Evolution Mining to Acquire Battle North Gold for C$343 Million
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Battle North Gold and Evolution Mining have entered into a definitive arrangement agreement where Evolution has agreed to acquire all of the issued and outstanding shares of Battle North for total consideration of approximately C$343 million.
“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 reduces development and execution risk,” said George Ogilvie, Battle North’s president, chief executive officer, and director.
“Evolution is a highly regarded mining company with a demonstrated ability to successfully operate internationally. The Battle North team looks forward to working with Evolution to close the transaction and smoothly transition operations to the new team,” added Ogilvie.
“Both Evolution and Battle North started the negotiation with a clear alignment that a consolidation of the properties would create value that would not be available if they were developed and operated separately. George and his team have done a very good job at progressing the Bateman Gold Project to this point and recognize that this is an ideal window to consolidate the properties ahead of the construction of the Bateman mine which is now in its early stages,” said Jake Klein, Evolution’s Executive chairman.
“This acquisition provides Evolution with an opportunity to expand our footprint in the region and create value by leveraging the infrastructure of the two operations. The additional processing capacity from the new Bateman mill will also accelerate our ability to achieve our objective of producing in excess of 300,000 ounces of gold per annum from Red Lake. In the 12 months that we have been operating at Red Lake we have demonstrated that we are a committed steward of the region. This expansion of our footprint will provide us with an opportunity to build on our track record as a safe and sustainable operator for the long term benefit of a broad range of stakeholders including the local workforce, regional communities and our Wabauskang and Lac Seul First Nation Partners,” added Klein.
About Evolution Mining
Evolution Mining is a leading, growth-focused Australian gold miner. Evolution operates five wholly-owned mines — Cowal in New South Wales, Mt Carlton and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada. In addition, Evolution holds an economic interest in the Ernest Henry copper gold mine in Queensland.
To stop by Evolution’s website, CLICK HERE
About Battle North
Battle North is developing the Bateman Gold Project to become the next gold producer in the renowned Red Lake gold district in Ontario, Canada and controls the second largest exploration ground in the district. Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the Nevada-Utah border in the United States.
To stop by Battle North’s website, CLICK HERE
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