QUEBEC CADISCOR of Montreal completed the acquisition of the Sleeping Giant gold mine near Val d'Or from IAMGOLD on Oct. 31, 2008. The sale includes the related milling facilities and all mining equipment. Cadiscor paid $5 million in cash and shares for the property.
Cadiscor president Michel Bouchard said, "This acquisition is an important step in Cadiscor's corporate strategy to become a gold producer. Our mine exploration program was very successful, as evidenced by the 16 months of reserves in the mine and the identified additional resources. It is a good start and we will continue to invest in finding more ore. The gold zones are open and we will look into once again deepening the mine shaft, as previous operators did twice in the last 20 years. The 900 t/d mill could also eventually be used to mill ore from the Discovery project. Our first priority is to redevelop the Sleeping Giant mine, with a goal of putting it back into production in 2009."
Separately, Cadiscor has also acquired 100% of IamGold's Dormex property that surrounds the Sleeping Giant mine. Cadiscor plans to review previous work at Dormex and continue to explore its latest acquisition.
The company maintains a website at www.Cadiscor.com.