Canadian company IAMGOLD Corporation has completed the purchase of a 100% interest in Merrex Gold, making it a fully owned subsidiary.

Under this transaction, Iamgold purchased all issued and outstanding common shares of Merrex Gold it did not already own, as well as all outstanding common share purchase warrants of Merrex through a court-approved plan of arrangement under the Business Corporations Act of British Columbia.

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IAMGOLD president and CEO Steve Letwin said: “With the acquisition of Merrex, we now own 100% of the Siribaya-Diakha project in Mali and its gold resource, which is estimated to be in excess of one million ounces as reported in our annual reserve and resource news release of 22 February 2017.

“This transaction consummates eight years of excellent work and partnership with the Merrex team that led to the discovery of the Diakha deposit.

“We now own 100% of the Siribaya-Diakha project in Mali and its gold resource, which is estimated to be in excess of one million ounces.”

“This project, along with the ongoing exploration and evaluation of our nearby Boto Gold project in Senegal, gives us a significant footprint from which to advance our 2017 goal to expand our current resources in this prolific region of West Africa.”

Merrex owns a 50% interest in the Siribaya Gold Project in West Mali, and a 100% stake in Karita exploration authorisation in Guinea.

The company holds nearly 700km² in permits within an area of approximately 4,100km² of interest in the southern portion of the West Mali Gold Belt.