North Bay Resources Inc. (the " Company " or " North Bay ") (OTC: NBRI) is pleased to announce it has entered into a share purchase agreement to acquire an additional 14.5% of the Bishop Gold Mill (the " Mill "), bringing total ownership to 70%. The 96 ton per day mill is located north of Bishop, California. The Company has recently acquired and installed additional gold extraction equipment including centrifuge in a gravity primary position ( see press release dated January 10, 2025 ) based on a December 2024 metallurgical study ( see press release dated December 16, 2024 ) showing a 97% recovery of gold, with head grade of 0,9 ounces per ton, from its Fran Gold Project.
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Brightstar Resources Limited (ASX: BTR) – Trading Halt
Description
The securities of Brightstar Resources Limited (‘BTR’) will be placed in trading halt at the request of BTR, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 28 October 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Brightstar Resources
Investor Insight
A gold-focused emerging gold producer with a clear pathway to production growth, Brightstar Resources presents a compelling investment case driven by its mining and development hubs strategy and a district-scale resource opportunity.
Overview
The price of gold stays strong. In April 2024, the yellow metal’s price passed US$2,400 per ounce for the first time. The reason is multifaceted. The world teeters on the brink of a severe recession while some markets attribute the increase to safe haven rush. Amidst ballooning interest rates, bank failures and falling bond yields, demand for gold continues to rise. At this precise moment, gold is simultaneously an excellent portfolio diversifier and a compelling hedge against ongoing inflation — particularly if one invests in the right company.
Brightstar Resources (ASX:BTR) aims to be that company. An emerging mining and development company, Brightstar occupies a strategic land position of roughly 1,200 square kilometers in the Sandstone Greenstone Belt, 300 square kilometers in the Laverton Tectonic Belt and 80 square kilometers of the Menzies Shear Zone.
The company also owns an existing processing facility that can potentially provide tremendous shareholder value in a low-capital cost restart scenario.
That plant, once fully refurbished and operational, could prove a key differentiator for the company, enabling fast gold production at a low capital cost. This is especially noteworthy given that many other gold companies trading on the ASX are largely focused on greenfield exploration and development. Even once those companies discover a promising resource, mining and processing facilities would still need to be built, undertakings which can incur significant upfront capital costs and take several years.
Brightstar's Laverton gold assets are all centered on a 100 percent-owned 300-square-kilometer tenure in the Laverton Tectonic Zone and all within 70 kilometers of the Laverton Processing Plant. Additionally, all resources within this zone are open along strike and at depth. Only minor drilling programs have been conducted in recent years, paving the way for significant exploration upside with the potential for further regional and greenfields discoveries.
Brightstar also owns 100 percent of the Menzies Gold Project, a contiguous land package of granted mining leases over a strike length of roughly 20 kilometers along the Menzies Shear Zone and adjacent to the Goldfields Highway.
In 2023 and 2024, the company announced a mineral resource upgrade to the Cork Tree Well deposit (Laverton gold project) and also delivered two maiden mineral resource estimates at the Link Zone and Aspacia deposits (Menzies gold project). This has grown the total group MRE by approximately 150 koz gold through organic exploration.
The company has also acquired 100 percent of the shares and options of Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district. Brightstar’s MRE has reached 1.1 Moz gold across the Menzies and Laverton projects, with an additional 0.35 Moz gold in resources added after the successful acquisition of Linden Gold Alliance.
In August 2024, Brightstar entered into a scheme implementation deed to acquire 100 percent of Alto Metals (ASX:AME), which owns the Sandstone gold project located in East Murchison. The project has a current mineral resource of 1.05 Moz of gold at 1.5 g/t.
Brightstar also completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML). The project is located 70 km from the Sandstone gold project. The acquisition adds a further 9.6 Mt @ 1.6 g/t gold for 0.5 Moz gold to Brightstar’s JORC Mineral Resource Estimate, giving the company a total mineral endowment of 38.3 Mt @ 1.6 g/t gold for 2.0 Moz gold.
