MINING REFINING

James Bay to acquire Independence Gold Project in Nevada, US

Tue Oct 15 2024

James Bay Minerals, a Canada-focused lithium explorer, has signed a binding agreement to acquire the Independence Gold Project in Nevada, US. The project is currently owned by Independence Mining, a JV between Battle Mountain Resources and Americas Gold Exploration.

It spans around 627 acres and is located near Nevada Gold Mine’s Phoenix Project. The acquisition will see James Bay Minerals initially gaining a 51.54% interest in the Independence Gold Project through the purchase of 100% of Battle Mountain Resources for $2.43m (C$3.36m) in shares, priced at $0.15 each.

This transaction is contingent upon shareholder approval and the completion of a $1.5m placement. Additionally, James Bay has the option to acquire Americas Gold Exploration’s stake through an earn-in agreement, which involves issuing two million shares and incurring at least $1.5m in exploration expenditure within one year.

Source: https://www.mining-technology.com/