Toronto-listed Premier Gold Mines on Monday announced that its Delaware subsidiary would buy a project in the Getchell gold belt, near Winnemucca, Nevada, for $50-million.
The Getchell project is located at the intersection of the Getchell gold belt and the Battle Mountain-Eureka trend immediately south of Nevada Gold Mines' Turquoise Ridge operation.
Openpit mining occurred on the property between 1980 and 1999. Subsequent to that, underground test mining was conducted in the early 2010s. The mine has been in care and maintenance since 2015.
Premier entered into a definitive purchase agreement with affiliates of Waterton Global Resource Management to acquire from Waterton all of the outstanding membership interests of Osgood Mining Company, which is the owner of the Getchell project.
Premier recently announced that it was contemplating corporate reorganisation options that might include a spin–out of its US subsidiary to Premier's shareholders.