Nevada-focused i-80 Gold is ready to embark on an “aggressive” growth path, executive VP business and corporate development Matthew Gollat said on Thursday, as the miner announced the completion of asset exchange transactions with Nevada Gold Mines (NGM).
The company acquired from NGM, by way of an asset exchange, the Lone Tree and Buffalo Mountain gold deposits and certain processing infrastructure, including an autoclave, in consideration for certain assets.
"Becoming one of only three companies in Nevada with infrastructure to process refractory mineralisation, i-80 has gained a strategic advantage for long-term mine development,” said Gollat.
Furthermore, a toll processing agreement with NGM is a key component to the transaction, by providing the ability to process ore from Granite Creek, McCoy-Cove and Ruby Hill as they are developed, while we are retrofitting the Lone Tree autoclave.
The company also announced that it had closed a concurrent non-brokered private placement, having sold an aggregate of 39 041 515 common shares in the capital of the company at C$2.62 a share, for gross proceeds of about C$102.29-million.