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Goldcorp to sell 40% stake in Nevada mine to Premier Gold

Published: 09:33 06 Apr 2015 EDT

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Goldcorp Inc. (TSE:G)(NYSE:GG) intends to sell its 40 percent stake in the South Arturo Mine Project to Premier Gold Mines (TSE:PG).

The South Arturo mine, located in Nevada, is a joint venture between Goldcorp and Barrick Gold (TSE:ABX), a 60 percent owner and operator of the project.

Premier will pay Goldcorp US$20 million upon closing and transfer five per cent of its interest in the Rahill-Bonanza joint venture in Red Lake, Ont., where Goldcorp has one of its top producing mines, yielding some 414,000 ounces of gold in 2014.

Goldcorp will complete a C$12.5 million private placement in Premier. It will also offer the Thunder Bay based miner a break fee should Barrick Gold (TSE:ABX) exercise its right of first refusal on the South Arturo project, which is only 8 kilometers northwest-and along strike-from its Goldstrike Operations, within the Carlin Trend in Nevada.

Goldcorp would then pay Premier US$1.1 million or five percent of the price that Barrick pays Goldcorp, whichever is greater. The acquisition should be completed by the end of May 2015.

Goldcorp is Canada’s largest gold miner by market value and one of the world's fastest growing gold producers, concentrating its activity in the Americas. Shares of Goldcorp were trading at US$19.79 in New York this morning.

 

 

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