Hemlo completes gold acquisition

The transfer of Noranda’s (TSE) gold assets to Hemlo Gold Mines (TSE) is complete.

In exchange for 8.61 million of its common shares, Hemlo acquired all of Noranda’s gold assets including joint venture interests in the Holloway property in Ontario, the Silidor mine in Quebec, and the Brewery Creek property in the Yukon as well as a host of grassroots properties throughout the globe.

The deal also includes Noranda’s stake in a number of gold exploration companies including 4.15 million shares of Crown Butte Resources (TSE), and 1.04 million shares of Freewest Resources (TSE). The additional shares boost Hemlo’s stake in the two juniors to 60% and 12.6% respectively. Noranda now owns 53.1 million common shares, or 55.15% of Hemlo.