Detour Gold has agreed to acquire Trade Winds Ventures for $84 million, in a move aimed at consolidating its land holdings around its Detour Lake gold project north of Cochrane.
“By acquiring Trade Winds, we are able to more effectively continue our exploration activities on the west side of the Detour Lake Project,” said Detour's Chief Executive Gerald Panneton, in a press release.
The principal assets of Trade Winds are its interest in the 50-50 joint venture with Detour Gold in respect of the Block A property, located adjacent to Detour Gold's Detour Lake project, and its wholly-owned Gowest property, which is also located in the Detour Lake area.
“With Detour Gold having recently secured the remaining capital required for the development of the Detour Lake mine, we believe that this is the right time for us to consolidate our holdings in the Detour Lake camp,” Panneton said.
“We are delighted to announce this transaction with Detour Gold,” said Ian Lambert, president and CEO of Trade Winds. “We believe that the significant premium to be received by our shareholders is highly attractive, and that our shareholders will be able to participate in the upside in Detour Gold's shares as it enters the intermediate producers rank through the development of Detour Lake.”
.jpeg;w=120;h=80;mode=crop)
