Gold Corp has announced they will be expanding their presence in Timmins. They have signed a deal with Probe Mines, to buy all outstanding shares. It is worth over $500 million. Probe’s main asset is the Borden mine near Chapelau, less than two hours from Gold Corp’s Porcupine mine. This will make shipping ore cheaper and faster, as Gold Corp has a milling facility at its Dome underground mine.
Probe shareholders will vote at a special meeting before the deal can be complete.
President of Gold Corp, Chuck Jeannes, sent out this statement in a press release:
“This transaction is consistent with Goldcorp’s longstanding strategy of securing growth opportunities in and around our existing districts with a focus on low-cost, high-quality gold production.
Borden is a high-quality deposit that is mineable through conventional underground mining methods. Goldcorp is uniquely suited to add Borden to its asset portfolio due to its proximity to our Porcupine operation, which includes the large milling facility at the Dome complex.
Transporting ore to Porcupine would significantly reduce capital costs and permitting requirements compared to a stand-alone development while delivering higher-grade gold production to Porcupine within a relatively short development period.”