Golden Valley Mines Ltd.

Published : September 05th, 2014

Canadian miners scrap over gold discovery after mega deal

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Canadian miners scrap over gold discovery after mega deal

TORONTO, Sept 5 (Reuters) - On one side, the founder of top miner Goldcorp Inc, his young apprentice, an aggressive securities lawyer, and a tiny company based in a Quebec mining town. On the other, the chief executives of two leading Canadian gold miners, fresh off one of the biggest deals of their careers.

Some of Canada's best-known mining executives are sparring over the early-stage but promising Odyssey gold discovery in Quebec, near Canadian Malartic, the country's biggest gold mine.

The legal fight has its roots in the C$3.9 billion ($3.6 billion) takeover of Osisko Mining Corp, the mine's builder, this year. Yamana Gold Inc and Agnico Eagle Mines Ltd teamed up to beat a hostile bid by Goldcorp, taking control of Canadian Malartic.

At the heart of the dispute is who, if anyone, will profit from Odyssey, one of Osisko's assets. If early drilling results at the exploration site pan out, it could be a choice addition to the Canadian Malartic mine, extending its life.

Abitibi Royalties Inc, listed on Venture, the Toronto Stock Exchange's market for small, growth companies says it was Osisko's minority partner, and the deal has triggered its right to take control of part of Odyssey. Yamana and Agnico dispute that claim.

Tiny Abitibi was little known before it challenged the two mining heavyweights, but it has a big backer in Rob McEwen, who ran Goldcorp until 2005, and it has doubled down even as Yamana and Agnico dismiss its challenge as opportunistic.

In June, McEwen's protege Ian Ball joined Abitibi's board, along with Joe Groia, a lawyer and former head of enforcement at Canada's top securities regulator. In July, McEwen invested C$2 million in Abitibi. In August, Ball became president.

Canada's tightly-knit gold industry, home to three of the world's top five gold producers, has been split by conflict in the wake of major deals before. Barrick Gold Corp tussled with Goldcorp for two years over the El Morro project in Chile until 2012.

"The point here is a point of principle," Yamana Chief Executive Peter Marrone said, discussing Abitibi's challenge on a July 31 conference call. "You cannot make actions like this, certainly with a company of the stature of Agnico and Yamana, without consequences."

He did not say what the consequences would be, and Abitibi's Ball is undeterred.

"You don't work for Rob McEwen for ten and a half years without learning that sometimes good things come with a battle," Ball told Reuters.

McEwen showed his combative side shortly after he left Goldcorp, criticizing his successor's plan to buy a rival miner and later trying to block the deal in court as a shareholder.

Abitibi, which is based in the Quebec town of Val-d'Or, French for valley of gold, could become a top gold miner, said Ball, emulating legendary growth stories such as Barrick predecessor American Barrick and Goldcorp.

Shares of Abitibi have more than tripled since April 14. The shares traded at C$3.40 on Thursday.

LEGAL ODYSSEY

Abitibi says it has a 30-percent interest in the property that contains the northern section of Odyssey, and that the interest is "free carried," meaning it would not have to fund development to enjoy its proceeds.

It took Osisko to court over that interest before the conclusion of the takeover, which Abitibi says has triggered its right of first refusal to acquire the 70 percent it does not own. Yamana and Agnico reject that claim.

"It seemed to me that there was a large rush to buy Osisko and sometimes, well, when you buy something, I've found there's always something hiding in the closet that you didn't expect," McEwen said in an interview at his Toronto office.

"Abitibi Royalties is on pretty solid ground. They had contracts, and those were just swept aside when these larger companies came in and said 'let's get this deal done'."

Agnico and Yamana declined to comment for this story.

Yamana and Agnico closed the Osisko deal in June, taking over Canadian Malartic and several other properties and hiving off other prospects into a new company.

The deal focused on Malartic, but on a call shortly after its announcement Yamana noted that early drilling results indicated "a significant underground deposit" at Odyssey.

Exploratory drilling at Odyssey was halted by Yamana and Agnico in July, "pending determination of the project's financial viability and the resolution of ongoing disputes."

Abitibi has appealed a Quebec court decision that would send it into arbitration with Yamana and Agnico. It will have a chance to make its case either way, and it is not yet clear how long it might take to get a ruling.

($1 US = $1.09 Canadian) (Additional reporting by Euan Rocha; Editing by Amran Abocar and Tomasz Janowski)

Read the rest of the article at finance.yahoo.com
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Golden Valley Mines Ltd.

