Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
On Thursday, Fronteer Gold announced that all its outstanding shares will be acquired by Newmont Mining. Size of the deal is $2.3 billion.
Fronteer Gold shareholders will receive CAN$14 in cash and one common share in a new company called Pilot Gold. The new company will own certain exploration assets of Fronteer Gold located in Nevada, Turkey and Peru.
“The cash consideration represents a premium of approximately 37% to the closing price of the common shares of Fronteer Gold on the TSX as of February 2, 2011 and equates to a value of approximately Cdn$2.3 billion for Fronteer Gold,” said Fronteer in a statement.
Fronteer Gold owned the Long Canyon project, a development-stage project about one-hundred miles from Newmont’s existing operations in Nevada.
“The proximity of Long Canyon to Newmont’s Nevada operations provides the potential for significant development and operating synergies. Fronteer Gold also owns a 100% interest in the Northumberland project and a joint venture interest with Newmont in the Sandman project in Nevada, among other assets.”
Newmont Mining shares were up 0.8% on the NYSE on the morning of the announcement.
Michael McCrae wrote this story. You can contact him at [email protected].
Comments
Dav1942
And the big get bigger and we workers work for next to nothing???? “VOTE UNION”!!!!!!!