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China's Zijin Mining to buy Guyana Goldfields for $238 million
By Tom Daly
Friday, June 12, 2020
BEIJING -- China's Zijin Mining said today it would acquire Guyana Goldfields for C$323 million ($238 million), bringing an end to a protracted takeover battle for the Canada-listed gold miner.
Toronto-based Guyana Goldfields announced on June 3 that it had received a binding proposal from an unnamed overseas-based miner to acquire the company, valuing it around 35% higher than a previously accepted offer from Silvercorp Metals.
... Dispatch continues below ...
Great Bear Drills 30.51 Grams/Tonne Gold
Over 12.40 meters at LP Fault in Ontario
VANCOUVER, British Columbia, Canada -- Great Bear Resources Ltd. (TSX-V: GBR; OTCQX: GTBAF) today reported results from its ongoing, fully funded $21 million exploration program at its 100-percent owned flagship Dixie Project in the Red Lake district of Ontario.
Chris Taylor, president and CEO, said: "The LP Fault continues to demonstrate excellent continuity of near-surface high-grade gold, and has just yielded the highest-grade, widest-drill interval to date. Deeper drilling toward the northwest margin of our planned grid program has also extended high-grade gold mineralization in this area.
"Having completed our upsized private placement, we have over $50 million in cash and sufficient capital to continue aggressive drilling into 2022. Updated exploration plans reflective of our ability to undertake an expanded fully-funded drill program will be provided in the near future." ...
... For the remainder of the announcement:
Today Zijin, one of China's biggest state-controlled gold producers, was confirmed as the mystery bidder behind the higher all-cash offer to buy Guyana Goldfields, whose flagship asset is the Aurora gold mine in Guyana, for C$1.85 per share. ...
... For the remainder of the report:
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