Mining Companies Flock to Stake Claims in Red Lake After Recent Gold Strikes in That Area - Seite 3

Located to the southwest of the Red Lake Mine, Yamana Gold (TSX: YRI) (NYSE: AUY) is developing its own Red Lake project. Consisting of 542 hectares in two property positions—North Madsen and Headway—Yamana has secured significant mineral envelopes nearby Premier Gold Mines' Hasaga gold deposit and Newmont's former Red Lake Gold Mines operation. After seeing temporary suspensions at two of the company's mines earlier this year, Yamana revised its annual guidance in April, saying that its gold production is now tracking above expectations and ramping up mines that were closed faster than expected. Relief coming from revenues generated from gold production could provide exploration budgets on Red Lake, should the company allocate funds in that direction.

The ongoing trend at the moment is that Canadian interests should feature prominently during this economic shift. Most current mining mega deals involve Canadian companies, while record gold price forecasts are set to continue to boost prospects for junior mining companies. As the globe continues to struggle economically, Canadian miners are proving to be resilient, thus leading to the potential for regions such as Red Lake to continue to thrive and develop.

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