Montagne d'Or Gold acquisition approved!
Orea Mining Corporation has signed a Definitive Agreement to acquire Nordgold’s 55.01% interest; for a total of 100%, in the Montagne d’Or joint-venture company in French Guiana, France. HoldingCo holds 100% of the Montagne d’Or permitting stage, 5-million-ounce open pit gold mine development project. Montagne d’Or has good grade, excellent metallurgy, and there is considerable potential to increase ounces by infill and expansion drilling.
Orea has appointed its own President to operate HoldingCo, and has dissolved HoldingCo’s board of directors which previously included representatives from Nordgold. The final regulatory and administrative steps to close by transferring Nordgold’s shares of HoldingCo to Orea are underway, and must be completed by February 28, 2023.
The Definitive Agreement was signed with the approval of the French treasury (DG Trésor) which is responsible for overseeing matters related to Russian sanctions. Comfort related to sanctions was also obtained from the UK treasury (OFSI), and the US Treasury (OFAC) has been kept informed of all developments, following the signing of the initial letter agreement with Nordgold which was executed under a General Licence that was granted by OFAC in June 2022.