Visible Gold Mines is junior exploration company focused on gold in Canada's highly prospective Abitibi Gold Belt.
Visible Gold Mines acquires historic Silidor Gold Mine from IAMGOLD and Newmont Mining
8th Mar 2010, 5:06 pm
Junior mineral exploration company Visible Gold Mines (TSX-V:VGD, ETR:3V4) has snapped up 13 mining claims in the Abitibi Greenstone Belt in Quebec from Newmont Mining (NYSE:NEM) and IAMGOLD (NYSE:IAG, TSX:IMG), collectively known as the Silidor Property. The Silidor property hosts the historic Silidor Gold Mine which produced gold until 1997.
Visible Gold Mines will issue 400,000 shares to Newmont Mining (55% of total) and IAMGOLD (45% of total) in consideration for the claims. The junior gold company also has an option to enter into a technical assistance agreement with IAMGOLD to assist in its exploration programs on the claims. IAMGOLD also have right of refusal to participate in up to 25% of any financing to build a mine.
Martin Dallaire, President and CEO of Visible Gold Mines stated, "This transaction is an important step in Visible Gold Mines' growth strategy in Abitibi. We believe the adage that says that the best place to start a new mine is in the shadow of a headframe. The collaborative agreement with IAMGOLD will allow us to benefit from their expertise in the field."
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