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Evolution to acquire Battle North in $274m all-cash deal

Evolution to acquire Battle North in $274m all-cash deal Bateman gold project. Image from Battle North Gold. Australia-based producer Evolution Mining (ASX: EVN) is acquiring Red Lake-focused gold developer Battle North Gold (TSX: BNAU) in a C$343-million ($274m), C$2.65 a share, all-cash deal. The two companies have entered into a definitive arrangement agreement with Evolution to acquire all of the Battle North shares outstanding. The C$343-million cash offer represents a 46% premium to Battle North’s last close and a 54% premium to the company’s 20-day weighted average price. Sign Up for the Precious Metals Digest Sign Up According to Battle North president and CEO George Ogilvie, the offer from Evolution offers a premium to shareholders with synergies expected from the combination of Battle North’s Bateman and Evolutions’ Red Lake complex in the Ontario mining district.

Evolution to acquire Battle North in $343M all-cash deal - Canadian Mining Journal

Australia-based producer Evolution Mining (ASX: EVN) is acquiring Red Lake-focused gold developer Battle North Gold (TSX: BNAU) in a $343-million, $2.65 a share, all-cash deal. The two companies have entered into a definitive arrangement agreement with Evolution agreeing to acquire all of the Battle North shares outstanding. The $343-million cash offer represents a 46% premium to Battle North’s last close and a 54% premium to the company’s 20-day weighted average price. According to Battle North president and CEO George Ogilvie, the offer from Evolution offers a premium to shareholders with synergies expected from the combination of Battle North’s Bateman and Evolutions’ Red Lake complex in the Ontario mining district.

Eldorado posts initial resource for high-grade Ormaque deposit at Lamaque - Canadian Mining Journal

Drill rig underground at Lamaque. Credit: Eldorado Gold Eldorado Gold (TSX: ELD; NYSE: EGO) has released an initial resource estimate for the Ormaque deposit within its Lamaque operation in Quebec. The deposit, halfway between the operating Lamaque-Triangle mine and the Sigma processing facility, includes 2.6 million inferred tonnes at 9.53 g/t gold, and contains 803,000 gold oz. Ormaque is also next to an ore haulage decline that is under construction and will connect the mine with the mill. Based on current development rates, this excavation will reach Ormaque in the third quarter of this year. “This early exploration success at Ormaque highlights the outstanding growth potential at Lamaque,” George Burns, Eldorado’s president and CEO, said in a release. “The short time frame from initial discovery to maiden inferred resource is a testament to the drive of our team and the strong exploration potential within our land package in the Abitibi greenstone belt.”

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