DENVER – SSR Mining Inc. and Taiga Gold Corp. announced an agreement for SSR Mining to acquire all of Taiga’s shares in a transaction with a value of $21 million, providing SSR Mining with five new exploration prospects in Saskatchewan near the company’s Seabee gold mine.
SSR Mining, which operates the Marigold Mine in Nevada, stated that the five properties stretch south from Seabee to SSR Mining’s 100%-owned Amisk property.
The deal also consolidates 100% interest in the Fisher property contiguous to Seabee, currently operating under a joint venture of SSR Mining and Taiga Gold.
“With this transaction, we will successfully redeploy a portion of the proceeds from the recent non-core royalty portfolio sale into new growth opportunities in a core jurisdiction,” said Rod Antal, president and chief executive officer of SSR Mining.
“The acquisition of Taiga Gold reiterates our commitment to the Seabee gold mine and ongoing investment for future resource discoveries as we aim to extend Seabee’s mine life into the next decade,” he said in the Dec. 2 announcement.
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He also said the acquisition of new greenfields exploration properties in Saskatchewan “should allow SSR Mining to build upon our regional expertise in a region we consider exceptionally prospective geologically and under-explored.”
The arrangement with Taiga has the approval of the boards of both companies and strong shareholder support, according to the report.
“This transaction with SSR Mining fulfills the goal we set out to accomplish upon Taiga Gold’s formation in 2018,” said Tim Termuende, president and CEO of Taiga. “The diligence and skill of our technical team has allowed Taiga Gold to maximize the value or our portfolio of exploration properties in Saskatchewan, and we are pleased to see those efforts recognized by SSR Mining in today’s announcement.”
Taiga Gold plans to call a shareholder meeting on or before March 15 to seek shareholder approval of the transaction with SSR Mining, and the companies expect to close the deal in the first half of the new year.