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TORONTO (miningweekly.com) – TSX-listed Lake Shore Gold has completed its acquisition of junior West Timmins Mining, two Canadian firms announced on Friday.
West Timmins shareholders received 0,73 of a Lake Shore share for each share of West Timmins, under a deal first announced in August.
Lake Shore produces gold from the Timmins mine, in Ontario, which it processes at its Bell Creek mill, and the two companies had a joint venture (60% Lake Shore and 40% West Timmins) on the high-grade Thunder Creek project, right next door to the Timmins operation.
“Completing the transaction has created the next major, wholly owned gold-mining complex in Timmins, the Timmins West gold mine complex,” Lake Shore CEO Tony Makuch said in a statement.
“Very importantly, consolidating Thunder Creek with the Timmins mine and accessing it using our existing infrastructure will allow us to accelerate Thunder Creek's development and achieve significant synergies.”
The company is preparing to start an underground exploration program at Thunder Creek and aims to have completed an NI 43-101 resource estimate and started processing advanced exploration ore from the property by the end of next year, Makuch said.
The transaction closed following approval from West Timmins shareholders on Wednesday, and court approval of the plan received on Thursday.
West Timmins shares will likely be delisted from the TSX on November 11, the firm said.