The acquisition of the MGEP from Gateway Mining and 100 percent of Alto’s shares creates a third district-scale resource base for the company called the Sandstone Hub. Upon consolidation of the Laverton, Menzies and Sandstone hubs, Brightstar’s mineral resources would reach 3 Moz at 1.5g/t gold.
Subsequent to the deal with Alto Metals, Brightstar entered into a $4 million drill-for-equity agreement with Topdrill to aggressively advance the consolidated Sandstone gold project. The deal strengthens Brightstar's financial capacity to fulfill its multi-hub exploration and development strategy, which includes the Menzies, Laverton and Sandstone hubs.
Company Highlights
- Brightstar Resources is an ASX-listed mining and development company with more than 3 million ounces of gold resources and an on-site processing infrastructure across its project locations in Laverton, Menzies and Sandstone in Western Australia.
- Brightstar's mineral assets are situated across roughly 300 square kilometers of 100-percent-owned land in the Laverton Tectonic Zone and ~80 square kilometers in the high-grade Menzies Shear Zone.
- The Laverton Gold project has a mineral resource of 9.7 Mt @ 1.6 g/t gold for 511 koz gold and the Menzies gold project has 13.8 Mt @ 1.3g/t gold for 595 koz gold.
- In 2023, the company completed a scoping study into the development of its Menzies and Laverton gold projects and the refurbishment and restart of its processing plant in Laverton.
- In 2023 and 2024, Brightstar completed a small-scale mining joint venture with BML Ventures which involved a 50/50 profit-sharing agreement to exploit the Selkirk deposit at Menzies. In April 2024, Brightstar announced that this joint venture delivered a net profit to Brightstar of $6.5 million.
- In June 2024, the company successfully acquired all of the issued ordinary shares and options in Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district.
- As part of the merger with Linden Gold, Brightstar released a scoping study into Linden’s development-ready Jasper Hills gold project, which delivered key metrics including:
- 140 koz mined over 3.75 years (35 koz pa)
- Net present value of AU$99 million
- Internal rate of return of 736 percent
- Pre-production capital requirements of $12 million
- All-in sustaining costs of AU$1,972/oz
- Jasper Hills is located just 50 km SE of Brightstar’s processing plant in the Laverton gold project
- Brightstar has recently completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML), and has entered into an agreement to acquire Alto Metals (ASX:AME) further creating the company’s third district-scale resource base known as the Sandstone Hub.
- Brightstar plans to continue generating shareholder value through a combination of development and strategic acquisitions along with some exploration.
Key Projects
Laverton Hub
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Beta and Alpha project areas with the addition of the Second Fortune gold mine and the Jasper Hills projects.
Highlights:
- Cork Tree Well, Alpha and Beta have current total JORC mineral resource estimate of 9.7 Mt @ 1.6 g/t gold for 511 koz (52 percent measured and indicated category). All mineral resources are on granted mining leases
- Cork Tree Well (6.4 Mt at 1.4 g/t gold for 303 koz gold)
- Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
- Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
- Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
- Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of ~0.6 meters.
- Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
- Permitted, previously mined and production-ready
- Last mined by current owners in 2020 with 23,000 oz gold mined
- Scoping Study outcomes include:
- Pre-production capex of $12 million required (maximum capital drawdown)
- Open pit mine at Lord Byron and underground mine at Fish
- Production of 141 koz over four years (35 koz per annum)
- LOM EBITDA of $135 million (@ AU$3,000/oz)
Menzies Hub
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to Goldfields Highway in Menzies (130km north of Kalgoorlie).
