Business
AuRico Gold Completes the Sale of Ocampo
TORONTO, Dec. 14, 2012 /CNW/ - AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), ("AuRico" or "the...
About this update from Alamos Gold Inc.
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Dec. 14, 2012 /CNW/ - AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), (\"AuRico\" or \"the Company\") is pleased to announce that it has completed\n the sale of the Ocampo mine and adjacent exploration projects \"Venus\"\n and \"Los Jarros\", located in Chihuahua, Mexico, to Minera Frisco,\n S.A.B. de C.V (\"Minera Frisco\"). Minera Frisco has also acquired a 50%\n interest in the Orion advanced exploration project and a joint venture\n agreement is currently being negotiated.\n\n\nTotal cash consideration paid at closing by Minera Frisco was US$750\n million. AuRico will use the net proceeds from the sale to eliminate\n certain debt obligations, invest in internal growth opportunities,\n provide sufficient working capital and liquidity for the Company and\n undertake a significant return of capital to shareholders.\n\n\n\"With our divestment strategy complete, AuRico emerges with a\n streamlined asset base, growing production and free cash flow profile,\n and a peer-leading balance sheet. The Company is now in a position to\n focus on delivering consistent performance from our two low-cost,\n long-life core assets located in Canada and Mexico as well as our\n commitment to shareholder-friendly initiatives,\" said Scott Perry,\n President and Chief Executive Officer.     \n\n\nAbout AuRico Gold\n\n\nAuRico Gold is a leading Canadian gold producer with mines and projects\n in North America that have significant production growth and\n exploration potential. The Company is focused on its core operations\n including the Young-Davidson gold mine in northern Ontario which\n declared commercial production on September 1, 2012 and the El Chanate\n mine in Sonora State. AuRico's project pipeline also includes advanced\n development opportunities in Mexico and British Columbia. AuRico's head\n office is located in Toronto, Ontario, Canada.\n\n\nCautionary Statement\n\n\nCertain information included in this news release constitutes\n forward-looking statements, including any information as to our\n projects, plans and future financial and operating performance. All\n statements, other than statements of historical fact, are\n forward-looking statements. The words \"expect\", \"believe\",\n \"anticipate\", \"will\", \"intend\", \"estimate\", \"forecast\", \"budget\",\n \"schedule\" and similar express...