Minera Alamos adds past-producing Arizona mine to portfolio
TSX-V-listed Minera Alamos has announced the acquisition of the past-producing Copperstone mine, in Arizona, diversifying its jurisdictional exposure with the addition of the US to its existing Mexican project development pipeline.
Minera plans to acquire Sabre Gold for 0.693 shares, resulting in the issuance of 76.5-million shares. The transaction is supported by Sabre creditors and will eliminate about C$9.4-million of existing debt at a 15% discount to the face value.
“The Copperstone project is an ideal addition to our portfolio of low capex, late-stage development projects. The site has significant infrastructure and permits in place which will allow our technical group to quickly advance the project into production,” said Minera Alamos CEO Darren Koningen.
The current preliminary economic assessment for the Copperstone project envisions a near-term, low capital expenditure start-up scenario capable of producing 40 000 oz/y of gold at an all-in sustaining cost of $1 290/oz.
Permitting for the restart of mining operations is in place and required water and surface rights have been in place for years.
“We have already initiated our engineering efforts aimed at fast-tracking Copperstone's development and are working to expand our technical team under the guidance of Kevin Small, a director with Minera. Recently, as president of Sprott's Jerritt Canyon undergound operations in Nevada, Kevin led the project turnaround prior to its sale and he has extensive underground mining experience both in Canada and the south-western US,” said Koningen.
He added that Minera Alamos was in discussions with lenders in connection with potentially expanding existing finance facilities to accommodate the development of both Copperstone, as well as its Cerro de Oro project in Mexico, which is awaiting permit approvals.
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