Loading ...In a one-stop-shop style merger comprising five Canadian juniors, a group of leading mine developers in Canada hope to replicate past successes in Central Canada.
Five juniors – two struggling to advance existing projects and three with significant cash piles but little by way of exploration assets – are to join forces combining a trio of mid-stage gold projects in Quebec and Ontario and some $50-odd million in cash.
The deal involves Oban Mining taking over four other juniors, Eagle Hill Exploration, Temex Resources, Ryan Gold and Corona Gold.
John Burzynski, who chairs Oban and who also heads up project development for Osisko Royalties, will become the President and CEO of the combined-company, which is tentatively to be called New Oban. Sean Roosen, who heads up Osisko Royalties (formerly Osisko Mining before it was sold to Agnico Eagle and Yamana) and Ned Goodman, behind Dundee, will co-chair New Oban.
The aim of New Oban is “nothing short of creating the next great Canadian mining house,” Burzynski said during a conference call, who evoked Osisko Mining as the future he saw for New Oban.
Burzynski said the company aimed to become a gold producer, of at least 100,000 ounces, within three years or so, a goal he later defined as aspirational in response to questions.
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