Argonaut (TSE:AR) has released an update.
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Alamos Gold Inc. has agreed to acquire Argonaut Gold Inc., which includes Argonaut’s Magino mine, adjacent to Alamos’ Island Gold mine in Ontario, Canada. This strategic move aims to create one of Canada’s largest and most cost-efficient gold mines, potentially yielding over 600,000 ounces of gold annually and reaching up to 900,000 ounces in the long term. The acquisition is valued at US$325 million, offering Argonaut shareholders a premium and resulting in significant projected synergies and cost savings.
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