Canada’s Seabridge Gold (TSX: SEA; NYSE: SA) is buying Pretium Resources’ (NYSE: PVG) Snowfield property in northwest British Columbia for $100 million in cash, a 1.5% net smelter royalty related to all production and a $20 million future contingent payment.
The Toronto-based miner says the acquisition of Snowfield, immediately adjacent to its 100%-owned KSM gold-copper project in northeast B.C., opens up new development opportunities for its flagship asset.
Work is already underway to determine how to integrate Snowfield into a new KSM mine plan, Seabridge Gold’s chairman and CEO, Rudi Fronk, said in the statement.
Fronk noted the acquisition would bring Seabridge a number of major benefits. “It adds appreciably to our ounces of gold per share, our most important measure of shareholder value, at a cost of approximately $3 per ounce,” he said.
Continue reading at www.northernminer.com.