase efficiency and optionality."

WRLG lost $0.05 or 6.85% to $0.68 on Tuesday.