Canadian gold miner Osisko Mining Corp will purchase Queenston Mining Inc for about C$550 million ($549 million) on a fully diluted basis to gain access to the Upper Beaver project in Ontario's Kirkland Lake region.Queenston owns one of the largest land parcels around the Kirkland Lake. Its holdings include over half-a-dozen past producing gold mines such as Upper Beaver, Upper Canada, Sylvanite and Golden Gate, which produced over 3.5 million ounces between 1913 and the mid-1980s, historical records show."We thought the opportunity was now ... we saw it (Upper Beaver) as a strategic asset," Osisko Chief Executive Sean Roosen said on a conference call.The Upper Beaver project, which has a relatively low capital exposure, has necessary permit to begin advanced exploration and is expected to go into production in 2016, Roosen said.
Osisko Mining Corporation (Osisko) is engaged in the business of acquiring, exploring, developing and operating mineral properties, primarily those containing gold and associated precious metals. Shares of OSK fell by 7.94% or $-0.78/share to $9.04. In the past year, the shares have traded as low as $6.25 and as high as $12.97. On average, 1562660 shares of OSK.TO exchange hands on a given day and today's volume is recorded at 3104890.
Queenston Mining Inc. (Queenston) is a Canadian resource company engaged in the exploration for gold in Canada. Shares of QMI traded higher by 11.18% or $0.56/share to $5.57. In the past year, the shares have traded as low as $2.90 and as high as $6.46. On average, 166823 shares of QMI.TO exchange hands on a given day and today's volume is recorded at 4442144.
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