South Africa-based gold miner AngloGold Ashanti has made a non-binding offer to acquire the remaining stake in Canadian firm Corvus Gold for around $370m.

According to the proposal, AngloGold Ashanti will provide Corvus Gold’s shareholders with $3.2 (C$4) a share in cash.

AngloGold Ashanti currently owns a 19.5% indirect stake in Corvus Gold.

The Canadian firm owns the North Bullfrog and Mother Lode projects, along with other exploration assets in Nevada, US.

Located in the Beatty District, the assets are either in close proximity to or contiguous with AngloGold Ashanti’s Silicon, Transvaal, and Rhyolite exploration assets.

AngloGold Ashanti interim CEO Christine Ramon said: “The proposal is fully aligned to our strategy of growing Ore Reserve, building low-cost production and generating sustainable returns.

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“We have a unique opportunity to combine Corvus’ assets with our own – in the world’s top-ranked mining jurisdiction – to create a meaningful new production base for AngloGold Ashanti in the medium and longer-term.”

AngloGold Ashanti expects the combination of its assets in Nevada with that of Corvus Gold to further consolidate the new gold district in the US state.

It is also expected to provide an opportunity for the company to establish a substantial, low-cost, long-life production base in the medium-term, and longer-term in a premier mining region.

The takeover proposal follows the signing of a $20m unsecured loan and guaranty agreement by Corvus Gold with AngloGold’s subsidiary AngloGold Ashanti North America.

As a result of this agreement, an initial 90-day exclusivity period was granted to AngloGold, allowing it to undertake a detailed due diligence exercise on Corvus Gold and its major assets.