CORAL SPRINGS, FL, May 25, 2016 /CNW/ - Precious metals sectors are experiencing rough market conditions of late but are still expected to see a CAGR of over 4% throughout the next four years as demands have reached record highs coming off 2015. With a fast start underway in 2016, miners are hoping to experience growth opportunities with new acquisitions and project advancements even though the sector is currently going through ups and downs, trying to rebounds from recent developments.
Forging forward with a recent acquisition news: ALTAIR GOLD INC. (TSXV: AVX) - Mr. John Huguet, Chairman of the Board, is pleased to announce the signing of a Binding Letter of Intent, with an arm's length company, to acquire 100% of Epic Mining Corp. which in turn owns 99% of Panamericana SAC. Panamericana SAC owns a resource property in Peru covering approximately 900 hectares.
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Through the acquisition, Altair will hold 100% of the rights, title and interest in the 900 Ha Lejin property. 700 Ha of the Leijin property is surrounded on three sides by Hudbay Minerals Inc.'s (TSE: HBM.TO) holdings adjacent to their Constancia Mine in the Province of Chumbivilcas in southern Peru. HudBay invested $1.7 billion in the construction of the Constancia Mine and achieved commercial production in April 2015. The Constancia Mine is an open pit operation with a 22 year life primarily extracting copper with additional molybdenum and silver credits. Limited sampling conducted on the Lejin property has detected traces of alteration suggesting the potential for copper mineralization. On closing of the acquisition the Company will consider an exploration program to test targets on the properties.
In other developments and market activity of interest in the Precious Metals sectors: Brazil Resources Inc. (TSXV: BRI) announced recently the results of a National Instrument 43-101 ("NI 43-101") mineral resource estimate for the Raintree West deposit, one of several porphyry centers identified on the Whistler Project, Alaska . The 100%-owned district-scale Whistler Project (170 sq km) is located 150 kilometres northwest of Anchorage, Alaska. Garnet Dawson , CEO, stated: "We are pleased to report this maiden NI 43-101 resource estimate for the Raintree West deposit, which builds on the multi-million ounce gold resource reported over the last year on the Whistler Project. This estimate increases BRI's indicated resource to 3.2 Moz gold (4.2 Moz gold equivalent) and our inferred resource to 7.0 Moz gold (9.1 Moz gold equivalent; Table 4). In conjunction with advancing our existing project portfolio, the Company continues to evaluate resource-stage projects in the Americas for potential acquisition."
Goldcorp Inc. (TSE: G.TO) and Kaminak Gold Corporation (TSXV: KAM) ("Kaminak") recently announced that they have entered into a definitive arrangement agreement (the "Arrangement Agreement") pursuant to which Goldcorp has agreed to acquire, by way of a plan of arrangement (the "Arrangement"), all of the outstanding shares of Kaminak. The total consideration offered for all of the outstanding shares of Kaminak is approximately C$520 million.
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