Business
White Gold Corp. Acquires Yukon Property Portfolio From Kinross Gold; Announces Financing with Agnico Eagle Mines
TORONTO, ONTARIO--(Marketwired - May 18, 2017) - White Gold Corp. (TSX VENTURE:WGO) (the "Company") is pleased to announce that it has entered into a binding pu
About this update from White Gold Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - May 18, 2017) - White Gold Corp. (TSX VENTURE:WGO) (the \"Company\") is pleased to announce that it has entered into a binding purchase agreement dated May 18, 2017 (the \"Agreement\") with Kinross Gold Corporation (\"Kinross\") pursuant to which the Company has agreed to acquire the entities holding 100% of Kinross' properties in the White Gold District, Yukon (the \"White Gold Properties\"); consisting of the White Gold, Black Fox, JP Ross, Yellow, and Battle properties (the \"Acquisition\"). The Acquisition consolidates and expands the Company's already substantial land position in the White Gold District, and adds approximately one million ounces of gold grading between 2.7 to 3.19 g/t gold on the Golden Saddle area based on historic estimates of Measured and Indicated Resources on the White Gold Property. Total consideration to be paid to Kinross for the White Gold Properties will consist of the issuance of 17.5 million common shares of the Company, an upfront cash payment of C$10 million, which will mostly be funded from the proceeds of a non-brokered private placement (the \"Agnico Financing\") with Agnico Eagle Mines Limited (\"Agnico\") and up to C$15 million in future milestone payments (as discussed below). Following the completion of the Acquisition and the Agnico Financing, Agnico and Kinross will each own approximately 19.9% of the Company. Key Highlights High-quality exploration projects in White Gold District: Adds another approximately 86,000 hectares of land adjacent to the Company's properties. Post-Acquisition, the Company will own 19,438 claims representing over 390,000 hectares of land, representing approximately 40% of the White Gold District. Historic high-grade gold resource: Historic estimates of Measured and Indicated Resources ranging from 840,000 - 1,044,570 ounces grading from 2.7 to 3.19 g/t gold and Inferred Resources ranging 125,000 - 407,410 ounces grading from 1.8 to 2.52 g/t gold from the Golden Saddle on the White Gold property. Strong Exploration Potential: Numerous identified exploration targets on the White Gold and JP Ross properties and prospective ground on the Black Fox, Yellow, and Battle properties to be followed up by using the Company's proven exploration techniques. Support of Agnico and Kinross: Post-transactions, Agnico and Kinross, two esta...