Agnico Eagle Mines Limited announced today that it has acquired the Detour East mineral claims from Wallbridge Mining Company Limited for a cash consideration of $8 million, a 2 % net‑share‑right (NSR) royalty on the property, and a $4 million buy‑back option in favour of Agnico Eagle.
The claims were the subject of an existing earn‑in agreement between the two companies, and the sale provides immediate liquidity to Wallbridge while allowing it to concentrate on its core Detour‑Fenelon Gold Trend Project. The transaction also gives Agnico Eagle a foothold in the Abitibi region, a key area for its Canadian growth strategy.
Strategically, the acquisition adds to Agnico Eagle’s pipeline of high‑potential gold projects in politically stable jurisdictions. The Detour East property sits adjacent to the company’s Detour‑Lake underground project, offering potential for future resource expansion and accelerated production timelines.
While the $8 million cash outlay is modest relative to Agnico Eagle’s capital base, the addition of the claims strengthens the company’s long‑term asset portfolio and may enhance future gold output, providing incremental value to shareholders over the coming years.
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