AngloGold Ashanti has announced that a non-binding proposal has been submitted to the Board of Directors of Corvus Gold under which its direct wholly owned subsidiary, AngloGold Ashanti Holdings, would be willing to acquire for cash all of the issued and outstanding common shares of Corvus which the Company does not already beneficially own.
AngloGold Ashanti currently holds a 19.5% indirect interest in Corvus, which is incorporated in British Columbia, Canada and listed on the Toronto Stock Exchange and NASDAQ. Corvus owns North Bullfrog, Mother Lode and other exploration assets located in southern Nevada’s Beatty District, which are in close proximity to, or contiguous with, AngloGold Ashanti’s exploration assets of Silicon, Transvaal and Rhyolite.
Christine Ramon, AngloGold Ashanti’s Interim Chief Executive Officer, said:
“The Proposal is fully aligned to our strategy of growing Ore Reserve, building low-cost production and generating sustainable returns. We have a unique opportunity to combine Corvus’ assets with our own – in the world’s top-ranked mining jurisdiction – to create a meaningful new production base for AngloGold Ashanti in the medium and longer term.”