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Friday, 12th December 2008 (1311 views)

Richmont Mines has announced that it has been granted security holder approval for its acquisition of Patricia Mining.

A plan of arrangement has been drawn up between the two Canadian firms under the Business Corporations Act (Ontario) and has been approved by more than 96 per cent of votes cast by Patricia Mining security holders at a special meeting.

The agreement is now subject to regulatory approval and the arrangement is expected to be effective on or about December 16th 2008.

Under the terms of the deal, Richmont will become the holder of a 100 per cent interest in the Island Gold mine, which is currently the subject of a joint venture between Richmont and Patricia Mining.

Richmont Mines produces gold from its operations in Quebec, Ontario and Newfoundland, Canada and is currently building its reserves in North America with a view to exploiting additional mineralised reserves.

Canadian gold exploration and development company Patricia Mining owns a joint venture interest with Richmont Mines in the Island Gold mine, which lies 50km north-east of Wawa, Ontario.

 

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