Canadian Mining Journal

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GOLD: AuRico buys into Lynn Lake camp

MANITOBA – AuRico Gold of Toronto has subscribed for 70.6 million common shares of Carlisle Goldfields at a price of $0.08 per share for a total consideration of about $5.6 million. AuRico now holds a 19.9% equity interest in Carlisle and...



MANITOBA – AuRico Gold of Toronto has subscribed for 70.6 million common shares of Carlisle Goldfields at a price of $0.08 per share for a total consideration of about $5.6 million. AuRico now holds a 19.9% equity interest in Carlisle and its several gold prospects near Lynn Lake.

In conjunction with the private placement, a joint venture will be formed that will allow AuRico of acquire a 25% interest in the properties for an initial cash payment of $5.0 million. AuRico may earn an additional 35% interest by spending $20.0 million on the Lynn Lake project over three years and delivering a feasibility study within that time.

Carlisle’s Lynn Lake project includes two former gold producers – MacLellan and Farley Lake. Resources at them include 9.1 million measured tonnes at 2.03 g/t Au, 14.2 million indicated tonnes at 2.24 g/t Au, and 3.7 million inferred tonnes at 2.44 g/t Au. If the project moves ahead as originally envisioned, mining could restart in late 2018. There are also several prospective targets including the Dunvegan zone, Linkwood, Burnt Timber and Last Hope projects.

Please read the corporate presentation at CarlisleGold.com.