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St. Andrews Goldfields is being bought out

Two Northern Ontario mining companies are merging.  Kirkland Lake Gold is buying St. Andrews Goldfields to create an intermediate gold producer.  Kirkland will pay about $178-million Canadian for St. Andrews.  The merger will create a company capable of producing up to 310,000 ounces of gold a year for Kirkland Lake Gold.

The proposal needs two thirds shareholder approval and both companies are recommending shareholders accept the deal when the merger is put to a vote at a special meeting in January.  St. Andrews has mines near Kirkland Lake.

(Written by Rocco Frangione)

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