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CODE : GZZ.V
ISIN : CA3812381042
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Golden Valley Mines is a gold exploration company based in Canada.

Golden Valley Mines holds various exploration projects in Canada.

Its main exploration properties are BEARTOOTH ISLAND, ABITIBI GROUP and MALARTIC CHL GOLD PROPERTY in Canada.

Golden Valley Mines is listed in Canada and in United States of America. Its market capitalisation is CA$ 1.5 billions as of today (US$ 1.2 billions, € 1.0 billions).

Its stock quote reached its lowest recent point on February 07, 2014 at CA$ 0.03, and its highest recent level on November 05, 2021 at CA$ 12.49.

Golden Valley Mines has 119 690 000 shares outstanding.

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Annual reports of Golden Valley Mines Ltd.
Annual Report 2007
Financings of Golden Valley Mines Ltd.
12/20/2013Closes $100,000 Private Placement
9/3/2012Announces Brokered Private Placement
12/17/2009Closes $1.2MM Flow Through Private Placement
12/2/2009Announces Flow Through Private Placement
10/25/2007 Closing of Flow-Through Private Placement Offering $2,016,0...
Option Grants of Golden Valley Mines Ltd.
2/8/2008Grants Incentive Stock Options
Nominations of Golden Valley Mines Ltd.
6/13/2013Ltd=2E: Election of Directors and Confirmation of Advance No...
Project news of Golden Valley Mines Ltd.
12/1/2015Up to 177 g/t Au obtained in drilling at the Cheechoo Gold P...
9/5/2014Canadian miners scrap over gold discovery after mega deal
9/11/2013Abitibi Regional Exploration Update Diamond Drilling Activit...
8/2/2013Ltd=2E: Abitibi Regional Exploration Diamond Drilling Activi...
3/22/2013Announces Start-Up of the 2013 Abitibi Greenstone Belt Drill...
2/13/2013Ltd=2E: Drill Hole #3 Yields 0=2E65 g/t Gold Over 128=2E6 Me...
9/20/2012Abitibi Royalties Inc=2E Receives Initial Gold Resource Esti...
6/15/2012Option Granted to Sirios to Acquire Golden Valley's Interest...
3/2/2012Abitibi Royalties Files Technical Report onInitial Jeffrey Z...
5/27/2010(Malartic Chl Gold Property)Significant Gold Mineralization Intersected on the Malartic ...
5/13/2010(Malartic Chl Gold Property)Significant Gold Mineralization Intersected in 25 Drillholes...
12/23/2009(Malartic Chl Gold Property)Significant New Gold Mineralization Continues to be Intersec...
10/19/2009(Malartic Chl Gold Property)Significant New Gold Mineralization Intersected on the CHL P...
9/29/2009(Abitibi Group)Abitibi Grassroots Exploration Program-Resumption of Drillin...
9/10/2009(Malartic Chl Gold Property)Intersects Significant Near Surface Gold Mineralization and ...
11/3/2008(Otish)Otish Basin Uranium Project Drilling Update
8/29/2008(Otish)Otish Basin Uranium Exploration Project Update Phase I Drill...
7/22/2008(Abitibi Group)New Cobalt-Nickel-Silver Discovery Island 27 Prospect (Kirkl...
5/22/2008(Abitibi Group)Abitibi Grassroots Exploration Program Update
5/7/2008(Cheechoo)Cheechoo Gold Exploration Project Update James Bay Quebec
4/18/2008(Malartic)Intersects Significant Gold Mineralization Over 800 Metres S...
4/16/2008(Abitibi Group)Abitibi Grassroots Program Update Diamond Dril =?ISO-8859-1?...
4/8/2008(Otish) Otish Basin Uranium Update
3/19/2008(Malartic)Osisko Intersects 107m Averaging 1.47 G/T Au at Depth in Nor...
1/29/2008(Beartooth) $2,000,000 Uranium Exploration Program Underway Beartooth I...
10/11/2007(Cheechoo)Cheechoo Gold Project-James Bay, Quebec Diamond Drill Progra...
5/8/2007/Abitibi Grassroots Exploration Program: Diamond Drilling Un...
