The deal will also result in a spinoff company called AuRico Metals, which will hold the Kemess Property in northern British Columbia and three royalty assets.
Aurico Mining News
Endeavour Silver is paying a quarter-billion dollars for two Mexican mining properties owned by AuRico Gold (TSX:AUQ). Endeavour (TSX:EDR) said yesterday it will spend up to $250 million for AuRico's El Cubo silver-gold mine in Guanajuato state, and the Guadalupe y Calvo silver-gold exploration project in the state of Chihuahua.
AuRico Gold pulled the trigger on its Australian operations on Tuesday, selling the Stawell and Fosterville mines to Crocodile Gold Corp for up to $105 million.
Aurico announced on Friday open pit pre-production development has commenced at its Young-Davidson project after the company completed the first open pit blast on Thursday. Commissioning of the Young-Davidson mine project remains on schedule with the first gold pour anticipated for the end of March 2012. The 100%-owned Young-Davidson gold mine in northern Ontario is expected to produce 200,000 ounces per year by 2015. AuRico Gold has projects in Canada, Mexico and Australia and five operating properties including the Ocampo mine in Chihuahua State, the El Chanate mine in Sonora State, the El Cubo mine in Guanajuato State, as well as the Fosterville and Stawell gold mines in Victoria, Australia.