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Borealis Mining Announces Acquisition of Gold Bull Resources
Toronto, Ontario--(Newsfile Corp. - December 10, 2024) - Borealis Mining Company Limited (TSXV: ...
About this update from Borealis Mining Company Limited
[{"type":"text","content":"Borealis Mining Announces Acquisition of Gold Bull ResourcesToronto, Ontario--(Newsfile Corp. - December 10, 2024) - Borealis Mining Company Limited (TSXV: BOGO) (\"Borealis\") and Gold Bull Resources Corp. (TSXV: GBRC) (\"Gold Bull\") are very pleased to announce that they have entered into a definitive agreement signed on December 9th, 2024 (the \"Agreement\") whereby Borealis will acquire all of the issued and outstanding shares of Gold Bull (\"Gold Bull Shares\") pursuant to a plan of arrangement (the \"Transaction\"), adding high-margin ounces in Nevada to Borealis' future gold production profile on its goal to become a mid-tier gold producer.Transaction HighlightsTransaction delivers Borealis shareholders a highly advanced and robust Nevada gold project with a low capex and extremely high IRR and NPV, particularly at today's gold prices, that adds to Borealis' future production profile.Transaction delivers Gold Bull shareholders a significant premium with an acquisition price of approximately $0.60 per Gold Bull share or a ratio of 0.93 Borealis Shares for each Gold Bull share, based on a 20-day volume weighted price average.The Borealis Mine and Sandman projects are synergistic in that the Borealis ADR facility can be used to process loaded carbon from the Sandman project as proposed in the 2023 PEA, which dramatically lowers capex and permitting risks.Kelly Malcolm, CEO of Borealis, stated: \"We have been very interested in Gold Bull and in particular the Sandman project for many months now. Our team has internally validated both the existing 2021 mineral resource and the economics presented in the 2023 PEA and have seen potential near-term upside opportunities in both. The Sandman project benefits from a great location close to Winnemucca, NV, strong historical and recent metallurgical results, a massive historical dataset, and robust proximal infrastructure. We look forward to rapidly advancing the project to production, especially in light of the sensitivity analysis of the 2023 PEA which shows very exciting economics at current gold prices. Next steps will be validation of historical metallurgical results, which indicate non-refractory and readily recoverable gold mineralization, initiation of a Feasibility Study, and concurrent permitting. We hope to welcome existing Gold Bull shareholders to the Borealis journey, p...