Discovery Mining Expands Timmins Footprint
The deal adds land near Dome Mine and could support future processing and tailings facilities, while Discovery says it will pay $50 million in shares and $5 million in cash.
- On Friday, Discovery Mining Ltd. announced an agreement to acquire mineral properties from McEwen Inc. for $55 million, including the Fuller project and a 60% interest in the Paymaster Joint Venture.
- Expanding its footprint near the Dome Mine, Discovery aims to resume operations within five years to access an 11-million-ounce inferred resource in the Timmins Camp.
- Franco-Nevada Canada Holdings Inc. agreed to pay Discovery $8 million upon closing to amend an existing royalty agreement, encompassing the newly purchased assets.
- The transaction comprises $5 million in cash and $50 million in common shares, with final completion expected this month pending Toronto Stock Exchange approval.
- Discovery intends to utilize the newly acquired land for processing and tailings facilities, supporting larger-scale gold production from the Dome Mine.
11 Articles
11 Articles
The Toronto Star
Discovery Enters into Asset Purchase Agreement to Acquire Certain Timmins Mineral Properties from McEwen Inc.
Supports Discovery’s vision to significantly grow gold production in the Timmins CampExpands the current land position contiguous with the Dome Mine to support potential future expansion of the Dome Mine, including the potential future location for processing and tailings infrastructureConsideration…
McEwen unveils US$55million sale of Ontario assets to Discovery – Resource World Magazine
McEwen Inc. [MUX-TSX, NYSE] said it has signed a US$55 million deal to sell its Fuller and Paymaster properties in the Timmins, Ont., area to a unit of Discovery Mining Ltd. [DSV-TSX, DSVSF-OTCQX]. The agreement includes a surface rights only parcel which is also located in Timmins. The Fuller property is wholly owned by a McEwen subsidiary which also holds a 60% stake in the Paymaster joint venture with the balance held by Discovery Mining sub…
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