IAMGOLD subsidiary buys shares in local gold exploration concession

Gold miner IAMGOLD through one of its subsidiaries has acquired a number of shares in Stronghold Metals Inc with respect to the Eagle Mountain exploration concession here.

A release today from PR Newswire stated that IAMGOLD secured 7,500,000 common shares of Stronghold Metals Inc. on a prospectus exempt basis, as partial consideration under an earn-in agreement with Stronghold with respect to the Eagle Mountain exploration concession in Region Eight (Potaro/Siparuni) Guyana (the “Earn-In Agreement”).

IAMGOLD said according to the press release that it now indirectly owns, through its 95% owned subsidiary, 11,500,000 common shares of Stronghold or approximately 15.6% of the outstanding common shares.

“The common shares of Stronghold indirectly acquired today by IAMGOLD were acquired for investment purposes. IAMGOLD does not have any present intention to acquire, indirectly or directly, ownership of, or control or direction over, additional securities of Stronghold other than those that may be acquired pursuant to the Earn-In Agreement. It is the intention of IAMGOLD to evaluate its investment in Stronghold on a continuing basis and such holdings may be, indirectly or directly, increased or decreased in the future”, the press release said.

IAMGOLD which took over Cambior –  the major investor in the former Omai Gold Mines Limited, has other interests here and at one time had run the Linden bauxite  mining operations before striking a deal with the Chinese firm Bosai.

IAMGOLD also has the Rosebel goldmine in Suriname.

 

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