Marathon Gold Corp said that the Supreme Court of British Columbia has approved its plans to acquire all outstanding common shares in Mountain Lake Resources for $15.1 million.

The transaction will consolidate Mountain Lake’s and Marathon‘s respective 50% stakes in the Valentine Lake Project, resulting in Marathon becoming the 100% owner of the project.

As per the deal, Mountain Lake Resources’ remaining projects will be transferred to Mountain Lake Minerals, a newly incorporated exploration company.

Under the terms of the arrangement, Mountain Lake shareholders, on the effective date, will receive 0.40 of a Marathon common share and 0.40 of a common share in the newly incorporated company Spinco for every Mountain Lake share held.

Mountain Lake expect the closing date of the arrangement to be 9 July 2012.

Marathon Gold is a North American gold resource development company, with projects located in Newfoundland and Labrador, the Coeur d’Alene mining district of Idaho and the Greenhorn District of Oregon, US.

Last month, Mountain Lake Resources announced that its shareholders overwhelmingly voted to approve its acquisition by Marathon Gold.

Mountain Lake requested a trading halt of its common shares on the TSX Venture Exchange three trading days in advance of the effective date, and as a result, July 3 was the last trading day of its common shares on the exchange.