First Mining Gold Corp. (TSX:FF, OTCQX:FFMGF) said it has completed the previously-announced acquisition of the shares in Beattie Gold Mines Ltd that it does not already own as well as the acquisitions of 2699681 Canada Ltd and 2588111 Manitoba Ltd, the latter of which gives it 100% ownership of the Duparquet Gold Project in Quebec, Canada.
The company said it paid $8,727,177 in cash and issued 69,127,820 shares making a total of about $24 million for all the transactions.
"We are very pleased to announce the completion of this transformational acquisition of the Duparquet Gold Project. Since the announcement, First Mining has been very active at the project as demonstrated by the recent updated Duparquet mineral resource estimate," First Mining CEO Dan Wilton said in a statement.
"We look forward to working together with the local municipality and indigenous communities, and the province to advance this top-tier mining project in Quebec," he added.
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First Mining, through its new subsidiary Mines D'Or Duparquet in Quebec, will advance the project commencing with an environmental data collection exercise to update the baseline data collected by Clifton Star in 2012 and 2013 to support the regulatory approval process for the project.
Work is also expected to commence on engineering trade-off studies and an updated economic study to build on the technical foundation established for the project in the 2014 pre-feasibility study.
First Mining has initiated discussions with the relevant Quebec ministries to address environmental and legacy infrastructure issues as part of the redevelopment of the property. In addition, First Mining intends to commence a robust regional exploration data compilation, integration and targeting exercise to develop a path supporting potential resource expansion, resource classification upgrading, and exploration discovery.
The company’s management will also tour the region to meet with citizens and local representatives to discuss next steps and studies for Duparquet, as well as answer questions and listen to their feedback aimed at establishing a transparent relationship with the parties concerned.
The Duparquet Gold Project is a multi-million-ounce advanced exploration and mining development asset located in the Abitibi region of the Quebec province, approximately 50 kilometers north of the city of Rouyn-Noranda. The Duparquet deposit hosts gold resources of 3.4 million ounces (Moz) in the measured and indicated category, and an additional 1.6 Moz in the inferred. The project site has good infrastructure and the nearby communities have strong histories of sustainable mining practices.
First Mining is a gold developer advancing a portfolio of gold projects in Canada, with the most advanced being the Springpole Gold Project in northwestern Ontario, one of the largest undeveloped gold projects in Canada. The explorer also owns the Cameron, Duparquet, Duquesne and Pitt gold projects, all advanced-stage gold projects in Ontario and Quebec. Its gold project interests include Pickle Crow and Hope Brook, an equity interest in Treasury Metals Inc, and a portfolio of 21 gold royalties.
Contact the author at jon.hopkins@proactiveinvestors.com