Evolution Mining acquires Battle North for C$343m

596

Australian gold miner Evolution Mining has reached an agreement to acquire Canadian gold mine developer Battle North for C$343 million.

Battle North is developing the Bateman Gold Project in the renowned Red Lake Gold District in Ontario, Canada and controls the second largest exploration ground in the district.

The company also owns a large gold exploration land package on the Long Canyon gold trend near the Nevada-Utah border in the United States.

Evolution Mining owns the Red Lake underground gold mine in northwestern Ontario, which comprises the Red Lake, Campbell and Cochenour mines over a strike length of 7km.

Adertisement

Evolution’s Executive Chairman Jake Klein said the acquisition provides the company with an opportunity to expand its footprint in the region and create value by leveraging the infrastructure of the two operations.

“The additional processing capacity from the new Bateman mill will also accelerate our ability to achieve our objective of producing in excess of 300,000 ounces of gold per annum from Red Lake,” Mr Klein noted.

“In the 12 months that we have been operating at Red Lake we have demonstrated that we are a committed steward of the region.

“This expansion of our footprint will provide us with an opportunity to build on our track record as a safe and sustainable operator for the long term benefit of a broad range of stakeholders including the local workforce, regional communities and our Wabauskang and Lac Seul First Nation Partners.”

Image credit: https://evolutionmining.com.au/red-lake/