Kinross buys Network Back Mining for 7.100 millions
03-08-2010 golden marketThe Canadian mine-layer Kinross Gold Corp has communicated that buys to the mine-layer Network Back Mining Inc for approximately 7.100 million dollars, what will give to Kinross 2 new deposits of gold that will increase immediately his production and his growth potential.
Kinross will pay nearly 30,50 Canadian dollars for action in qualifications and warrants for every action of Network Back, an award of more than 17 % opposite to the current price of the actions of Network Back for 26,02 Canadian dollars. Kinross possesses already close to 9,3 % of Network Back.
The executive president of Kinross, Tye Burt, has qualified to the agreement like a “opportunity transformadora” promising “a significant increase of the reservations that Kinross believes that they exist in Network Back”.
Network Back possesses mines in Mauritania and Ghana.
After the agreement, the combined company will have 10 mines and 4 development projects in 8 countries.
The production proforma of 2010 would increase to between 2,6 million and 2,7 million equivalent ounces of gold.
Kinross Gold Corp: www.Kinross.com
Network Back Mining: www.RedBackMining.com
03-08-2010 Kinross press release in English
