Mining News: Northern Nuggets: Agnico grabs interest in White Gold; Yukon

Agnico Eagle Mines Ltd. Dec. 6 announced an agreement to acquire 19.93 percent of the G4G Capital Corp.’s issued and outstanding shares. In late October, G4G Capital announced finalization of an option to acquire 21 properties covering 2,490 square kilometers (roughly 615,300 acres) of the White Gold district in the Yukon from legendary prospector Shawn Ryan and Wildwood Exploration Inc., a company owned by Ryan and his wife, Cathy Wood. To better reflect its focus, G4G Capital plans to change its name to White Gold Corp. and move its headquarters from Vancouver, B.C. to Toronto, Ont. G4G shareholders will vote on the name change at a special meeting scheduled for Dec. 19. Agnico Eagle will pay C$1.20 per share to acquire a nearly 20 percent stake in this emerging White Gold explorer. Closing of the transaction is expected to occur on or about Dec. 13, and is subject to certain conditions. Upon closing, Agnico Eagle will have the right to participate in financings in order to maintain its 19.93 percent stake in White Gold, and have the right to nominate one person for the company’s board. Agnico Eagle said it expects White Gold to leverage the unique experience and innovative exploration techniques of Ryan, who is the explorer’s chief technical adviser, and GroundTruth, an exploration services company founded by Ryan and Wood, to advance the company’s large portfolio of projects in the Yukon Territory.

-Shane Lasley