Ascot to Acquire IDM Mining to Create a Leading Gold Development and Exploration Company
Published: January 11, 2019 |
Ascot Resources Ltd. and IDM Mining Ltd. have entered into a definitive arrangement agreement where Ascot will acquire all of the issued and outstanding common shares of IDM. The transaction will consolidate Ascot’s Premier Gold project and IDM’s Red Mountain project, to create the leading high-grade gold development and exploration company in northwestern British Columbia’s Golden Triangle. The combined entity will benefit from numerous operational and development synergies.
“The combination of Ascot and IDM creates a very attractive opportunity in northwest British Columbia’s Golden Triangle for our shareholders and stakeholders. Based near the historic mining town of Stewart, this area has hosted several prominent, profitable, and high-grade gold mines and we see that similar potential going forward. At this time in the gold sector, scale is important and together with the Red Mountain project, the larger company will hopefully become a prominent gold developer in terms of both grade and tonnage,” said Derek White, president and CEO of Ascot.
“In addition, the company will have experienced people with deep local knowledge and backgrounds in exploration, underground mine development, finance and mining operations, which will ultimately maximize value for shareholders. Our vision is to build profitable gold mining operations based out of Stewart, BC. and the surrounding communities,” added White.
“I would also like to take this opportunity to welcome Andree St-Germain, a current board member of the IDM board to the board of Ascot along with Robert McLeod, Ryan Weymark, and Dave Green as members of the team upon the closing of the transaction to help realize our vision. I am excited for what lies ahead in 2019 and beyond,” said White.
“In addition to long-term value for both shareholders of Ascot and IDM, this combination provides a critical mass and optionality for development of multiple high-grade gold deposits which will result in significant stakeholder benefits for citizens of the Nisga’a Nation, for my hometown of Stewart and for my friends in the border town of Hyder,” said Robert McLeod, president and CEO of IDM.
“The combined company will control two geological trends hosting significant exploration ground in the Golden Triangle, which remains highly prospective for additional gold-silver discoveries,” added McLeod.
Highlights of the transaction:
• The combination of the two companies will result in a compelling resource base of high-grade measured and indicated gold-silver resources positioning Ascot as a consolidator of the southern Golden Triangle.
• Complementary management teams with a combined skill set of mining development, operations, finance, exploration and community relations experience; locally-based team of miners, drillers and support team.
• Two, 15+ km long early-Jurassic geological trends totaling 25,000 hectares, which host multiple advanced deposits with significant potential new high-grade gold discoveries located 25 kms from each other.
• Geographic and regulatory proximity, with all assets located within Treaty territory of the Nisga’a Nation, near the prominent mining communities of Stewart, British Columbia and Hyder, Alaska.
• Acquisition of high-grade development-stage resources at IDM’s Red Mountain project, which received its provincial environmental assessment certificate in October 2018.
• A solid infrastructure foundation at Premier, which includes a process mill, tailings storage facility, power and water treatment facilities.
• Strong, supportive combined corporate, retail and institutional shareholder base providing enhanced market visibility.
About Ascot Resources Ltd.
Ascot is a gold and silver focused exploration company with a portfolio of advanced and grassroots projects in the Golden Triangle region of British Columbia. The company’s flagship Premier project is a near-term high-grade advanced exploration project with large upside potential. Ascot is poised to be the next Golden Triangle producer with an experienced and successful exploration, development and operating team, coupled with a highly regarded major shareholder.
To stop by Ascot Resources’ website, CLICK HERE
About IDM Mining Ltd.
IDM is an exploration and development company based in Vancouver, BC, Canada focused on advancing the Red Mountain gold project towards production. The 17,125 hectare Red Mountain project is located in northwestern BC, 15 km northeast of the mining town of Stewart. In 2018, IDM announced a 20.7 percent increase in high-grade, near-surface measured and indicated resources at Red Mountain. Located near a paved highway and grid power, IDM envisions bulk underground mining methods, with gold-silver doré produced on site. The Red Mountain project is one of the most advanced gold projects in Canada. It was recently granted its Provincial Environmental Assessment Certificate, with a Federal Environmental Assessment Decision expected in January 2019.
To stop by IDM Mining’s website, CLICK HERE
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