Premier Gold wants to go it alone in Greenstone

Thunder Bay's Premier Gold has bought out its exploration partner at its Hardrock gold project in northwestern Ontario.

Premier has entered into an agreement to acquire all of the outstanding common shares of Goldstone Resources in a deal valued at $87.9 million.

Premier had a 70 per cent interest in the project located just south of the town of Geraldton in the municipality of Greenstone. The company has defined a measured and indicated resource of 2.5 million ounces of gold and 1.1 million inferred with both open pit and underground potential.

“This acquisition will secure Premier 100 per cent of one of Canada's fastest growing gold deposits,” said company president Ewan Downie in a June 22 release. “Our substantial combined land holdings in the district provide an excellent opportunity to define multiple deposits with considerable production potential in addition to terrific exploration opportunities in this re-emerging gold camp.”