OTCQX:BGMZF - Post by User
Post by
Packersoneon Feb 23, 2013 10:25pm
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Post# 21034285
An example of selling too early
An example of selling too early
An example of selling TOO early. IMG scoops Trelawney.
On June 21, 2012, the company completed the acquisition of all issued and outstanding common shares of Trelawney through a plan of arrangement. Under the terms of the transaction, former shareholders of Trelawney received $3.30 (Canadian) in cash for each common share of Trelawney held. The main asset acquired in this transaction is the Cote gold project located adjacent to the Swayze greenstone belt in Northern Ontario, Canada.
On Oct. 4, 2012, Iamgold announced a mineral resource update for the Cote gold project, which included all validated drill results as at Aug. 1, 2012. The results showed a 274-per-cent increase in indicated resources and a substantial increase in total ounces compared with the last release (preacquisition) by Trelawney Mining in February, 2012. On Jan. 22, the company announced another resource update, including all validated drill results as at Dec. 31, 2012. The result was a further increase in indicated resources, up 114 per cent from the Oct. 4, 2012, announcement. The indicated resource is now estimated at 269 million tonnes averaging 0.88 gram per tonne gold for 7.61 million ounces. The inferred resource is estimated at 44 million tonnes, averaging 0.74 gram per tonne gold. A positive attribute of the deposit is its accessibility for open-pit mining. The deposit locally outcrops at surface and on average is covered with fewer than six metres of barren overburden.