Montana Gold Mining: the London firm with the golden touch
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A London-based gold mining company carving its way through some thick Nevada rock may just be on to something big.
Montana Gold Mining Company (MGM) president Ted Ellwood laughed when asked if people might be surprised to know that London is home to gold prospectors.
What he’s serious about is the Golden Trail Project in the northern region of Nevada that has yielded positive returns in both gold and silver so far.
Ellwood said there are a number of factors that are cause for legitimate optimism.
“We’ve been working in there since, I think, 2006, right from a grassroots hypothesis that that should be another major gold trend,” he said. “So we’ve been following that for years identified a pretty significant surface gold vein at the Golden Trail Project, which is our project.”
To add to the gold fever, massive Newmount Mining Corp. has bought up all the land surrounding MGM’s claim, which is also close to another trend proving to be lucrative.
Ellwood said it’s not common for a larger company to make such a move.
“The fact Newmount has surrounded us speaks volumes as far as the strength of the project,” he said. “It’s very rare that a major ever surrounds a junior. Usually, a junior will try to surround a major so they can beat the drums.”
Ellwood comes by his vocation honestly. Born in Manitoba, members on both sides of his family were prospectors. He even has an old newspaper photo of his grandfather prospecting for gold in the 1930s.
The company was based in Toronto for a while, but he happily traded the daily grind there for a slightly quieter life in London.
If MGM does strike it rich in Nevada, he said it’s likely one of those giant companies will buy out MGM to take the claim themselves. If that happens, Ellwood said he and his partners would just start another company and start looking for gold all over again.