Drilling at the Ann Mason copper deposit in Nevada. (Image: Mason Resources)
VANCOUVER and TORONTO – Mason Resources and Hudbay Minerals have entered into an agreement whereby Hudbay will acquire the remaining 86% of the of the Mason shares it does not already own.
Mason shareholders will receive C$0.40 in cash for each common share they own, bringing the value of the arrangement to C$31 million. Hudbay puts the enterprise value of Mason, net of Mason’s cash and Hudbay’s current 14% ownership share of Mason, at approximately US$15 million.
Mason’s flagship asset is the undeveloped Ann Mason copper deposit near Yerington, Nevada. A preliminary economic assessment was carried out in 2017. The deposit has a measured and indicated resource of 1.4 billion tonnes grading 0.32% copper, 0.006% molybdenum, 0.03 g/t gold and 0.65 g/t silver. The inferred resource is 623 million tonnes at 0.29% copper, 0.007% molybdenum, 0.03 g/t gold and 0.66 g/t silver. A cut-off of 0.2% copper was used in the calculation of the resources.
For details of the arrangement, visit either www.MasonResources.com or www.HudbayMinerals.com.