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September 16, 2022

First Mining closes takeover of Canada’s Duparquet Gold Project

The miner paid around C$24m for the deal, settled through C$8.7m in cash and issuance of 69.1 million of its common shares.

First Mining Gold has concluded the purchase of all Beattie Gold Mines’ issued and outstanding shares that it previously did not own.

Simultaneously, the company also completed the takeovers of 258 Manitoba and 269 Canada.

Through these deals, First Mining now has sole ownership of the Duparquet Gold Project in Quebec, Canada.

For the transactions, the miner paid a total of around $18.1m (C$24m), settled through $6.6m (C$8.7m) in cash payment and issuance of around 69.1 million of its common shares.

Located in Abitibi in the province of Quebec, 50km north of Rouyn-Noranda, the multi-million-ounce Duparquet gold project hosts an updated 3.4Moz gold resource in the Measured and Indicated category and a 1.6Moz Au Inferred Resources.

First Mining CEO Dan Wilton said: “We are very pleased to announce the completion of this transformational acquisition of the Duparquet Gold Project. 

“Since the announcement, First Mining has been very active at the project as demonstrated by the recent updated Duparquet mineral resource estimate.

“We look forward to working together with the local municipality and Indigenous communities, and the Province to advance this top-tier mining project in Quebec.”

The company intends to advance the Duparquet Project by setting up its new subsidiary, named ‘Mines D’Or Duparquet’, in Quebec.

It plans to collect the environmental data of the project for updating the environmental baseline data, which was collected by Clifton Star in 2012 and 2013 to seek regulatory approval for the Duparquet project. 

As part of the redevelopment of the property, First Mining has also started talks with the relevant Quebec ministries for resolving the environmental and legacy infrastructure issues linked to the project.

It expects to begin work on the engineering trade-off studies as well as an updated economic study for the project.

The company also plans to start compiling and integrating the regional exploration data for developing a pathway to facilitate the potential expansion of resources, exploration discovery, and resource classification upgrading. 

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