Canadian mineral exploration company GoldMining Inc. has entered into an agreement to acquire two projects in the Northwest Territories in Canada. It will take 100% control of both Yellowknife Gold and Big Sky Property, both of which are “indirectly owned” by Tyhee N.W.T. Corp., a subsidiary of the Vancouver-based Tyhee Gold Corp, according to the company.
GoldMining Inc., which is based in Vancouver and operates the Titiribi Gold-Copper project in the Colombian department of Antioquia, will also acquire “certain assets,” including an exploration camp and equipment, from Tyhee pursuant to the agreement under the country’s Bankruptcy and Insolvency Act.
The company will complete the transaction with four million common shares of GoldMining Inc. shares. Roughly 1.6 million shares will be released from escrow four months after the closing, another 1.2 million shares will be released six months after closing, and the remainder will be released after eight months. The transaction is pending approval and subject to other technical conditions, according to the company.
The Yellowknife Gold project “has been the subject of substantial drilling, underground development, and historic gold production,” said GoldMining Inc. in a statement. “Big Sky represents an earlier stage exploration property package located south of the Yellowknife and only 17 kilometers north of the city of Yellowknife.”
Once closing is finalized, the company stated that it plans to procure an independent estimate of the resources at each site and conducting a technical report.
The receivership was initiated by the troubled company’s largest creditor RMB Australia Holdings Limited, a financial services-focused company based in Sydney. GoldMining Inc. has hired the Vancouver-based Haywood Securities Inc. as an advisor for the transaction and is using Sangra Moller LLP, also of Vancouver, as legal counsel.
In addition to its Titiribi Gold-Copper project in Colombia, the company also controls the nearby project La Mina. Both sites are located in the lucrative Mid-Cauca Porphyry Belt alongside many other mines held by various multinational mining firms.
The company is also invested in the Cachoeira and São Jorge Gold projects located in Brazil as well as the Whistler Gold-Copper project in Alaska.
Photo credit: James St. John