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First Majestic buys Nevada gold mine from Sprott Jerrit Canyon mine in northern Nevada. ( First Majestic Silver (TSX: FR; NYSE:AG) is buying the Jerritt Canyon gold mine in Elko County, Nevada, from Sprott Mining for US$470 million in shares and five million share purchase warrants. As part of the deal, Sprott Mining President Eric Sprott will complete a US$30 million private placement investment in First Majestic. The Canadian miner said it had identified opportunities to enhance the mine’s cost and production profile, as well as near-term brownfield potential between the SSX and Smith mines. Jerritt Canyon was discovered in 1972 and has been in production since 1981. The asset has delivered more than 9.5 million ounces of gold. Last year, it produced 112,749 ounces of gold at a cash cost of US$1,289 per ounce.

United statesElko countyBritish columbiaSilver peakJerritt canyonSan dimasEmpresa mineraEric sprottInternational centre for settlement of investmentFraser instituteFirst majestic silverSprott miningSprott mining president ericNorth americaInternational centreInvestment disputes