Deals this week: Klondex Mines, Excelsior Mining, Thor Mining

17 December 2015 (Last Updated December 17th, 2015 18:30)

Klondex Mines has signed a $32m agreement to acquire the Rice Lake Mine and mill complex near Bissett, Manitoba, Canada.

Klondex Mines has signed a $32m agreement to acquire the Rice Lake Mine and mill complex near Bissett, Manitoba, Canada.

The purchase price is subject to customary adjustments and consists of $20m in cash and $12m in deferred payments.

Under the terms of the agreement, Klondex will have to pay $4m of the principal amount in each of the next three years.

Excelsior Mining, through a wholly owned Arizona subsidiary, has completed the previously announced acquisition of Nord Resources.

The acquisition includes the Johnson Camp Copper Mine, which is located next to Excelsior's Gunnison Copper project in south-eastern Arizona, US.

Based on the acquisition, Excelsior proposes to provide an updated prefeasibility study in the first quarter of 2016.

"Klondex will have to pay $4m of the principal amount in each of the next three years."

Thor Mining has signed an agreement to sell its complete interests in the Spring Hill gold project in the Northern Territory and the Dundas gold project in Western Australia to PC Gold for A$3.5m.

Thor previously secured loan funds of A$1.2m in part against the Spring Hill project.

The company plans to apply a portion of the gold sale proceeds in the first instance towards that loan.

Aben Resources has announced the sale of its 40% interest in its Mann Lake property in Saskatchewan, Canada to Skyharbour Resources.

Skyharbour issued one million common shares to Aben as payment to acquire the interest.

Aben has retained a 2.5% net smelter royalty (NSR) in the Mann Lake property and Skyharbour has the right to purchase 1.5% of the NSR for $1.5m.

Goldeye Explorations has completed the sale of its interest in the Todd Creek Property to Millrock Resources.

The property is located in the Stewart Mining Camp of British Columbia, Canada.

Millrock has purchased a 100% interest in the Todd Creek joint venture for C$100,000 cash and 888,889 Millrock common shares distributed on a pro-rata basis according to the JV ownership.