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Steppe Gold building Mongolia's premier precious metals group and progressing ATO mine expansion plans www.proactiveinvestors.com
Steppe Gold Ltd (TSX:STGO, OTCQX:STPGF) announced that it has entered into an arrangement agreement to acquire all of the issued and outstanding common shares of Anacortes Mining Corp.
The Mongolia-focused precious metals company said Anacortes shareholders will receive 0.4532 of a Steppe Gold common share for each Anacortes share held, which represents consideration of about C$0.48 per Anacortes common share.
“We are very pleased to add one of the highest-grade undeveloped oxide gold deposits in the world to our development pipeline,” Steppe Gold CEO Bataa Tumur-Ochir said in a statement.
“Our vision is to build a 200,000 ounce gold equivalent production profile, with our ATO Phase 2 expansion project expected to come online in 2025 and the Tres Cruces Mine moving to production soon thereafter,” Tumur-Ochir added.
About the company
Steppe Gold Ltd is Mongolia's premier precious metals company producing gold from the operational oxide zone of the ATO Gold Mine.
The company has completed a feasibility study into expansion of the ATO Gold Mine to approximately 100,000 ounces of gold per annum from the development of underlying fresh rock ores.
Published Date:2023-05-09
