Sydney Resources (SYR-V) and Band-Ore Resources (BAN-T) have unveiled a plan to amalgamate the two companies and then divide the assets between two new companies, one to control Band-Ore and Sydney assets in the area west of Timmins and the other to control Mexican and other Canadian assets.
Under the plan, two shares of either Band-Ore or Sydney will be traded for one share in each of the new companies, to be called West Timmins Gold and Northern Sierra Minerals. West Timmins will hold a 105-sq.-km property portfolio in the Porcupine area.
Northern Sierra picks up the remaining properties of both companies, including the Montana de Oro project in Sonora state. It will also hold the Yoquivo gold property in Chihuahua state, near Ocampo, and the La Sabina property in Sonora. A project in Red Lake also goes to Northern Sierra.
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