Resource News

First Mining Finance (TSXV:FF) has entered into a definitive share purchase agreement with Chalice Gold Mines (ASX:CHN; TSX:CXN).  Under the agreement, First Mining has agreed to acquire Cameron Gold Operations, a wholly-owned subsidiary of Chalice, which owns the Cameron Gold Project, in exchange for 32,260,836 common shares of First Mining. Chalice will retain a one …

First Mining Finance (TSXV:FF) has entered into a definitive share purchase agreement with Chalice Gold Mines (ASX:CHN; TSX:CXN).  Under the agreement, First Mining has agreed to acquire Cameron Gold Operations, a wholly-owned subsidiary of Chalice, which owns the Cameron Gold Project, in exchange for 32,260,836 common shares of First Mining. Chalice will retain a one percent net smelter royalty over certain mining claims with the Cameron Gold Project not encumbered by pre-existing royalties.
As quoted in the press release:

On completion of the Transaction, which is subject to Chalice shareholder approval, Chalice will hold approximately 8.1% of the issued and outstanding shares of First Mining. The parties to the Transaction are at arm’s length. Pricing for the Transaction was based on the 20-day VWAP of the First Mining shares as of April 6, 2016.The deemed value of the Transaction is approximately $13,000,000.
CAMERON GOLD PROJECT
The Cameron Gold project is an advanced-stage resource project located in the highly mineralized Kakagi Lake Greenstone Belt of the Archean-aged Superior Province located in southwestern Ontario, approximately 80 km south-east of the town of Kenora. The project consists of a total of 154 unpatented claims, 24 patented claims, seven mining licences of occupation (MLO) and four mining leases for a total land package of 31,673 hectares. In December, 2015, Chalice filed a Technical Report (the “Report“) entitled “Technical Report on the Cameron Gold Deposit, Ontario, Canada“. The Report included a resource estimate for the Cameron Gold project which, at a cut-off grade of 0.50 g/t gold, is estimated to have Measured and Indicated Resources of 7,824,000 tonnes grading 2.26 g/t gold (569,000 Au ounces) and Inferred Resources of 14,464,000 tonnes grading 1.92 g/t gold (894,000 Au ounces).
To the best of First Mining’s knowledge, information and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources in the Report inaccurate or misleading.
Dr. Chris Osterman, P. Geo., Chief Executive Officer of First Mining, a Qualified Person for the purposes of National Instrument 43-101 has reviewed the Report on behalf of First Mining and has approved the scientific and technical content of this news release.

Click here for the full press release.

MARKETS

Markets
TSX19202.51-55.81
TSXV642.68-9.68
DOW30984.52-453.74
S&P 5003826.77-73.34
NASD11203.59-320.96
ASX6706.00+177.60

COMMODITIES

Commodities
Gold1819.88-3.55
Silver20.82-0.33
Copper3.76-0.01
Palladium1880.49+12.49
Platinum912.73+5.73
Oil111.62+2.05
Heating Oil4.10-0.01
Natural Gas6.51+0.01

DOWNLOAD FREE REPORTS

×