The Canadian precious metals producer announced a financing plan consisting of a $10-million bought deal private placement offering of four million flow-through common shares.
McEwen Mining Mining News
Osisko and Canadian Gold Miner Corp. have acquired a historical gold producer as well as an option for an exploration land package, both in Ontario’s gold-rich belt.
According to the McEwen CEO, prices could surpass $5,000 an ounce in five years from about $1,280 now.
Move follows the reception of key permit — the signed Record of Decision (ROD) on the Final Environmental Impact Statement (EIS) for the project.
The company expects to increase its own annual gold production from 146,000 equivalent ounces in 2016 to 223,000 by 2020 from its four mines
Company expects the full permitting process to be completed by December.
The transaction closed today and included the Black Fox underground gold mine, stock mill, workforce, and nearby Grey Fox and Froome development projects.
McEwen announces bought deal at deep discount to ruling share price to finance purchase of Ontario gold mine.
Toronto-based gold miner acquires Black Fox mining complex in northern Ontario from Primero Mining for $35m.
The founder of McEwen Mining and Goldcorp believes prices for the precious metal will reach $5,000 an ounce in a matter of years.
The proposed friendly acquisition will give McEwen access to advanced exploration stage properties located in the heart of Timmins Gold Camp, northern Ontario.
Legendary mine developer Rob McEwen has been recognized for his accomplishments in Canadian mining through an induction into the hallowed corridors of the Canadian Mining Hall of Fame.
Total production for Q3 was 36,496 gold equivalent ounces using gold to silver ratio of 75:1.
Mr. Ochoa is a seasoned executive, bringing more than 25 years of operational experience to the McEwen team and will be instrumental in the continued growth and development of our projects.
Mr. Brown is a seasoned mining professional having previously held roles as Vice President of Projects for Glencore and Construction Manager for Bechtel Mines and Metals.
Selling royalties and streams can be "a Faustian bargain".
The acquisition fits with the company's strategy of investing in opportunities that have the possibility to extend the life of existing mines.
The Afgan-Kobeh property is close to the miner's Gold Bar Complex, which is expected to begin development in 2017.
McEwen Mining Regains Compliance With NYSE Listing Standards
Low share price.
The El Gallo mine produced 15,243 ounces of gold in the first quarter ended March 31, prior to an armed robbery of concentrate containing 6,350 ounces last month.
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