TSX-listed mine developer Osisko Mining announced on Tuesday that it had entered into a definitive agreement to buy TSX-V-listed explorer Beaufield Resources by way of a statutory plan of arrangement.
Osisko president and CEO John Burzynski said that the proposed transaction should provide Beaufield shareholders with an opportunity to participate in Osisko’s large scale exploration and development programme at Windfall.
"We are very pleased to be joining forces with Osisko, which continues to demonstrate its leadership and strength in advancing its portfolio of resource projects, including the flagship Windfall district. We believe the combination of our projects will provide benefit to the shareholders of both companies and look forward to participating in the future success of Osisko,” commented Beaufield president and CEO Ron Stewart.
Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d'Or and Chibougamau, in Québec, and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quevillon area, a 100% interest in the Marban project located in the heart of Québec's prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.