Premier Gold Mines to Acquire Osgood Mining’s Getchell Project for $50 Million, Nevada
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Premier Gold Mines has entered into a definitive purchase agreement with affiliates of Waterton Global Resource Management to acquire from Waterton all of the outstanding membership interests of Osgood Mining Company. Osgood is the owner of the Getchell Project in the Getchell gold belt near Winnemucca, Nevada for consideration consisting of US$50 million in cash and common shares.
“We are very excited to add the Getchell Project to our already strong base of Nevada assets. The property has a long track record of successful gold production and we believe that the open pit and underground gold historical resources at Getchell were amongst the highest-grade in North America based on historical work completed on the property and the property will form an integral part of our US-based activities,” said Ewan Downie, President and CEO of Premier.
The Getchell Project is located at the intersection of the Getchell gold belt and the Battle Mountain-Eureka trend immediately south of Nevada Gold Mines’ Turquoise Ridge operation. Open pit mining occurred on the property between 1980 and 1999. Subsequent to that, underground test mining (the Pinson Mine) was conducted in the early 2010s. The mine has been in care and maintenance since 2015.
Upon completion of the transaction, Getchell will be 100 percent held by PG USA and become one of its core Nevada assets. The company is contemplating corporate reorganization options that may include a spin–out of PG USA to Premier’s shareholders. The company has not yet made any determination regarding a corporate reorganization, and there can be no assurance that it will proceed with the spin-out or any other form of corporate reorganization.
About Premier Gold Mines Limited
Premier Gold Mines is a gold-producer and respected exploration and development company with a high–quality pipeline of precious metal projects in proven, accessible and safe mining jurisdictions in Canada, the United States, and Mexico. Premier remains focused on creating a low-cost, mid-tier gold producer through its two producing gold mines, South Arturo and Mercedes, and through future mine development opportunities at Hardrock in Ontario (Greenstone Gold JV) and at the McCoy-Cove Project in Nevada. Premier is currently evaluating opportunities to enhance shareholder value through a potential reorganization of its portfolio of mineral properties that may include a spin-out of its Nevada-based assets into a new, stand-alone, US-domiciled, publicly listed gold company.
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