Highlights:
- Total Current Resource: 13.7 Mt at 1.3 g/t gold for 595 koz gold (36 percent measured and indicated)
- September 2023 scoping study showed the simultaneous development of open pit mining at Lady Shenton system and underground mining at Yunndaga:
- 1.9 Mt @ 1.63 g/t Au (100 koz) in open pit mining at Lady Shenton
- 650 kt @ 2.91 g/t (60 koz) in underground mining at Yunndaga
- Low capex of $22 million
- Significant opportunities to find virgin discoveries and brownfields mineral resource growth:
Sandstone Hub
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Brightstar aims to fast-track the development timetable through:
- A focused, multi-rig infill drill out to take the inferred mineralisation into measured and indicated status to underpin mining studies and project advancement
- The application of Brightstar’s dedicated in-house geological and mining engineering team to retain crucial project IP and fast-tracked mining studies;
Brightstar Processing Facility
Situated close to Brightstar's existing mineral assets at Laverton, the Brightstar Processing Plant provides the company with a considerable operational head start over its peers.
Highlights:
- Extensive Infrastructure: Current facilities at the plant include two ball mills, a power station and gravity and elution circuits. Other infrastructure includes:
- A tailings storage dam
- An on-site process water pond
- A 60-person accommodation camp
- An airstrip at the Cork Tree Well Project
- Vehicles and equipment include a forklift, bobcat, two loaders, multiple light vehicles and a 30-tonne crane.
- A Leg Up Over Competitors: The presence of pre-existing processing infrastructure represents significant time savings compared to greenfields development. Brightstar had an independent valuation completed which valued the processing plant at AU$60 million in replacement value.
- Low Upfront Capital Cost: As part of the scoping study released in September 2023, GR Engineering estimated a capital cost requirement to refurbish and expand the milling capacity would cost just AU$18.5 million.
- Close to Existing Assets: Brightstar's major development projects — Cork Tree Well, Jasper Hills, Beta and Alpha — are all close to the plant.
Gold doré bars (BTR005 – BTR016) poured on 9 March 2024
Management Team
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes - Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Matthew Bowles – Non-executive Director
Matthew Bowles is a senior corporate finance executive with extensive public corporate advisory, private equity and capital markets experience in the resources sector. Bowles has successfully negotiated domestic and cross border corporate funding, joint venture and M&A transactions for a number of ASX listed companies in Africa, the Americas and Australia. He was previously chief development officer for a West African focused ASX listed company. He commenced his career with Rio Tinto, working in corporate and commercial roles for nine years, before moving to London to work in banking and finance. Since his return to Australia, Bowles has held senior roles with global advisory firms, focusing on the resources sector. Bowles holds a Bachelor of Business, is a member of CPA Australia and a Fellow of the Financial Services Institute of Australia.
Dean Vallve – Chief Operating Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
2025 Exploration Drilling Commences at Sandstone
Maiden Sandstone drilling program delivers high grade gold
Successful $30m placement supports production growth in 2025
BTR accelerates Second Fortune high-grade mine development
Strong Drill Results Support Development Potential at Apollo Hill Gold Project
Wide intercepts continue to highlight the robust nature of the deposit
Saturn Metals Limited (ASX: STN) (“Saturn” or “the Company”) is pleased to report assay results from ongoing resource development drilling at its flagship 100%-owned Apollo Hill Heap Leach Gold Project, located near Leonora in Western Australia.
HIGHLIGHTS
- Excellent results received from resource-focused Reverse Circulation (RC) drilling completed last year, supporting the development potential at Apollo Hill.
- Thick and higher-grade results include:
- 53m @ 1.08g/t Au from 128m including 16m @ 3.02g/t Au from 144m – AHRC1022
- 29m @ 1.69g/t Au from 164m including 5m @ 8.94g/t Au from 187m – AHRC1028
- 29m @ 1.12g/t Au from 191m including 7m @ 3.03g/t Au from 191m – AHRC1020
- 21m @ 1.85g/t Au from 203m including 11m @ 3.26g/t Au from 206m; and,
- 86m @ 0.58g/t Au from 106m – AHRC1116
- 20m @ 1.13g/t Au from 85m within 27m @ 0.94g/t Au from 78m – AHRC1019
- 20m @ 2.04g/t Au from 3m within 65m @ 0.77g/t Au from 3m – AHRC1049
- The results highlight the continuity of mineralisation across the deposit, supporting the Company’s heap leach development strategy, whilst also emphasising localised higher-grade opportunities.
