Cadillac welcomes Pan American Silver as shareholder after Larder deal
TSX-listed Cadillac Mines has completed the acquisition of Pan American Silver Corporation's Larder property, having issued Pan American with 15-million of its common shares in exchange.
Pan American Silver now owns about 6% of Cadillac's issued and outstanding share capital.
The Larder property, in Ontario, comprises 6 400 ha along the Larder Lake Cadillac Break, which is contiguous to Cadillac Mines' Kerr-Addison property to the west.
Larder comprises three mineral deposits called Bear, Cheminis and Fernland, with historical resources of 388 000 oz of gold in the indicated category, and 933 000 oz of gold in the inferred category.
Cadillac's total land position now exceeds 27 000 ha in the Abitibi Greenstone Belt.
Cadillac CEO Rick Howes has welcomed Pan American as a strategic shareholder and says adding Larder to the company's already robust portfolio of assets along the Cadillac Larder Break increases the group's gold resource base, grows its land package and further enhances its regional exploration potential. "We plan to deploy a number of our 11 currently active drill rigs to Larder in the near term," Howes confirms.
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