Toronto-based Kinross Gold has announced it signed a deal to take over Great Bear Resources. The transaction will allow Kinross Gold to acquire Great Bear’s flagship Dixie project in the Red Lake mining district in Ontario, Canada.
“The Dixie project is one of the most exciting recent gold discoveries globally and extensive drilling results have shown the characteristics of a top tier deposit,” Kinross Gold said in a statement. “Under the terms of the Transaction, Kinross has agreed to an upfront payment of approximately US$1.4 billion”.
Chris Taylor, Great Bear’s president and chief executive, commented that “Kinross first set foot on the Dixie property three years ago, and has closely monitored the discovery and growth of each successive gold discovery Great Bear has made. With extensive drilling now completed at Dixie, both companies have a shared vision of the clear potential for a multi-deposit mine complex consisting of a potential high-grade open-pit mine and a long-life underground mine.”