- Work is nearing completion on an interim resource upgrade for Apollo Hill, scheduled for early next month. Resource drilling has also re-commenced on site.
The results provide strong support for Saturn’s heap leach development strategy for Apollo Hill, reinforcing the continuity of mineralisation and the robustness of the deposit.
This announcement includes results from 50 drill-holes and 7,042m of assays (Appendix 1) from drilling completed at Apollo Hill last year. Drill-hole details are listed in Appendix 2. All holes reported intersections above the resource cut-off grade.
Figure 1 shows reported intersections on a simplified geological cross-section along with planned drill holes and the 2023 Mineral Resource Block model. Reported drill-hole locations and significant results are illustrated in Plan View in Figure 2.
Saturn’s Managing Director Ian Bamborough said: “These impressive results, as illustrated in Figure 1, show how the Apollo Hill deposit continues to develop. I am pleased with the deposit’s trajectory as we progress with drilling. With work nearing completion on the next interim resource upgrade at Apollo Hill, due next month, these results will feed into a subsequent resource upgrade targeted for Q2 2025, which will in turn underpin the Pre-Feasibility Study scheduled for completion later this year. We look forward to reporting additional rounds of results as we continue with our most comprehensive drill program at Apollo Hill to date.”
Figure 1 – Simplified geological cross-section showing recent results, mineralisation interpretation, Mineral Resource block model and planned RC holes; Section location shown in plan on Figure 2 (A-A1).
Figure 2 – Plan Overview, Apollo Hill RC Holes. Previously reported holes >1 Gram Metre (g/t Au x Metres) with all holes reported in this announcement illustrated. 2023 Apollo Hill Mineral Resource1 Pit Shell Outline seen at 350RL (Average Surface RL); Figure 1 cross-section illustrated as line A-A1 on this diagram.
Assays remain pending from 38 holes and 8,200m, with a further 25,000m of drilling scheduled for the first half of 2025.
Drilling operations have resumed on-site.
As noted above, Saturn is currently working on an interim upgrade of Apollo Hill’s 1.84Moz1 Mineral Resource (anticipated for release next month) which will include results from 34 holes and 9,402m of extensional focused drilling recently reported to the ASX on 28 October 2024.
These latest results will be utilised in a future resource estimate planned as part of Saturn’s bulk tonnage heap leach PFS, scheduled for completion later this year.
Click here for the full ASX Release
This article includes content from Saturn Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Further High-Grade Gold to 50g/t Au at Music Well
Augustus Minerals (ASX: AUG; Augustus or the Company) is pleased to announce the results of rock chips collected during a field trip to the Clifton East prospect within the Companies Music Well project.
Assays have been received from rock chips collected in December 2024 at the Clifton East Prospect.
- 21 rock chips were collected at Clifton East, assays include:
- 50.3g/t Au, 45g/t Ag (ARK000064),
- 9.73g/t Au, 1g/t Ag (ARK000066),
- 8.95g/t Au, 0.12g/t Ag (ARK000076),
- 4.57g/t Au, 3g/t Ag (ARK000074),
- 1.67g/t Au, 0.1g/t Ag (ARK000123).
- The new rock chips support the previous rock chips which included1:
- 20.1g/t Au (110657),
- 7.86g/t Au (110658),
- 7.86g/t Au (FSMWR085),
- 1.71g/t Au (FSMWR139).
- The rock chips have defined a 500m long east-northeast trend of gold anomalism that is coincident with a linear zone of demagnetization within the host granitoids.
- Several rock chips were collected during the field trip from other areas with a high of 3.59g/t Au (ARK000108) from the Bulls Head target.
- Next Steps at Clifton East:
- Geological mapping and sampling have re-commenced, and AC/RC drilling is being planned.
- An artificial intelligence/machine learning (AI) enhanced targeting study is in progress. Results of this study are expected in Q1 2025.
