Boston, MA 09/10/2014 (wallstreetpr) – Taseko Mines Limited (USA)(NYSEMKT:TGB) announced that it would buy Curis Resources Arizona Copper Project in an all share deal. This deal will give it a significant access to the advanced-stage Florence copper project which is available in central Arizona. Curis is a well-known development and mineral exploration company.
Management call:
The management of TGB feels that this new Florence project strengthen its development pipeline in the near term and help the company to regain its image in the domestic market once again. Taseko Mines Limited (USA) (NYSEMKT:TGB) didn’t find it easy to expand its projects in Canada earlier this year as the gold, and New Prosperity copper project of TGB was turned down by the Canadian Government a few months ago. According to Russell Hallbauer, CEO TGB, “Florence will add quality and diversity to our development projects’ pipeline.” He further added that the company would be able to generate the total funding for the $210-million project without any hassle.
What’s in there for shareholders:
Under the terms and conditions of the deal, shareholders of Curis will receive 0.438 of TGB common share for each share they had. Each share is worth $1.055 on the basis of 20 days weighted average price ending on September 5, 2014. After this transaction, Curis will be valued at approximately $72.9-million. Taseko Mines Limited (USA) (NYSEMKT:TGB) has also promised to provide a short-terms financing help of $2 million to Curis so that it can run its operations without any hassle till the deal gets closed.
Both TGP and Curis are associated with Hunter Dickinson mining group, which is a privately owned group based in Vancouver. According to reports, TGP owns and operates Gibraltar copper-molybdenum mine, which is located in British Columbia. Taseko Mines Limited (USA) (NYSEMKT:TGB) is also working on the development of three other projects in Pacific coast province including the newly started New Prosperity project.
