Two northern Ont. gold mines to merge, creating one of Canada's largest
CTV
Two northern Ontario gold mines are planning to become one creating "one of the largest and lowest cost gold mines in Canada" and saving US$515 million over the life of the operations.
Two northern Ontario gold mines are planning to become one creating "one of the largest and lowest cost gold mines in Canada" and saving US$515 million over the life of the operations.
Alamos Gold announced its intention to buy Argonaut Gold in a news release Wednesday morning.
The agreement was unanimously approved by the boards of directors for both companies, the release said, and Argonaut's two largest shareholders have entered into "lock-up agreements."
Both have mining operations in the town of Dubreuilville, located nearly 300 kilometres north of Sault Ste. Marie.
Argonaut's Magino mine is adjacent to Alamos' Island Gold mine.