Andrew Ford, GM Exploration
“The new rock chips from the Clifton East prospect, combined with the recent assays from St Patrick’s Well and other regional targets continue to illustrate the potential of this under- explored portion of the Leonora-Laverton District. The Augustus geology team returned to site on the 20th of January to continue the mapping and sampling program.”
Figure 1: Regional Tenement Packages and Gold Projects
Background
Augustus Minerals Limited( ASX: AUG) holds the exploration licenses and applications comprising the Music Well Gold Project (“Project”) located 35km north of Leonora in the Leonora/Laverton Greenstone Belt of Western Australia.
Comprising ten granted exploration licences covering an area of 1,345km2, making the Project one of the largest exploration packages in the region (Figures 1 and 2).
Click here for the full ASX Release
This article includes content from Augustus Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
North Bay Resources Acquires 70% Interest in the Bishop Gold Mill, Inyo County, California
The Company has entered into an agreement with the note holder, CMC Metals Ltd. (TSXV: CMB) ("CMC"), and the current minority owner 1436132 BC Ltd., a private Canadian company, to acquire an additional 14.5% of 0877887 BC Ltd. ("087") for a total interest of 70%. The primary asset of 087 is the Bishop Gold Mill. Within this transaction, North Bay acquires a total interest of 70% of 087, in addition to prior payments and issuances to date, by assuming the amended cash payments and common share transfers to CMC as follows:
Cash Payments:
- $12,500 payable on signing
- $12,500 payable on February 15, 2025
- $12,500 payable on April 1, 2025
- $50,000 payable on July 7, 2025
- $25,000 payable August 15, 2025
- $50,000 payable September 25, 2025
Share Payments:
- $200,000 CAD in common shares of North Bay to be delivered on signing at a foreign exchange rate CAD/USD of $0.70 and share price of $0.0009 totaling 155,555,556 Restricted Shares subject to a minimum hold period of 1 year and representing approximately 2% of shares outstanding.
These are the final payments due under the Purchase Agreement and upon completion CMC will no longer hold a security interest in the Mill. North Bay will remain the Operator. The Company CEO, Jared Lazerson, is the CEO and a shareholder of 1436132 B.C. Ltd, but has no affiliation with CMC.
Corporate Update
The Company has entered an agreement with Investing News Network for media services at a rate of $2,500 CAD per month for 1 year effective March 1, 2025. The Company has amended an agreement with the Sabean Group for media services from $20,000 per month to $10,000 per month effective January 1, 2025.
On behalf of the Board of Directors of
North Bay ResourceS INC.
Jared Lazerson
CEO
info@northbay-resources.com
northbay-resources.com
X: @NorthBayRes
YouTube: North Bay Resources - YouTube
LinkedIn: North Bay Resources Inc | LinkedIn
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.
News Provided by GlobeNewswire via QuoteMedia
North Bay Resources Acquires 70% Interest in the Bishop Gold Mill, Inyo County, California
North Bay Resources Inc. (the " Company " or " North Bay ") (OTC: NBRI) is pleased to announce it has entered into a share purchase agreement to acquire an additional 14.5% of the Bishop Gold Mill (the " Mill "), bringing total ownership to 70%. The 96 ton per day mill is located north of Bishop, California. The Company has recently acquired and installed additional gold extraction equipment including centrifuge in a gravity primary position ( see press release dated January 10, 2025 ) based on a December 2024 metallurgical study ( see press release dated December 16, 2024 ) showing a 97% recovery of gold, with head grade of 0,9 ounces per ton, from its Fran Gold Project.
The Company has entered into an agreement with the note holder, CMC Metals Ltd. (TSXV: CMB) ("CMC"), and the current minority owner 1436132 BC Ltd., a private Canadian company, to acquire an additional 14.5% of 0877887 BC Ltd. ("087") for a total interest of 70%. The primary asset of 087 is the Bishop Gold Mill. Within this transaction, North Bay acquires a total interest of 70% of 087, in addition to prior payments and issuances to date, by assuming the amended cash payments and common share transfers to CMC as follows:
Cash Payments:
- $12,500 payable on signing
- $12,500 payable on February 15, 2025
- $12,500 payable on April 1, 2025
- $50,000 payable on July 7, 2025
- $25,000 payable August 15, 2025
- $50,000 payable September 25, 2025
Share Payments:
- $200,000 CAD in common shares of North Bay to be delivered on signing at a foreign exchange rate CAD/USD of $0.70 and share price of $0.0009 totaling 155,555,556 Restricted Shares subject to a minimum hold period of 1 year and representing approximately 2% of shares outstanding.
