AngloGold Ashanti has submitted a $US370 million proposal to the Board of Directors of Corvus Gold Inc. to acquire all of the issued and outstanding common shares of Corvus which it does not already own.
AngloGold Ashanti currently holds a 19.5% indirect interest in Corvus, which is incorporated in British Columbia, Canada and listed on the Toronto Stock Exchange and NASDAQ.
Corvus owns North Bullfrog, Mother Lode and other exploration assets located in southern Nevada’s Beatty District, which are in close proximity to, or contiguous with, AngloGold Ashanti’s exploration assets of Silicon, Transvaal and Rhyolite.
Christine Ramon, AngloGold Ashanti’s Interim CEO, said the combination of Corvus’ and AngloGold Ashanti’s Nevada assets would provide the opportunity for AngloGold Ashanti to establish, in the medium and longer term, a meaningful, low-cost, long-life production base in a premier mining jurisdiction.
“The Proposal is fully aligned to our strategy of growing ore reserve, building low-cost production and generating sustainable returns,” Ms Ramon said.
“We have a unique opportunity to combine Corvus’ assets with our own – in the world’s top-ranked mining jurisdiction – to create a meaningful new production base for AngloGold Ashanti in the medium and longer term.”
