West Red Lake Gold completes Phase One Madsen Mine shaft refurbishment
VANCOUVER, British Columbia, Aug. 13, 2026 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQX: WRLGF) is pleased to provide an update on the phased refurbishment of the Madsen Mine Shaft (the “ Shaft ”), an important infrastructure project that is expected to increase material handling capacity, improve mining efficiency and lower operating costs while supporting higher production rates as mining and development activities advance to deeper levels of the Madsen Mine (“ Madsen ” or the “ Mine ”) located in the Red Lake mining district of Ontario.
Key Takeaways
The Company has successfully completed Phase One of the refurbishment program, demonstrating the ability to safely hoist gold ore and waste material via the existing shaft.
Initial Phase One capacity supporting approximately 200 tonnes per day (“ tpd ”).
Additional infrastructure upgrades planned as part of Phase Two and Phase Three which are expected to optimize the system and support higher hoisting rates to 700 tpd and 2,000 tpd.
All major equipment required for Phase Two of the Shaft refurbishment is now on site, with installation and associated upgrade work underway.
Phase One and Phase Two reach Level 10 at approximately 500 metres depth which can hoist material from the active mining complexes in Austin and South Austin while Phase Three will support material haulage from deeper in the Mine, potentially at Level 17.
The phased approach allows the Company to progressively commission the Shaft while continuing to invest in the infrastructure required to unlock its full long-term value.
Shane Williams, President and CEO, commented, “The phased refurbishment of the Madsen Shaft represents an important investment in the long-term growth of the Mine. As mining advances to deeper levels, the Shaft will complement underground truck haulage by providing an additional means of moving ore and waste to surface at much lower costs while reducing haulage distances and improving operational flexibility. While underground trucks will continue to play an important role throughout the Mine, the Shaft is expected to improve operating efficiency and contribute to lower operating costs and all-in sustaining costs over time.”
Phase One has successfully demonstrated an initial hoisting capability of approximately 200 tpd, and the Company will continue advancing the remaining infrastructure upgrades before increasing the Shaft’s hoisting capacity. Planned work includes upgrades to the hoisting system intended to maximize the long-term efficiency, reliability and capacity of the Shaft.
FIGURE 1. Madsen Mine Shaft Location and Underground Development
Background
Historically, the Madsen Shaft served as the Mine's primary material haulage system for approximately five decades, providing access to mining operations as deep as Level 26 which is the bottom of the Shaft. The current refurbishment program is designed to restore the Shaft to its historical design capacity of approximately 2,000 tonnes per day, supporting the Company's long-term mine plan as mining advances into deeper levels of the Mine.
Qualified Persons
The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo., Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, and by Hayley Halsall-Whitney, P.Eng., Vice President of Operations for West Red Lake Gold and the Qualified Person for technical services at the West Red Lake Project, as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Robinson and Ms. Halsall-Whitney are not independent of WRLG.
About West Red Lake Gold Mines
West Red Lake Gold Mines Ltd. is a Canadian gold producer and developer advancing a high-grade, district scale opportunity in the Red Lake district of Ontario. The Company’s flagship Madsen Mine has recently achieved commercial production and is positioned as the central hub of a growing multi asset platform. The Company controls a 47 km² land package in one of the world’s most prolific mining districts, which has historically produced over 20 million ounces of gold from high grade systems 1 . West Red Lake also owns the Rowan Property in Red Lake, covering 31 km² that includes three past producing mines (Rowan, Mount Jamie and Red Summit) and represents a key source of future production growth.
ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Shane Williams”
Shane Williams President & Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jaclyn Ruptash V.P. Corporate Communications Tel: (604) 569-5559 Email: investors@wrlgold.com or visit the Company’s website at https://www.westredlakegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information generally can be identified by words such as “anticipate”, “expect”, “estimate”, “forecast”, “planned”, and similar expressions suggesting future outcomes or events. Forward-looking information is based on current expectations of management; however, it is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking information in this news release and include without limitation, statements relating to the expectations of performance of the Madsen Shaft refurbishment and the timing and success of completion of the remaining phases of the upgrades to the Madsen Shaft, potential increase in production at Madsen and anticipated changes to production profile, operating efficiency and reduction of costs; and the Company’s future objectives and plans. Readers are cautioned not to place undue reliance on forward-looking information.
Forward-looking information involves numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking information. These risks and uncertainties include, among other things, market volatility; the state of the financial markets for the Company’s securities; fluctuations in commodity prices; and changes in the Company’s business plans. Forward-looking information is based on a number of key expectations and assumptions, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Additional information about risks and uncertainties is contained in the Company’s annual information form for the year ended December 31, 2025, copies of which are available on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
For more information on the Company, investors should review the Company’s continuous disclosure filings that are available on SEDAR+ at www.sedarplus.ca.
1 Twomey, T. and McGibbon, S. Red Lake Mine, Goldcorp Inc. (2022). “The Geological Setting and Estimation of Gold Grade of the High-Grade Zone, Red Lake Mine.” Exploration Mining Geology, Vol. 10, Nos. 1–2, pp. 19–34. Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”).
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Globe Newswire
August 13, 2026 - 2:30 AM PDT
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