These are the final payments due under the Purchase Agreement and upon completion CMC will no longer hold a security interest in the Mill. North Bay will remain the Operator. The Company CEO, Jared Lazerson, is the CEO and a shareholder of 1436132 B.C. Ltd, but has no affiliation with CMC.
Corporate Update
The Company has entered an agreement with Investing News Network for media services at a rate of $2,500 CAD per month for 1 year effective March 1, 2025. The Company has amended an agreement with the Sabean Group for media services from $20,000 per month to $10,000 per month effective January 1, 2025.
On behalf of the Board of Directors of
North Bay ResourceS INC.
Jared Lazerson
CEO
info@northbay-resources.com
northbay-resources.com
X: @NorthBayRes
YouTube: North Bay Resources - YouTube
LinkedIn: North Bay Resources Inc | LinkedIn
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.
News Provided by GlobeNewswire via QuoteMedia
Agnico Eagle and O3 Mining Issue Final Reminder to Tender to Agnico Eagle's All Cash 58% Premium Offer Expiring January 23, 2025
- Offer is expiring on January 23, 2025
- Agnico is committed to the Offer at $1.67 in cash, which represents a 58% premium to O3 Mining's closing price on December 11, 2024
- 39% of outstanding shares of O3 Mining signed lock-up agreements to tender to the Offer
- Offer unanimously recommended by Board and Special Committee of O3 Mining
- Questions or Need Assistance? Contact Laurel Hill Advisory Group at 1-877-452-7184 or email assistance@laurelhill.com
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") and O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3 Mining") provide O3 Mining shareholders with a final reminder to tender to Agnico Eagle's friendly all cash offer to acquire 100% of the common shares of O3 Mining ("Common Shares") at $1.67 per share (the "Offer"), which is expiring on January 23, 2025 at 11:59 pm (EST) .
Tender Shares for Prompt Payment
O3 Mining shareholders are strongly encouraged to tender their Common Shares to the Offer prior to January 23, 2025 to ensure prompt receipt of the Offer price of $1.67 per Common Share. If the conditions to the Offer are satisfied or waived by the expiry time, Agnico Eagle will take-up and pay for any Common Shares tendered prior to expiry by January 28, 2025 .
All directors and officers of O3 Mining and several of O3 Mining's largest shareholders, representing approximately 39% of the issued and outstanding Common Shares, entered into lock-up agreements under which they agreed to tender their Common Shares to the Offer.
O3 Mining shareholders are encouraged to tender their Common Shares as soon as possible to ensure intermediaries have sufficient time to process their requests. The board of directors of O3 Mining continues to unanimously recommend that O3 Mining shareholders tender their Common Shares to the Offer.
Agnico Eagle's Intentions
Agnico is committed to the Offer at $1.67 . Assuming the 66 2/3% minimum tender condition for the Offer is satisfied or waived, Agnico Eagle intends to complete the Offer and acquire 100% of any remaining Common Shares in a second-step transaction. Agnico Eagle is not required to reach a 90% tender threshold under the Offer to acquire 100% of O3 Mining. The closing of the second-step transaction and the payment for any Common Shares acquired thereunder is not expected to occur before the second quarter of 2025.
How do I tender my Common Shares?
