AngloGold Ashanti has concluded the takeover of Canada-based mineral exploration company Corvus Gold for nearly $370m in cash.

According to the deal signed in September 2021, Corvus Gold shareholders received $3.24 (C$4.10) in cash per share from AngloGold.

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The firm purchased 80.5% outstanding common shares of Corvus Gold, which is developing gold-silver projects in the Beatty District, Nevada, US.

Prior to the transaction, AngloGold owned an indirect stake of 19.5% in Corvus.

AngloGold plans to initially develop the Corvus’ North Bullfrog project, which comprises leased, patented and unpatented mining claims covering an area of 90.5km².

Located 10km north of Beatty and 8km north of the Bullfrog Mine, the project is scheduled to start production in the next three to four years.

AngloGold plans to develop the Silicon, Merlin (including Lynnda Strip) and Mother Lode projects at a later stage.

AngloGold Ashanti CEO and executive director Alberto Calderon said that the deal offers AngloGold Ashanti district-wide consolidation in Nevada.

Calderon noted: “The combination of Corvus’ assets along with our own neighbouring targets, including Silicon; Merlin; and Rhyolite, provides the opportunity for the Beatty District to become a potential Tier 1 asset with first production in approximately the next three years.

“We look forward to further engagement with local stakeholders as we develop the Beatty District.”

Corvus president and CEO Jeffrey Pontius said: “AngloGold Ashanti’s long history of success and responsible exploration, development, mine building and operations will further augment the exceptional discoveries at the North Bullfrog and Mother Lode projects.”