Gold Corp Red Lake
Battle North Gold Corporation has entered a definitive agreement to be acquired by Evolution Mining Limited for $343 million dollars.
Both companies have operations in the Red Lake area, Battle North previously known as Rubicon Minerals and Evolution’s Gold Corp.
Battle North’s President Chief Executive Officer and Director George Ogilvie says the all cash offer is significant.
“We believe that there are unique and undeniable merits to combining the Red Lake assets of Battle North and Evolution and this Transaction reduces development and execution risk. Evolution is a highly regarded mining company with a demonstrated ability to successfully operate internationally. The Battle North team looks forward to working with Evolution to close the Transaction and smoothly transition operations to the new team.”
Evolution’s Executive Chair Jack Klein stresses this acquisition will provide their company with the opportunity to expand their 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. 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.”
Evolution acquired Red Lake Gold Corp about a year ago for $475 million dollars.
The transaction is expected to close in the second calendar quarter of 2021.
