Anglo Canadian Mining (TSE) says it has completed the acquisition of a 51% stake in a group of claims located between Falconbridge Gold’s (TSE) Owl Creek and Hoyle Pond gold mines in Matheson, Ont. Known as the “MWF property,” the claims were previously held by 164784 Canada Inc. (Canadaco).
Under an agreement, Anglo Canadian has acquired all the issued shares of Canadaco from Timmins, Ont., prospector C.W. Miller and three other shareholders on a share- for-share exchange basis.
In return, Anglo Canadian has issued six million common shares at 15 cents each for a total consideration of $900,000. Miller also retains a 3% net smelter return royalty on the MWF claims.
Having obtained regulatory and shareholder approval for the transaction, Anglo Canadian has undertaken as part of the closing to spend $250,000 on exploration before June 30.
While Falconbridge Gold is no longer mining the Owl Creek property, it produced 78,406 oz. gold last year from both mines. The Hoyle Pond has also been earmarked for a $1.8-million exploration program this year.
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