Galane Gold Ltd. has entered into a definitive agreement to acquire, through a wholly-owned subsidiary, the Summit Mine and the infrastructure constituting the Banner Mill in New Mexico from Pyramid Peak Mining, LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP.
Closing of the acquisition is expected to occur on or around 16 May 2021, and is subject to certain conditions including, but not limited to, completion of a confirmatory title report on the assets and approval of governmental and regulatory authorities, including the TSX Venture Exchange (TSXV).
Nick Brodie, CEO of Galane Gold, comments:
“The Galane Gold management team is excited with the opportunity of restoring another mining operation to economic production. We have successfully done this twice already at our Mupane and Galaxy properties.
“The acquisition of the Summit Mine is another step in our corporate goal to reshape the Company into a long-life and low-cost operation that can produce positive returns for investors across commodity cycles. This operation represents a perfect example of this representing an opportunity to increase Galane Gold’s production, lower its operating costs and reduce its country risk.”
Read the article online at: https://www.globalminingreview.com/mining/12042021/galane-gold-acquires-summit-mine-in-new-mexico/