Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Toronto-listed San Gold (TSX:SGR) is increasing its footprint in Ontario after it signed an agreement on Tuesday to buy three mineral properties from exploration junior Opawica Explorations for about ten million shares.
The properties include the Atikwa Lake gold property, located in the Rainy River gold district of northwestern Ontario as well as the Whitesides-Carscallen property and the Golden property, both located in the West Timmins gold camp, Ontario.
“These are three highly prospective properties that have the potential to substantially increase San Gold’s resource base. The properties are located within safe, established mining jurisdictions with two of the properties building on the Company’s strong position in the Timmins gold camp,” said George Pirie, San Gold’s President and Chief Executive Officer.
The transaction, expected to close by August 31, is subject to certain closing conditions, including Opawica shareholder approval at a July 30 special meeting, and all requisite regulatory approvals, including the approval of the TSX and TSX-V.
