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Coeur Mining completes acquisition of Northern Empire Resources

Mining News - Published on Wed, 03 Oct 2018

Image Source: Business Wire
Coeur Mining, Inc. announced that it has successfully completed the acquisition of Northern Empire Resources Corp., by way of the previously announced plan of arrangement (the “Arrangement”). “The acquisition of Northern Empire represents a unique opportunity for Coeur to bolster its development pipeline with high-quality growth projects and is strongly aligned with our strategy to deliver low-cost production and growth in top jurisdictions,” said Mitchell J. Krebs, Coeur’s President and Chief Executive Officer. “We are excited to leverage our operational expertise in Nevada, one of the world’s top mining jurisdictions, where we have been operating the Rochester open pit, heap leach mine for over thirty years. Restarting the Sterling open pit mine will allow us to add near-term, high-margin production and cash flow with minimal expected upfront capital, while the significant exploration potential at the Crown Block offers the opportunity for a second, larger future operation that can create significant, long-term stockholder value. Additionally, we believe that the strategic timing of prudent acquisitions, such as Northern Empire, provides meaningful upside potential for the Company.”

Northern Empire’s principal asset is the Sterling Gold Project, which comprises a 35,000-acre (14,300-hectare) land package approximately 115 miles (185 km) north of Las Vegas, Nevada. The high-grade Sterling Gold Project is a past-producing mine with all major permits in hand that has near-term, low-cost, low-capital production potential. The remaining deposits include Daisy, Secret Pass and SNA, collectively known as the Crown Block, contain significant exploration potential. The underexplored land package also includes multiple new, undrilled targets previously identified by Northern Empire that remain untested.

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Posted By : Rabi Wangkhem on Wed, 03 Oct 2018
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