Minnova maps $53M restart for Manitoba gold mine
The site, formerly known as Puffy Lake, operated from 1987 to 1989.
Minnova, a Toronto-listed company, has unveiled a plan to restart the PL gold mine in Manitoba, Canada. The $53.4-million investment will continue operations using existing infrastructure, starting with surface mining before transitioning to underground production. The mine, located 630 km northwest of Winnipeg, is projected to produce an average of 62,200 ounces annually over a decade.
The preliminary economic assessment estimates a positive return on investment, with an eight-month payback period and a 111% internal rate of return at $3,000-per-oz. gold. An earlier feasibility study projected lower output and costs, with gold priced at $1,250-per-oz. Minnova aims to expand its current 1,000-tonne-per-day plant to 2,000 tonnes in the second year to maximize production while mining with surface operations. The company will also seek prefeasibility study approvals and conduct metallurgical testing.
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