TAKEOVER: IamGold to scoop up Trelawney Mining

TORONTO – After speculation last week that IamGold Corp. was on the acquisition trail, the company has announced its plans to takeover Trelawney Mining and Exploration.  For each common share of Trelawney, IamGold will pay $3.30 in cash, making the total deal worth approximately $608 million. IamGold’s offer represents a 36.6% premium above Trelawney’s 20-day average price for the period ending April 26, 2012.

Trelawney’s flagship project is the Cote Lake gold deposit the Swayze Greenstone Belt, halfway between Timmins and Sudbury, ON. The deposit has a 43-101 indicated resource of 35 million tonnes at 0.82 g/t Au and an inferred resource of 204 million tonnes at 0.91 g/t Au. Open both along strike and at depth, the deposit may host upwards of 6 million oz of gold.

The deal is to close by the end of June 2012 after shareholder and customary regulatory approvals. Learn more at IamGold.com or TrelawneyMining.com.