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St Barbara completes Moose River buy

7th September 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner St Barbara has completed the A$61-million acquisition of Moose River Resources (MRRI), gaining full ownership of the Touquoy mine, in Nova Scotia.

The ASX-listed company in July announced its plans to acquire all of the shares in MRRI, which held a 40% interest in the Touquoy mine, as well as a 25% interest in certain exploration tenements around the asset.

St Barbara’s wholly owned subsidiary Atlantic Mining already held a 7% interest in MRRI, along with the remaining interest in the Touquoy mine and surrounding tenements with its C$802-million acquisition of Atlantic Gold Corporation in 2019.

Atlantic owned the Moose River operations, which comprise the Touquoy mine and three others that are currently in development.

Commercial production at Touquoy was declared in March last year, with the operation producing 91 000 oz in 2018, with production expected to expand to more than 200 000 oz/y as the other three pits are developed.

St Barbara acquire the remaining interest in MRRI by way of a court approved plan of arrangement for A$61-million in cash, which was funded from the company’s existing cash reserves.

Edited by Creamer Media Reporter

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