Shareholder Type | How do I tender my Common Shares? |
Beneficial Shareholders – Most shareholders | Contact your bank or your broker |
Registered Shareholders – You are a | Contact Laurel Hill Advisory Group: Phone: 1-877-452-7184 (toll-free) |
If you have any questions or require any assistance with tendering your Common Shares to the Offer, please contact our Depositary and Information Agent:
Laurel Hill Advisory Group
North American Toll-Free: 1-877-452-7184
Outside North America : +1-416-304-0211
E-mail: assistance@laurelhill.com
Visit us at www.agnicoeagle.com/Offer-for-O3-Mining to receive the most up-to-date information about the Offer.
About O3 Mining Inc.
O3 Mining Inc. is a gold explorer and mine developer in Québec, Canada , adjacent to Agnico Eagle's Canadian Malartic mine. O3 Mining owns a 100% interest in all its properties (128,680 hectares) in Québec. Its principal asset is the Marban Alliance project in Québec, which O3 Mining has advanced over the last five years to the cusp of its next stage of development, with the expectation that the project will deliver long-term benefits to stakeholders.
About Agnico Eagle Mines Limited
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico , with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation that is based on current expectations, estimates, projections, and interpretations about future events as at the date of this news release. Forward-looking information and statements are based on estimates of management by O3 Mining and Agnico Eagle, at the time they were made, and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or statements.
Forward-looking statements in this news release include, but are not limited to, statements regarding: the Offer, including the anticipated timing of expiration, mechanics, take up, funding, completion and settlement; the ability of Agnico Eagle to complete the transactions contemplated by the Offer; the satisfaction or waiver of the conditions to consummate the Offer; a second step transaction pursuant to which Agnico Eagle may acquire 100% of O3 Mining, including the satisfaction or waiver of the conditions to consummate such second step transaction. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, the expectations and beliefs of Agnico Eagle and O3 Mining that all conditions to completion of the Offer will be satisfied or waived; the ability of Agnico Eagle to acquire 100% of the Common Shares in a subsequent transaction; the decision by Agnico Eagle to extend, or not, the expiry time of the Offer; that any conditions to a subsequent second-step transaction will be satisfied or waived. Agnico Eagle and O3 Mining caution that the foregoing list of material factors and assumptions is not exhaustive. Although the forward-looking information contained in this news release is based upon what Agnico Eagle and O3 Mining believe, or believed at the time, to be reasonable expectations and assumptions, there is no assurance that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither O3 Mining, nor Agnico Eagle nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. O3 Mining and Agnico Eagle do not undertake, and assume no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable law. These statements speak only as of the date of this news release.
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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
View original content to download multimedia: https://www.prnewswire.com/news-releases/agnico-eagle-and-o3-mining-issue-final-reminder-to-tender-to-agnico-eagles-all-cash-58-premium-offer-expiring-january-23-2025-302355993.html
SOURCE O3 Mining Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2025/21/c7665.html
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Agnico Eagle and O3 Mining Issue Final Reminder to Tender to Agnico Eagle's All Cash 58% Premium Offer Expiring January 23, 2025
- Offer is expiring on January 23, 2025
- Agnico is committed to the Offer at $1.67 in cash, which represents a 58% premium to O3 Mining's closing price on December 11, 2024
- 39% of outstanding shares of O3 Mining signed lock-up agreements to tender to the Offer
- Offer unanimously recommended by Board and Special Committee of O3 Mining
- Questions or Need Assistance? Contact Laurel Hill Advisory Group at 1-877-452-7184 or email assistance@laurelhill.com
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") and O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3 Mining") provide O3 Mining shareholders with a final reminder to tender to Agnico Eagle's friendly all cash offer to acquire 100% of the common shares of O3 Mining ("Common Shares") at $1.67 per share (the "Offer"), which is expiring on January 23, 2025 at 11:59 pm (EST) .
Tender Shares for Prompt Payment
O3 Mining shareholders are strongly encouraged to tender their Common Shares to the Offer prior to January 23, 2025 to ensure prompt receipt of the Offer price of $1.67 per Common Share. If the conditions to the Offer are satisfied or waived by the expiry time, Agnico Eagle will take-up and pay for any Common Shares tendered prior to expiry by January 28, 2025 .
