Gold Resource Corporation (GORO) has signed an agree-ment to buy U.S. miner Aquila Resources, the latter company said in a statement.
Barry Hildred, the executive chair of Aquila, commented in a state-ment that the sides “believe strongly that the Transaction outlined in the Arrangement Agreement provides significant benefits to Aquila shareholders. GORO has a strong balance sheet, it owns a consist-ently profitable mine in the Americas, and it has a highly accom-plished technical and operating team.”
“As such, this Transaction materially de-risks the financing and de-velopment of the Back Forty Project for the benefit of our stakehold-ers,” he said.
Aquila Resources is a development‐stage miner focused on polymetallic projects in the Upper Midwest in the U.S. The company is advancing pre-construction activities for its flagship gold and zinc‐rich Back Forty Project in Michigan, according to the statement.