Snow Lake’s long-idle New Britannia mine could have a new owner – if not a new lease on life – by the end of the month.
Northern Sun Mining Corp., formerly Liberty Mines, expects to complete its purchase of the gold mine on or about Nov. 30.
Northern said it, along with its largest shareholder, Jien International Investment, have “aggressively implemented a turnaround plan” to reposition the company as a near-term gold producer.
Earlier this year, Northern entered into a definitive agreement with QMX Gold Corp. to acquire the former New Britannia mine, now known as the Snow Lake mine.
Northern said the deal will bring it “immediate medium-term growth potential targeting 80,000 ounces of gold per year.”
Northern already owns two former producing nickel mines and a large prospective land package in the Shaw Dome area, a prospective nickel belt in Ontario.
No stock exchange, securities commission or other regulatory authority has approved or disapproved of this information.
– Compiled from a Northern Sun Mining Corp. news release
