Once the transaction closes, which is expected to happen in late November, existing GORO and Aquila shareholders will own roughly 85.1% and 14.9%, respectively, of the combined company.
The new miner is expected to become a new intermediate gold producer following the start of production at Aquila’s Back Forty gold, zinc and copper project in Michigan, US.
Back Forty, Aquila’s flagship project, contains approximately 1.1 million ounces of gold and 1.2 billion pounds of zinc in the Measured and Indicated Mineral Resource classifications, with additional upside potential.
The company has two other exploration projects: Reef Gold project located in Marathon County, Wisconsin, and the Bend project in Taylor County, also in Wisconsin.
Gold Resource has the Don David gold mine in Oaxaca, Mexico, where it also holds a 100% ownership stake in six potential high-grade gold and silver properties.
