Northern Star raises funds to buy gold mine in Alaska
Sep 21,2018 JLKJ
Northern Star
raises funds to buy gold mine in Alaska
Northern
Star Resources (ASX: NST) announced that, after gathering part of
the funds it needs, it is on track to acquire the high-grade, 4.1Moz Pogo
underground gold mine in Alaska.
“Existing shareholders, fund managers and
analysts from around the world have said they share our view that Pogo is an
exceptional acquisition which meets our criteria of owning Tier One assets with
strong growth potential in Tier One locations,” Northern Star Executive
Chairman, Bill Beament, said in a media statement.
Pogo
would be the Subiaco-based firm’s first asset outside Australia. Located in the
upper Goodpaster River Valley, about 38 miles northeast of Delta Junction in
southeastern Alaska, the mine has been commercially active since 2006 and has
produced over 3 million ounces of gold to date.
Despite
the fact that current mine life is expected to extend just through 2020, with
reserves estimated in 4.1 million ounces, Northern Star plans to start an
exploration campaign that would grow the resource, production and mine life.
“A
significant amount of mineralisation is present outside of the current Pogo
resources, there is also considerable mineralisation inside the current
resources that hasn’t made it into reserves,” the briefs read.
To run such discovery program, Northern Star says
it plans to draw from the expertise of Pogo’s current management team while
making use of their safety mining lights, mining
equipment and company experts’ own knowledge of underground mining and
exploration,
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