- Galane Gold (GG) announced the company has closed its acquisition of the Summit Mine in New Mexico
- The exploration company will acquire the Summit Mine and the infrastructure constituting the Banner Mill
- The acquisition is through a Galane Gold wholly-owned subsidiary
- Galane Gold is purchasing the mine from Pyramid Peak Mining
- Galane Gold is up 4.00 per cent, trading at C$0.26 at 1:37 pm ET
Galane Gold (GG) announced the company has closed its acquisition of the Summit Mine in New Mexico.
“The management team is excited to now have an additional opportunity to increase Galane’s production, lower its operating costs and diversify its country risk. Following closing of the Acquisition, Galane’s plan is to first update the 2014 Technical Report which showed an average production of 1 million ounces of silver and 16,000 ounces of gold per annum over the life of mine, an all-in sustaining cost of US$578 per gold equivalent ounce, and a start-up capital cost of US$4.2 million. From there it will then be to target production as quickly as possible,” said Galane Gold CEO Nick Brodie.
In connection with the closing of the acquisition, the net proceeds of the private placement of subscription receipts of the company completed on April 8, 2021, have been released from escrow and delivered to Galane Gold.
Galane Gold is an unhedged gold producer and explorer with mining operations and exploration tenements in Botswana, South Africa, and New Mexico.
