First Mining Gold Corp. (TSX: FF) has completed the acquisition of all the issued and outstanding common shares of Beattie Gold Mines Ltd.
In addition, First Mining has also concurrently completed the acquisitions of 2699681 Canada Ltd. and 2588111 Manitoba Ltd. As a result, First Mining now owns 100% of the Duparquet Gold Project located in Quebec, Canada.
The total consideration of the Beattie Offer and the Concurrent Transactions was $8,727,177 in cash and the issuance of 69,127,820 common shares of First Mining for a total transaction value of approximately $24 million based on the twenty trading days volume weighted average price for First Mining’s common shares as of the last trading day prior to the company’s initial announcement regarding these transactions on July 18, 2022.
“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,” CEO, Dan Wilton, said. “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.”
Upcoming Duparquet Work Plan
First Mining, through the establishment of its new subsidiary entity in Quebec, “Mines D’Or Duparquet”, will advance the Duparquet Project commencing with an environmental data collection exercise to update the environmental 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 solid technical foundation established by 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 is committed to working in partnership with the municipality of Duparquet, citizens and Indigenous communities. Management will begin a meeting tour within the region to meet with citizens and local representatives to discuss next steps and studies for the Project, answer questions and listen to their feedback. First Mining wishes to establish a constructive and transparent dialogue towards relationship building and collaboration.
About the Duparquet Gold Project
The Duparquet Gold Project is a multi-million ounce advanced exploration and mining development asset located in the Abitibi region of the province of Quebec, approximately 50 km north of the city of Rouyn-Noranda.
The Duparquet deposit hosts an updated gold Resource of 3.4 Moz in the Measured and Indicated category, and an additional 1.6 Moz Au Inferred Resources (see news release from September 12, 2022).
Existing infrastructure at the Project site includes paved provincial highways from Rouyn-Noranda to the south and LaSarre to the north and direct access to Quebec’s hydroelectric power grid. In addition, the near-by communities of Duparquet, Ruoyn-Noranda and LaSarre have strong histories of sustainable mining practices.
For further information please visit: https://firstmininggold.com/
