US-based gold mining company Newmont has signed a binding agreement to acquire the remaining 85.1% stake in Canadian firm GT Gold for $311m (C$393m).

Newmont will pay $2.57 (C$3.25) in cash for each GT Gold share.

GT Gold is involved in advancing its 100%-owned 47,500ha Tatogga property in the Tahltan Territory in British Columbia, Canada.

Newmont expects the acquisition of the Tatogga project to strengthen its existing interest in the prospective Golden Triangle near Iskut.

Tahltan Central Government (TCG) President Chad Norman Day stated: “The Tahltan Central Government recognises Newmont’s purchase of GT Gold and the Tatogga project.

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“Newmont is a major international mining company who already has an established relationship with the Tahltan Nation as Newmont owns 50 percent of the Galore Creek Mining Corporation, whose project is in Tahltan Territory.

“TCG understands the sensitivities of all mining projects and has communicated with Newmont that Tahltan consent is a requirement for the advancement of any project in Tahltan Territory. The TCG looks forward to working with Newmont in a respectful, meaningful and mutually beneficial way.”

GT Gold earlier made two major discoveries on the Tatogga property that include Saddle South, a precious metal rich vein system and Saddle North, a gold-rich copper porphyry system.

Newmont noted that the Tatogga project, including the primary Saddle North deposit, hosts potential to contribute significant gold and copper annual production at attractive all-in sustaining costs over its operational life.

Newmont president and CEO Tom Palmer said: “We are committed to continue building a constructive and respectful relationship with the Tahltan Nation, including with the community of Iskut, which is near the project, in anticipation of exploring this highly prospective area.”

The deal, pending normal closing conditions, is slated to complete in the second quarter of this year.