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Omai acquires stake in Eagle Mountain mining property
Omai Gold Mines has acquired a significant stake in Eagle Mountain Gold, in Region Eight.
Eagle Mountain Gold Corporation disclosed today that Omai Gold Mines Limited, a 95 per cent owned subsidiary of IAMGOLD Corp., has acquired 3,236,246 shares of the company, increasing its total ownership to 14.93 per cent.
The transaction follows the exercise of an option held by Eagle Mountain to acquire from OGML the remaining 50 per cent interest in the advance-stage Eagle Mountain gold property in Guyana, which hosts a near-surface gold deposit of 188,000 ounces indicated and 792,000 inferred gold ounces with considerable potential for expansion.
Omai was the company that had a large scale goldmine in Region Seven before pulling out a few years ago.
According to Eagle Mountain yesterday, the closing of this transaction gives Eagle Mountain 100 per cent ownership of the property, and establishes IAMGOLD indirectly as the company’s largest shareholder. Eagle Mountain is located just off Mahdia, a main gold mining district in Region Eight.
“IAMGOLD’s increased ownership stake in our company, in conjunction with increasing our interest to 100% in the Eagle Mountain gold project, is a significant milestone,” said Yannis Tsitos, President and CEO of Eagle Mountain.
“This transaction is accretive to the company as we have acquired 50 per cent of the gold mineral resource for 10 per cent of the Company. IAMGOLD has been positioned as a strategic partner. Becoming our largest stakeholder demonstrates confidence in our team’s ability to develop the Eagle Mountain gold project.
“We welcome IAMGOLD’s valuable expertise and support, and look forward to continuing to strengthen the relationship between our two firms.”
The historic Omai gold mine, which produced over 3.7 million ounces of gold through 2005, is approximately 40 kilometres from Eagle Mountain.”
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