Australia’s Evolution Mining has entered into a defini-tive agreement to acquire Canadian miner Battle North Gold Corporation under a deal valued at about C$343 million (US$274 million).
George Ogilvie, the president and chief executive of Battle North, said in a statement that the “all-cash offer is at a significant premium to market and reflects the extraordinary efforts of the Battle North team to create value at the Bateman Gold Project and ultimately deliver an outstanding outcome for Battle North’s shareholders.”
“We believe that there are unique and undeniable merits to combining the Red Lake assets of Battle North and Evolution and this Transaction re-duces development and execution risk,” Ogilvie said.
The Canada-based Bateman gold project has a mineral reserve estimate of some 3.56 million tonnes grading 5.54g/t for 635,000 oz of gold, ac-cording to data from Evolution Mining.