Nestor Falls area gold project sale finalized
There is a new mining company heading the Cameron Lake Gold project near Nestor Falls.
Seva Mining, formerly Oronova Energy, says it has completed a deal with First Mining Gold.
It is a $27 million cash-stock arrangement, with First Mining obtaining a 48% stake in Seva.
First Mining will also have two representatives on Seva’s board of directors.
“We are very excited to announce the closing of the transaction and to embark on this partnership with Seva as its largest shareholder and with the Fiore Group as it advances the Cameron Project,” stated Dan Wilton, CEO of First Mining, in a release.
Wilton feels Seva is well-positioned with a dedicated and experienced team.
It is headed by Ranj Pillai, a former Premier of Yukon.
“Seva is well funded to advance and unlock value at the Cameron Project, which will benefit the local and Indigenous communities around the Cameron Project,” adds Wilton.
“Seva is a company committed to building social capital in the communities we get to partner alongside, supported by an exceptional team focused on creating shareholder value,” notes Seva in a separate company release.
In a technical report filed in December, First Mining estimates the area contains more than 1.2 million ounces of gold.
It projects that an open-pit mine, costing over $1.1 billion to develop, could be sustainable for more than 9 years.
Seva is planning a drill program, with the first phase aimed at growing and upgrading the resource.
The company says it is also committed to ongoing collaboration with nearby First Nations, including the Ojibways of Onigaming, Naotkamegwanning First Nation, Animakee Wa Zhing #37, and Northwest Angle #33 First Nation.
