Waterton Global’s purchase of Hollister Mine and Esmeralda Mill progresses

2013-05-01T17:25:00Z Waterton Global’s purchase of Hollister Mine and Esmeralda Mill progressesBy MARIANNE KOBAK McKOWN — mining@elkodaily.com Elko Daily Free Press

ELKO — The sale of the Hollister Mine and the Esmeralda Mill is progressing, but the buyer isn’t releasing any details until later this month.

Waterton Global Resource Management Inc. purchased Great Basin Gold Nevada Operations on April 24.

Waterton Global is based in Toronto. According to its website, the company has a 12-year record for structuring and managing investments in the precious metals sector. Its internal project evaluations group formerly was responsible for evaluating and vetting all asset acquisitions for Barrick Gold Corp.

The company has invested in several mines throughout Canada and the U.S., including Nevada. It also invested in mines in Australia, Europe and South America.

Waterton Global purchased the Hollister Mine and Esmeralda Mill through a court-supervised auction, according to a company press release.

“The finalization of the purchase of these assets remains subject to customary closing conditions,” Waterton Global stated in a press release.

“Waterton Global is pleased with the outcome of the auction which, subject to completion, will add an additional high-quality gold mining project to its portfolio of North American operations.”

Waterton Global stated it would not be able to comment further until the sale closes May 17.

Great Basin Gold operates the Hollister Mine under the name Rodeo Creek, as well as the Esmeralda Mill near Hawthorne. The Hollister mine is about 50 miles northwest of Elko, near Midas.

Rodeo Creek and three of its affiliates filed for Chapter 11 in March in U.S. Bankruptcy Court.

The filing came after the parent company and a South African affiliate filed for protections.

The company’s South African affiliate, Southgold Exploration Ltd., filed Sept. 14 for business rescue under chapter 6 of the South African Companies Act, 2008, and Great Basin Gold applied for protection from its creditors Sept. 19 in Canada. Southgold and Great Basin are not included in the Chapter 11 filings, according to court documents.

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