Vancouver mining company strikes deal to buy Saskatoon gold miner Claude Resources

Silver Standard Resources has offered a friendly deal to acquire Saskatoon-based Claude Resources, which operates a gold mine in north-eastern Saskatchewan.

Claude's shareholders to own 32% of combined company

Seabee facility in northern Saskatchewan. (Claude Resources website)

Silver Standard Resources has a friendly deal to acquire Saskatoon-based Claude Resources, which operates the Seabee gold mine at Laonil Lake, approximately 125 kilometres northeast of La Ronge in northeastern Saskatchewan.

The offer values Claude Resources at C$377 million in total or the equivalent of about $1.65 per share — mostly from shares of Vancouver-based Silver Standard.

Claude's shareholders would own about 32 per cent of the combined company.

The companies — which have a total of three operating mines in Canada, the United States and Argentina — estimate the combined operation would produce the equivalent of 390,000 ounces of gold.

Silver Standard is offering 0.185 of a common share and one-hundredth of a cent in cash per Claude Resources share.


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