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Anaconda Mining to acquire Cape Spencer gold project, forms new exploration unit

Anaconda Mining Inc. said Sept. 10 that it secured an option to acquire the early stage Cape Spencer gold property in New Brunswick, which includes 106 claims covering more than 2,350 hectares.

In addition, the Canada-listed explorer formed a new subsidiary focused on early stage gold exploration projects within the Atlantic Canada region, which will hold the Cape Spencer project and the Great Northern gold project in Newfoundland and Labrador.

Anaconda's new subsidiary may acquire the property by paying C$445,000 in a combination of cash or shares and spending C$400,000 on exploration over the deal's first four years.

Further, it would grant the vendor a 2% net smelter return royalty, of which half can be bought back for C$1 million. Anaconda will have a right of first refusal on the remaining half.

The explorer will consider strategic opportunities for the two assets, including a potential spinout of the newly formed subsidiary and, subsequently, a potential public listing.