Foremost to spin out past-producing New Mexico mines
The Winston Group of Properties, located in New Mexico, is set for a listing of its own, with Nasdaq- and CSE-listed Foremost Lithium announcing its intention to spin out the gold and silver assets into a new subsidiary.
The new unit, to be named Rio Grande Resources (RGR), will own the Winston Group of Properties, which contains three historic past producing gold and silver mines: Ivanhoe, Emporia and Little Granite in Sierra county.
“The Winston Group of Properties has yet to realise its full value and this plan of arrangement will offer the time and attention the property deserves,” said Foremost president and CEO Jason Barnard.
He stated that the past-producing mines were in a favourable geological environment. “With gold recently hitting $2 400/oz, we also find ourselves in a favourable precious metals market. The spin-out will provide tremendous upside for our shareholders as they gain a stake in two different meaningful projects,” said Barnard.
It is expected that for each common share of Foremost, the shareholder will receive a common share of RGR at a ratio still to be determined.
Foremost will remain listed on the CSE and Nasdaq. In order to capitalise RGR immediately following the completion of the arrangement, RGR will undertake a financing of its shares concurrently with the spin-out.
The spin-out is subject to shareholder, court, stock exchange and regulatory approvals.
Foremost’s lithium properties are in Snow Lake, Manitoba.
Comments
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
