Small Quebec gold producer Western Quebec Mines (TSE) will pay $9 million to acquire control of Central Crude (TSE) and the Eagle Lake gold deposit in northeastern Ontario.
The seller is Hemlo Gold Mines (TSE), which recently placed its 48% holding in Central Crude on the block.
Hemlo Gold has a 60% interest in Eagle Lake, and Central Crude 40%. Western Quebec intends to restructure Central Crude by vending Hemlo Gold’s 60% interest into Central Crude and recasting the junior’s indebtedness on more workable terms. The deal is set to close March
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