Canadian miner to acquire IDM Mining
Market acquisition Canada’s Ascot Resources has signed an agreement to acquire all of the issued and outstanding common shares of IDM Mining. The miner says the takeover will allow it to consolidate its Premier gold project and IDM’s Red Mountain project to establish a leading gold development and exploration company in British Columbia’s gold triangle.
"The combination of the two companies will result in a compelling resource base of high-grade measured and indicated gold-silver resources positioning Ascot as a consolidator of the southern Golden Triangle," Ascot Resources said in a statement.
The proposed pro forma resource base would include 5.55 million tonnes of measured and indicated resources, according to the firm.