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International Tower Hill Mines Ltd (AMEX:THM) has signed confidentiality agreements with 11 interested parties, VP of IR Quentin Mai said.
The Vancouver, BC-based gold miner has hired financial and legal advisors to review its strategic options, but is still undecided on whether to sell the business in its entirety, in part, or to pursue joint venture options. It has a market capitalization of USD 235m.
Thus far, the company is selling its Livengood project in Alaska and has spun its other assets into a vehicle for potential sale. It would prefer to sell the Alaska project but also is open to joint ventures. "We are geologists, not mine developers," Mai said on the sidelines of last week's Rodman & Renshaw Annual Global Investment Conference.
Natural suitors are AngloGold Ashanti, which now holds approximately 13.2907% of the current outstanding common shares (7,665,578 shares) and Kinross, whose Fort Knox mine is located just 17km from Coffee Dome projects. The company has implemented a Shareholders Rights Plan, he said.
The company's other assets include Terra, LMS, BMP, Chisna, Coffee Dome, West Tanana, Gilles, West Pogo, Caribou, Blackshell and South Estelle in Alaska, and North Bullfrog and Painted Hills in Nevada. The company's focus has been on the Livengood, Terra, LMS and North Bullfrog projects.
Located approximately 120km northwest of Fairbanks, Alaska in the Tolovana Mining District within the Tintina Gold Belt, Livengood contains 4.04m ounces of gold in the Indicated category and 3.59m ounces of gold in the Inferred category.
The company has three subsidiaries. Talon Gold Alaska, Inc holds all of the company's Alaskan properties. Talon Gold (US) LLC is a limited liability company, which carries on all of the company's mining operations and is wholly owned by Talon Alaska. Talon Gold Nevada, Inc. holds all of the company's properties in Nevada.
By Page Robinson
Source: http://www.mergermarket.com
International Tower Hill Mines Ltd (AMEX:THM) has signed confidentiality agreements with 11 interested parties, VP of IR Quentin Mai said.
The Vancouver, BC-based gold miner has hired financial and legal advisors to review its strategic options, but is still undecided on whether to sell the business in its entirety, in part, or to pursue joint venture options. It has a market capitalization of USD 235m.
Thus far, the company is selling its Livengood project in Alaska and has spun its other assets into a vehicle for potential sale. It would prefer to sell the Alaska project but also is open to joint ventures. "We are geologists, not mine developers," Mai said on the sidelines of last week's Rodman & Renshaw Annual Global Investment Conference.
Natural suitors are AngloGold Ashanti, which now holds approximately 13.2907% of the current outstanding common shares (7,665,578 shares) and Kinross, whose Fort Knox mine is located just 17km from Coffee Dome projects. The company has implemented a Shareholders Rights Plan, he said.
The company's other assets include Terra, LMS, BMP, Chisna, Coffee Dome, West Tanana, Gilles, West Pogo, Caribou, Blackshell and South Estelle in Alaska, and North Bullfrog and Painted Hills in Nevada. The company's focus has been on the Livengood, Terra, LMS and North Bullfrog projects.
Located approximately 120km northwest of Fairbanks, Alaska in the Tolovana Mining District within the Tintina Gold Belt, Livengood contains 4.04m ounces of gold in the Indicated category and 3.59m ounces of gold in the Inferred category.
The company has three subsidiaries. Talon Gold Alaska, Inc holds all of the company's Alaskan properties. Talon Gold (US) LLC is a limited liability company, which carries on all of the company's mining operations and is wholly owned by Talon Alaska. Talon Gold Nevada, Inc. holds all of the company's properties in Nevada.
By Page Robinson
Source: http://www.mergermarket.com
