MRO Magazine

First Mining’s acquisition of Duparquet Gold Project

Monica Ferguson   

Operations Mining & Resources Beattie Gold Mines First Mining Gold inferred gold resources outstanding shares transformational acquisition

Map of the Duparquet Project / Photo: First Mining Gold Corp

First Mining Gold made an offer to acquire all issued and outstanding shares of Beattie Gold Mines located in Quebec.

First Mining, directly and through its wholly owned subsidiary, Clifton Star Resources already owns approximately 25.3 per cent of the issued and outstanding shares of Beattie Gold.  The total consideration of the Beattie Offer is $4.43641 cash per Beattie Gold share and 35 First Mining Shares per Beattie Gold share for a total cash consideration of $6,227,176 and the issuance of 49,127,820 First Mining common shares.

“This transformational acquisition has been a few years in the making and grows First Mining’s M&I gold resources by 40 per cent and inferred gold resources by 50 per cent,” said Keith Neumeyer, chairman, First Mining Gold.  “When First Mining acquired Clifton Star in 2016, we always contemplated the opportunity to consolidate this advanced stage, highly prospective project. Duparquet fits perfectly with First Mining’s strategy and the capabilities of our team to advance and de-risk a second world class asset.”

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