Business
Scottie and AUX Announce Merger to Consolidate the Stewart Mining Camp in the Golden Triangle
Scottie and AUX Announce Merger to Consolidate the Stewart Mining Camp in the Golden Tria...
About this update from Golden Cross Resources Inc.
[{"type":"text","content":"\n \n \n \n Scottie and AUX Announce Merger to Consolidate the Stewart Mining Camp in the Golden Triangle\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n April 12, 2021\n \n /CNW/ -\n \n Scottie Resources Corp.\n \n (TSXV: SCOT) (\"\n \n Scottie\n \n \") and\n \n AUX Resources Corporation\n \n (TSXV: AUX) (OTC: AUXRF) (\"\n \n AUX\n \n \") are pleased to announce that they have entered into a letter of intent dated\n \n April 9, 2021\n \n (the \"\n \n LOI\n \n \") pursuant to which Scottie will acquire all of the issued and outstanding shares of AUX (the \"\n \n Transaction\n \n \") on the basis of one common share of Scottie for each share of AUX. The Transaction will consolidate the contiguous gold-silver exploration assets of Scottie's Cambria Project and AUX's Silver Crown, Independence, American Creek, Lower Bear and Bear Pass Projects, all of which will benefit from operational and geological synergies. Upon completion of the Transaction, it is expected that the shareholders of AUX will hold approximately 31% of Scottie's issued and outstanding shares.\n \n \n \n Anticipated Benefits of the Transaction\n \n \n \n \n \n District scale 522 km\n \n 2\n \n 100% owned in the heart of the Stewart Mining Camp adjacent to Pretium Resources and Ascot Resources Premier and Red Mountain deposits in the Golden Triangle (Figure 1).\n \n \n \n \n Consolidation of AUX's Silver Crown, Independence, American Creek, Lower Bear and Bear Pass Projects with Scottie's Cambria Project. The expanded Cambria Project will cover 27,465 contiguous hectares and includes five historical mines (Molly B,\n \n Bayview\n \n , Black Hills, Blue Grouse and Terminus).\n \n \n \n \n Three advanced Projects in the Stewart Mining Camp – Scottie Gold Mine,\n \n Georgia\n \n (including the Georgia River Mine) and Cambria (including five historical mines). All three Projects will be drilled in the 2021 field season including a 12,500 metre three rig diamond drill program a...