Canadian Mining Journal

News

GOLD: Goldcorp unloads mines in Guatemala and Mexico



VANCOUVER – Goldcorp is bolstering its balance sheet by selling two of its projects in Latin America. Both the Cerro Blanco advanced gold-silver project in Guatemala and the Los Filos producing gold-silver mine in Mexico are changing hands.

Bluestone Resources of Vancouver has offered US$18 million in cash for the Cerro Blanco project. At the end of 2015, the property had 2.05 million measured and indicated tonnes averaging 12.69 g/t Au and 40.13 g/t Ag plus an inferred resource of 750,000 tonnes at 9.34 g/t Au and 43.61 g/t Ag. If the project goes into commercial production, Goldcorp will receive an additional US$15 million in cash and a 1% net smelter royalty.

Going underground in the Los Filos gold mine.

Bluestone also has the right of first refusal with respect to certain assets and equipment at Goldcorp’s Marlin gold mine, also located in Guatemala. The last ore from this mine will be processed early in 2017. (www.BluestoneResources.ca)

The Los Filos heap leach mine is being purchased by Vancouver’s Leagold Mining Corp., making it the company’s first gold mine. The deal is valued at US$350 million. (www.Leagold.com) Goldcorp will receive estimated consideration of US$438 million, consisting of US$279 million in cash, and US$71 million in Leagold common shares. The transaction will give Goldcorp a 30% interest in Leagold.

Los Filos is one of Mexico’s larger gold mines, producing approximately 350,000 oz of gold this year. The all-in sustaining cost per ounce is US$854.