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Centerra Gold Inc. (TSX:CG) and Premier Gold Mines Limited (TSX:PG) announced they’ve signed a 50/50 agreement and will share the ownership and development of Premier’s Trans-Canada property.
Centerra Gold Inc. (TSX:CG) and Premier Gold Mines Limited (TSX:PG) announced they have signed a 50/50 agreement and will share the ownership and development of Premier’s Trans-Canada property.
As quoted in the press release:
Centerra and Premier have agreed to form a partnership to develop the Trans-Canada Property. Centerra will contribute up to C$300 million in cash to the partnership in accordance with the terms described below, while Premier will contribute all property, assets and rights it holds in respect of the Trans-Canada Property.
Mr. Ian Atkinson, president and CEO of Centerra, stated:
We are very excited to have this opportunity to work with Premier on the Trans-Canada Property. Forming this partnership gives Centerra’s shareholders exposure to a significant gold resource and an advanced stage development project inOntario, Canada. The property has a large land package with exceptional exploration potential. As we have stated in the past it has been our goal to identify and acquire an additional production platform. We feel that the Trans-Canada Property, including the flagship Hardrock Gold Project, complements our growth pipeline which includes the Gatsuurt Project, in Mongolia and the Öksüt Project in Turkey.
Click here to read the full Centerra Gold Inc. (TSX:CG) and Premier Gold Mines Limited (TSX:PG) press release.