Minera Alamos (MAI.V) on Thursday said it closed its acquisition of Sabre Gold (SGLD.TO) and its Copperstone Gold project in Arizona.
Sabre's Copperstone asset produced 514,000 ounces of gold from 1987 to 1993. Along with existing infrastructure, the project contains significant additional resource ounces and is at advanced stage permitting for a near-term mine restart, Minera Alamos said.
The company has begun appointing team members that will be exclusively focused on the Copperstone project.
"We are excited to have closed the Sabre Transaction that provides a new development platform for our shareholders in a stable jurisdiction. The Copperstone mine provides excellent leverage to gold prices and is in keeping with our other assets in that it has robust economics at much lower and more conservative gold price scenarios." said Doug Ramshaw, President of Minera Alamos. "Even in advance of the acquisition closing we have had discussions with various project financing groups with regard to advancing Copperstone."
Minera Alamos was last seen up $0.01 to $0.34 on the TSX Venture Exchange.
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