All directors and officers of O3 Mining and several of O3 Mining's largest shareholders, representing approximately 39% of the issued and outstanding Common Shares, entered into lock-up agreements under which they agreed to tender their Common Shares to the Offer.
O3 Mining shareholders are encouraged to tender their Common Shares as soon as possible to ensure intermediaries have sufficient time to process their requests. The board of directors of O3 Mining continues to unanimously recommend that O3 Mining shareholders tender their Common Shares to the Offer.
Agnico Eagle's Intentions
Agnico is committed to the Offer at $1.67 . Assuming the 66 2/3% minimum tender condition for the Offer is satisfied or waived, Agnico Eagle intends to complete the Offer and acquire 100% of any remaining Common Shares in a second-step transaction. Agnico Eagle is not required to reach a 90% tender threshold under the Offer to acquire 100% of O3 Mining. The closing of the second-step transaction and the payment for any Common Shares acquired thereunder is not expected to occur before the second quarter of 2025.
How do I tender my Common Shares?
Shareholder Type | How do I tender my Common Shares? |
Beneficial Shareholders – Most shareholders | Contact your bank or your broker |
Registered Shareholders – You are a | Contact Laurel Hill Advisory Group: Phone: 1-877-452-7184 (toll-free) |
If you have any questions or require any assistance with tendering your Common Shares to the Offer, please contact our Depositary and Information Agent:
Laurel Hill Advisory Group
North American Toll-Free: 1-877-452-7184
Outside North America : +1-416-304-0211
E-mail: assistance@laurelhill.com
Visit us at www.agnicoeagle.com/Offer-for-O3-Mining to receive the most up-to-date information about the Offer.
About O3 Mining Inc.
O3 Mining Inc. is a gold explorer and mine developer in Québec, Canada , adjacent to Agnico Eagle's Canadian Malartic mine. O3 Mining owns a 100% interest in all its properties (128,680 hectares) in Québec. Its principal asset is the Marban Alliance project in Québec, which O3 Mining has advanced over the last five years to the cusp of its next stage of development, with the expectation that the project will deliver long-term benefits to stakeholders.
About Agnico Eagle Mines Limited
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico , with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation that is based on current expectations, estimates, projections, and interpretations about future events as at the date of this news release. Forward-looking information and statements are based on estimates of management by O3 Mining and Agnico Eagle, at the time they were made, and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or statements.
Forward-looking statements in this news release include, but are not limited to, statements regarding: the Offer, including the anticipated timing of expiration, mechanics, take up, funding, completion and settlement; the ability of Agnico Eagle to complete the transactions contemplated by the Offer; the satisfaction or waiver of the conditions to consummate the Offer; a second step transaction pursuant to which Agnico Eagle may acquire 100% of O3 Mining, including the satisfaction or waiver of the conditions to consummate such second step transaction. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, the expectations and beliefs of Agnico Eagle and O3 Mining that all conditions to completion of the Offer will be satisfied or waived; the ability of Agnico Eagle to acquire 100% of the Common Shares in a subsequent transaction; the decision by Agnico Eagle to extend, or not, the expiry time of the Offer; that any conditions to a subsequent second-step transaction will be satisfied or waived. Agnico Eagle and O3 Mining caution that the foregoing list of material factors and assumptions is not exhaustive. Although the forward-looking information contained in this news release is based upon what Agnico Eagle and O3 Mining believe, or believed at the time, to be reasonable expectations and assumptions, there is no assurance that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither O3 Mining, nor Agnico Eagle nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. O3 Mining and Agnico Eagle do not undertake, and assume no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable law. These statements speak only as of the date of this news release.
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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
View original content to download multimedia: https://www.prnewswire.com/news-releases/agnico-eagle-and-o3-mining-issue-final-reminder-to-tender-to-agnico-eagles-all-cash-58-premium-offer-expiring-january-23-2025-302355993.html
SOURCE O3 Mining Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2025/21/c7665.html
News Provided by Canada Newswire via QuoteMedia
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