Torex Gold (TSX:TXG,OTCQX:TORXF) is acquiring Prime Mining (TSX:PRYM,OTCQX:PRYM) in an all-share deal worth US$449 million, gaining full control of the Los Reyes gold-silver project in Mexico as it builds out an Americas-focused mining portfolio.
Under the terms of the deal, Torex will gain 100 percent ownership of Prime’s Los Reyes project in Sinaloa, an advanced-stage gold-silver asset with indicated resources of 1.5 million ounces of gold and 54 million ounces of silver, and inferred resources of 538,000 ounces of gold and 21.6 million ounces of silver.
“This acquisition supports our strategy to systematically build a diversified, Americas-focused precious metals producer,” Torex CEO Jody Kuzenko said in a recent press release.
“Los Reyes has multiple high-potential mineralized zones which remain open along strike and at depth, and we are confident that the project has strong untapped upside with numerous avenues for…
