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Monday, 23rd April 2007 (5357 views)

Due Diligence has now been completed on Lake Shore's Bell Creek mine and mill purchase in Timmins, Ontario, Canada, the gold mining firm has declared.

The acquisition was from the Porcupine Joint Venture and Brian Booth, Lake Shore president and chief executive officer, said that his company was now in the process of completing "the terms of the definitive purchase agreement".

Under the terms of Lake Shore's acquisition, as well as securing the mine and mill property at Bell Creek, it will receive underground mine infrastructure, a hoist, headframe and office buildings.

Mr Booth stated: "Once completed, the acquisition will allow Lake Shore to quickly transform itself from a junior exploration company into a gold producer in the prolific Timmins gold mining district."

To secure the deal, Lake Shore have had to part with $6 million (£3 million) cash along with shares that are worth a total of $4 million (£2 million) with the shares valued at $1.51 (£0.76) each.

 

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