McEwen Mining and Canadian Gold have entered into a binding letter of intent, whereby McEwen would acquire the latter by way of a plan of arrangement. If the transaction is completed, Canadian Gold would become a wholly-owned subsidiary of McEwen.
McEwen officials note the addition of the Tartan mine in Manitoba as one of the benefits of the deal. “I am enthusiastic about the Tartan mine for several reasons. First, it is a high-grade gold deposit with strong exploration potential in Canada,” said Rob McEwen, chairman and chief owner of McEwen.
“Second, the existing infrastructure, including the mine ramp, roads, and power, provides an opportunity to restart operations within a relatively short timeframe. Third, Manitoba stands out as one of the world’s premier mining jurisdictions, offering a skilled workforce, low-cost renewable energy, and attractive mining tax credits. Additionally, the Tartan mine shares many similarities with our Fox Complex, enabling us to leverage our internal expertise and resources to maximize its potential.”
Canadian Gold also holds a 100% interest in greenfield exploration properties in Ontario and Quebec, adjacent to some of Canada’s largest gold mines and development projects.
Source: McEwen Mining