Agnico Eagle Announces Exploration Joint Venture in Colombia with Newmont Corporation

 
 

Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) ("Agnico Eagle") announced today that it has formed an Exploration Joint Venture (the "Joint Venture") in Colombia with Newmont Corporation (NYSE: NEM, TSX: NGT) ("Newmont").  The 50-50 Joint Venture, which will be operated by Agnico Eagle, will explore the Anza project and seek other prospective gold targets of district-scale potential in Colombia .

 

"The Anza project is well located within the Mid-Cauca belt in Colombia which hosts several world class gold deposits.  Historical work on the project indicates the potential for various styles of mineralization, including porphyry, epithermal and VMS", said Guy Gosselin , Agnico Eagle's Senior Vice-President, Exploration.  "Agnico Eagle has been actively looking at Colombia for some time, and this low-cost entry is consistent with our exploration strategy and existing investment in Royal Road Minerals.  We look forward to working with our Joint Venture partner Newmont to advance the Anza project", added Mr. Gosselin.

 

The Anza project is a gold exploration project, comprising exploration contracts and applications totaling approximately 200 km 2 located in the Mid-Cauca belt in Colombia .  The project is 50 km west of Medellin and 60 km south from Zijin Mining's Buritica operation.  More information on the Anza project and Newmont's previously announced Exploration Agreement with Orosur Mining Inc. ("Orosur") with respect to the Anza project can be found in Orosur's news release dated September 10, 2018 .

 

Agnico Eagle will sole fund the Joint Venture until expenditures equal Newmont's previous investment in the Anza project (approximately $2.9 million ), which is expected to be achieved in the next 12 months.  Thereafter the parties will continue funding on a 50-50 basis.

 

  About Agnico Eagle  

 

Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since 1957. Its operating mines are located in Canada , Finland and Mexico , with exploration and development activities in each of these countries as well as in the United States and Sweden . Agnico Eagle and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.

 

  Forward-Looking Statements  

 

The information in this news release has been prepared as at September 29 , 2020.  Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws.  These statements can be identified by the use of words such as "may", "will" or similar terms.  Forward-looking statements in this news release include, without limitation, statements relating to the exploration and advancement of the Anza project and the anticipated timing of exploration spending.

 

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made.  Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.

 

 Cision View original content: https://www.prnewswire.com/news-releases/agnico-eagle-announces-exploration-joint-venture-in-colombia-with-newmont-corporation-301140397.html  

 

SOURCE Agnico Eagle Mines Limited

 
 

News Provided by PR Newswire via QuoteMedia

The Conversation (0)
Agnico Eagle Mines Limited

Agnico Eagle Mines Limited

Agnico Eagle Mines is a gold miner operating mines in Canada, Mexico, and Finland. It also owns 50% of the Canadian Malartic mine. Agnico operated just one mine, LaRonde, as recently as 2008 before bringing its other mines on line in rapid succession in the following years. The company produced more than 1.7 million gold ounces in 2020. Agnico Eagle is focused on increasing gold production in lower-risk jurisdictions.

Rick Rule, mine site.

Rick Rule: Gold's Next Move, Hated Sectors I Love, Top 3 ASX Mining Stocks

Rick Rule, proprietor at Rule Investment Media, shares his latest thoughts on the resource space, including the sectors where he sees the most hate — and the most opportunity.

Click here to download recordings from the Rule Symposium.

Keep reading...Show less
Gold bars with text: "5 Top Canadian Mining Stocks This Week."

Top 5 Canadian Mining Stocks This Week: Avanti Gold Gains 158 Percent on Misisi Settlement

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

Statistics Canada released its June Labour Force Survey on Friday (July 11). The data indicated that 83,000 new jobs were added to the workforce, led by 34,000 new employees in the wholesale and retail trade category and a 17,000 worker rise in the healthcare and social assistance category.

In other positive news for the Canadian job market, the overall employment rate rose by 0.1 percent to 60.9 percent, while the unemployment rate declined by 0.1 percent to 6.9 percent.

Keep reading...Show less
Gold bar on nuggets with "5 Top Australian Mining Stocks" text overlay.

Top 5 Australian Mining Stocks This Week: Yandal Shares Double on Arrakis Drilling Results

Welcome to the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.

This week's top-performing stocks list is dominated by oil and gas companies, alongside gold and lithium companies.

In Australian mining news, the Fair Work Commission ruled that BHP (ASX:BHP,NYSE:BHP,LSE:BHP) must raise the wages of 2,200 workers at three coal mines in Queensland. The workers in question were employed indirectly through a hiring firm and were being paid significantly less than their peers working directly under BHP.

The case was brought by two worker's unions and based on the Same Job, Same Pay reforms made by the government last year. To align wages, the FWC ruled BHP must raise the labour hire employees' wages by AU$30,000 each.

Keep reading...Show less
Pilbara region, Western Australia, Australia.

Pilbara 2.0: Inside Australia’s Newest Gold Frontier

The Central Pilbara region of Western Australia is undergoing a quiet revolution that is rapidly reshaping the global gold exploration landscape.

Once dismissed as a technically challenging and geologically inconsistent terrain, Pilbara is now emerging as one of the world’s most exciting new gold frontiers and drawing serious attention from institutional investors, driven by transformative discoveries, a maturing geological model and a wave of junior explorers tapping into underexplored intrusive-hosted systems.

Anchored by the multimillion-ounce Hemi discovery — one of the most significant gold finds in Australia in over a decade — this region is not just proving its geological potential, but also demonstrating the kind of scale, consistency and margin profile that modern gold investors seek. As the discovery window remains wide open and valuations are still accessible, the Central Pilbara presents a rare opportunity for early exposure to what may become one of Australia’s next tier-one gold districts.

Keep reading...Show less

Latest Press Releases

Related News

×