The Chinese translation is being made; the original is shown for now.
Gold and silver producer McEwen entered into an asset purchase agreement to sell its Fuller property, 60% interest in the Paymaster property, and a surface asset, all located in Ontario, to a Discovery Mining subsidiary for a total consideration of $55 million, payable in cash and common shares.
The Fuller and Paymaster properties are part of McEwen’s broader Fox Complex land position in the Timmins mining district. Paymaster is held in a joint venture between the Discovery subsidiary and McEwen subsidiary Lexam VG Gold. Upon closing, Discovery will acquire McEwen’s full interest in both assets and consolidate 100% ownership of the Paymaster joint venture.
“The transaction announced today is an important step forward as we continue to establish the land position needed to achieve our extensive growth plans in the Timmins Camp. In addition to further exploration upside, a key benefit of the land being acquired is that it provides an ideal location for potential new processing and tailings facilities to support large-scale production from our Dome mine,” said Discovery Mining President and CEO Tony Makuch.
“Dome has an 11 million ounce inferred resource and we are working on plans to resume operations over the next five years using the existing Dome mill for processing. Longer-term, we will look to operate the mine at a significantly higher level of production using a new processing facility to be located at the adjacent purchased assets.”
McEwen said it plans to invest the additional capital across its operations and development projects to support its goal of producing 250,000–300,000 gold equivalent ounces annually by 2030, with minimal to no share dilution.
The producer also remarked that its Fox Complex is entering a new phase of production growth, with the Stock mine expected to enter production in the fourth quarter of 2026 and commercial production in the first quarter of 2027.
Sources: McEwen and Discovery Mining
The post McEwen to sell Fuller and Paymaster properties in $55M deal first appeared on North American Mining Magazine.