TORONTO (miningweekly.com) – The acquisition of gold exploration company Cadiscor Resources by North American Palladium is expected to close on Tuesday, after the firms received approval for the deal from the Quebec Superior Court.

Cadiscor shareholders approved the transaction at a meeting on Friday.

NAP will exchange 0,33 of one of its shares for every Cadiscor share, and trading in Cadiscor shares on the TSX Venture Exchange will be halted, ahead of the shares being delisted.

NAP's flagship asset is the Lac Des Iles mine, in Thunder Bay, Ontario, which was put on care-and-maintenance in October, while Cadiscor is exploring for gold on several properties in Quebec, and last year acquired the Sleeping Giant mine from Iamgold.

The enlarged company plans to restart mining operations at Sleeping Giant in the fourth quarter of this year, and expects the mine to produce around 50 000 oz/y of gold, at cash costs of $450/oz, NAP CEO William Biggar said earlier this month.

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