11:17 AM EST, 01/07/2025 (MT Newswires) -- West Red Lake Gold Mines ( WRLGF ) on Tuesday released a pre-feasibility study (PFS) ahead of the imminent restart of its Madsen Mine project in the Red Lake Gold District of northwestern Ontario.

The mine is expected to restart production in the second quarter of this year.

Highlights for the project include post-tax net present value (NPV) of $315 million at a long-term gold price of US$2,200 per oz.

The project also boasts average annual production of 67,600 oz. gold per year over six years of full production, within a 7.2-year mine life.

The company's shares were last seen up $0.02 to $0.61 on the TSX Venture Exchange.

Price: 0.61, Change: +0.02, Percent Change: +3.39