Lobo Tiggre, Editor of The Independent Speculator shares his trading strategies for the gold and silver stocks he likes. With the recent volatility in gold it is important to have a strategy when taking a position. We also discuss the Osisko Gold Royalties takeover of Barkerville Gold Mines.
Davie Erfle, Founder of the Junior Miner Junky joins me to discuss the Osisko Gold Royalties takeover bid of Barkerville Gold Mines. The Market is already selling down the shares of Osisko after this all share deal was announced. It is usually good to see M&A activity in the sector but unfortunately this is another deal that is not being looked favorably upon. We also look at the gold price and it’s sharp move down today.
MONTREAL – Osisko Gold Royalties has begun a $100 million share buyback program with an initial investment of $9.8 million towards its normal course issuer bid. The company purchased 849,480 shares at an average price of $11.56 per share during December 2018. The shares will be canceled.
The share buyback program was announced last month at the same time Osisko said it had received proceeds of $159.4 million from Pretium Resources. Pretium made the payment to repurchase the gold and silver stream from its recently commissioned Brucejack gold mine in British Columbia.
Osisko has a $350-million revolving credit facility with only $30 million drawn against it. At the end of last year the company had about $1 billion in cash resources, credit facilities and equity investments available for the acquisition of streams and royalties.
Visit www.OsiskoGR.com for a look at Osisko’s global portfolio.
This story first appeared on Canadian Mining Journal.
A Wisconsin district court has dismissed a lawsuit by the Menominee Indian Tribe of Wisconsin’s lawsuit against both the United States Environmental Protection Agency and the U.S. Army Corps of Engineers that alleges they should have presided over Aquila Resources’ (TSX: AQA; US-OTC; AQARF) wetlands permit application for its Back Forty Creek polymetallic project in Michigan.
The Michigan Department of Environment Quality previously granted Aquila the permit in June 2018. The Tribe countered that the federal government should have been responsible for granting the permit instead. The Wisconsin court decided the federal government was within its right to refuse jurisdiction.
Shortly after receiving its permit, Aquila tabled a feasibility study for Back Forty that outlined $208 million after-tax net present value at a 6% discount rate and a 28.2% after-tax internal rate of return.
The project contains 16.6 million measured and indicated tonnes grading 1.92 grams gold per tonne, 24.7 grams silver, 3.13% zinc, 0.32% copper and 0.26% lead for 1.02 million oz. gold, 13.2 million oz. silver, 1.14 billion lb. zinc, 116.9 million lb. copper and 94.9 million lb. lead.
The company recently received $7.4 million from Osisko Gold Royalties (TSX: OR; NYSE: OR) as the second deposit in a $55 million gold streaming agreement from November 2017.
The company has three other exploration projects, two in Wisconsin and one in Michigan.
This article originally appeared in The Northern Miner.
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