SSR Mining buys Golden Arrow’s stake in Puna Operations

23 September 2019 (Last Updated September 23rd, 2019 11:51)

SSR Mining (SSRM) has acquired Golden Arrow Resources’s remaining 25% interest in Puna Operations.

SSR Mining (SSRM) has acquired Golden Arrow Resources’s remaining 25% interest in Puna Operations.

Following the completion of the deal, SSR Mining became the sole owner of Puna Operations.

SSR Mining agreed to pay Golden Arrow Resources’s remaining interest in Puna Operations for around $34m in July.

As part of the acquisition, Golden Arrow received C$3m ($2.26m) in cash and 1.2 million common shares of SSRM, representing a value of approximately C$25.9m ($19.5m).

Approximately C$15.1m ($11.3m) in cash was used to repay the outstanding principal and accrued interest owed by Golden Arrow under the credit agreement.

Golden Arrow also received the return for cancellation, for no consideration, of 4.28 million Golden Arrow common shares owned by SSR Mining.

In July 2017, Emgold Mining signed a letter of intent (LoI) for an option agreement to acquire an 80% interest in Nevada Sunrise Gold’s Golden Arrow gold-silver property in Nevada, US.

SSR Mining is a metals producer with three operations, including the Marigold gold mine in Nevada, the Seabee Gold Operation in Saskatchewan, and the 75%-owned and operated Puna Operations joint venture (JV) in Argentina.

Last December, it commenced commercial production at the Chinchillas silver-lead-zinc mine located in the Puna region of Argentina’s Jujuy province.

Golden Arrow noted that it is actively exploring a new portfolio of advanced projects in Chile and other targets within its portfolio of over 185,000ha of properties in Argentina.