Canadian Mining Journal

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CORPORATE SHUFFLE – Wolfden, Wesdome, Western Quebec and South Malartic

Besides the huge aluminum and nickel news, the mergers of smaller mining companies and the selection of a new name ...


Besides the huge aluminum and nickel news, the mergers of smaller mining companies and the selection of a new name are adding to news of the continuing corporate shuffle.

ZINIFEX CANADIAN ENTERPRISE, a subsidiary of Australias ZINIFEX, has acquired 95% of the outstanding shares of WOLFDEN RESOURCES. Zinifexs final offer for the Thunder Bay, Ont.-based company was $3.81 per share, indicating a value for Wolfden of $338 million. Zinifex (www.Zinifex.com) owns and operates two base metal mines in Australia with associated smelters, plus a third smelter in the United States and a fourth in the Netherlands. Wolfden (www.WolfdenResources.com) has three development (base metals and gold) projects under development in Nunavut.

WESDOME GOLD MINES and WESTERN QUEBEC MINES, both headquartered in Toronto, have announced the terms of their proposed business combination. Wesdome is to acquire all of the outstanding common shares of Western Quebec by issuing 1.45 of its shares for each of the Western Quebec shares. The benefit of the deal is that Wesdome will acquire additional claims adjacent to its property near Val dOr, Que. Western Quebec (www.WesternQuebecMines.com) already holds approximately 33% of the outstanding Wesdome (www.Wesdome.com) shares.

South-Malartic Exploration of Val dOr has begun trading on the TSX Ventures Exchange under its new name, X-ORE RESOURCES (symbol XOR). Shareholders approved the name change at the companys annual meeting in April. The new website is at www.X-Ore.com.


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