Lake Shore Gold continues to expand its reach in the Timmins camp after acquiring a 28-square-kilometre land package from Goldcorp Inc. and Goldcorp Canada Ltd., manager of the Porcupine Gold Mines Joint Venture.
The deal cost $15 million in cash and more than 1.5 million common shares of Lake Shore.
The Porcupine Joint Venture also retains a two per cent net smelter royalty relating to future production from the acquired properties.
The exploration property, known as Bell Creek West, sits along Lake Shore's Bell Creek Complex, where the company completed 52,000 metres of surface drilling in 2009.
Goldcorp has also exercised warrants received in 2007, acquiring two million additional common shares of Lake Shore for proceeds of $4.8 million.
.jpeg;w=120;h=80;mode=crop)