Corporate news of Golden Valley Mines Ltd.
12/16/2015Drillholes Intersect New Gold-Bearing Zones at the Cheechoo ...
12/16/2015Golden Valley Mines Ltd.: Drillholes Intersect New Gold-Bear...
12/1/2015Jusqu’à 177 g/t Au obtenu en forage sur le projet aurifère C...
12/1/2015Golden Valley Mines Ltd.: Up to 177 g/t Au Obtained in Drill...
10/21/2015Golden Valley Mines Proposes Amending Exercise Price and Ext...
10/5/2015Golden Valley Mines Provides Corporate and Exploration Updat...
7/30/2015Golden Valley Mines Grants 2% NSR on the Smokehead Prospect
7/30/2015Golden Valley Mines Proposes Issuing Shares in Settlement of...
4/2/2015Golden Valley Mines Ltd. Engages Maxit Capital LP as Financi...
4/2/2015Engages Maxit Capital LP as Financial Advisor
3/23/2015Golden Valley Mines Provides Update on Its 56%-Owned Subsidi...
3/20/2015Provides Further Update on its 55.9%-Owned Subsidiary Abitib...
1/30/2015NUNAVIK NICKEL MINES CLOSES $250,000 PRIVATE PLACEMENT FINAN...
12/15/2014Corporate Update more...
4/23/2014IIROC Trading Resumption - GZZ
4/23/2014Abitibi Royalties Announces Drill Results on Odyssey North O...
4/23/2014IIROC Trading Halt - GZZ
10/10/2013Ltd=2E/Abitibi Regional Ex
7/15/2013Abitibi Royalties Inc=2E: Malartic CHL Joint Venture 2012 Dr...
6/13/2013Uranium Valley Mines Ltd=2E/ Results: Annual General Meeting...
6/13/2013Abitibi Royalties Inc./Results: Annual General Meeting of Sh...
6/13/2013Nunavik Nickel Mines Ltd=2E/Results: Annual General Meeting ...
5/16/2013Abitibi Exploration Project Update
5/6/2013Abitibi Royalties Malartic CHL Joint Venture Project Summary...
4/26/2013Adopts Advance Notice By-Law
4/19/2013Abitibi Royalties Files Technical Report Including an Econom...
7/25/2012Nunavik Nickel: Grant of Incentive Stock Options
6/21/2012Ltd=2E: Results of the 2012 Annual General Meeting of Shareh...
6/11/2012=?ISO-8859-1?Q?Abitibi=20(=22AGB=22)=20Grassroots=20Explorat...
5/17/2012Uranium Valley Mines Ltd=2E/Results: Annual General Meeting ...
5/17/2012Abitibi Royalties Inc=2E/Results: Annual General Meeting of ...
5/10/2012/Update: Calone Mining Company (SL) Ltd.
1/20/2012Closes $675,000 Non-Brokered Private Placement
1/18/2012New Option Agreement Signed
1/17/2012Abitibi Royalties Inc=2E/Malartic CHL Joint Venture Property...
12/21/2011=?ISO-8859-1?Q?Golden=20Valley=20Mines=20Ltd=2E/Abitibi=20(=...
9/22/2011Abitibi Royalties Inc=2E/Malartic CHL Joint-Vent =?ISO-8859-...
8/4/2011Ltd=2E/New Option Agreement Signed: Centremaque Prospect-Bou...
7/21/2011Effects Arrangement and Completes Reorganization
7/14/2011Trading on an Ex-Dividend Basis in the Common Shares of Gold...
7/8/2011Announces Court Approval of Proposed Reorganization and Effe...
7/5/2011Announces Shareholder Approval of Proposed Reorganization, D...
6/14/2011Ltd=2E: 63=2E6 Metres Grading 1=2E50 gpt Gold Intersected at...
6/9/2011Confirms Mailing of Meet
6/2/2011Announces TSX-V Conditiona
4/14/2011Ltd=2E: Republic of Sier =?ISO-8859-1?Q?ra=20Leone,=20West=2...
4/5/2011Provides Update on Corporate Reorganization
8/11/2010Significant Gold Mineralization Intersected on the Perestroi...
6/30/20102010 Exploration Activities and Exploration Program Update A
4/19/2010Signs Two New Option/Joi
4/14/2010Exploration Update on Its James Bay Lowlands "Ring of Fire" ...
2/4/2010New Drillhole Results Include 4.5 Metres Averaging 2.22 g/t ...
1/12/2010Adopts Shareholders Rights Plan
11/3/2009Exploration Update on its James Bay Lowlands "Ring of Fire" ...
8/18/2009Mineral Applications Recommended for Approval Gold and Diamo...
7/13/2009Creates New Subsidiary
6/29/2009White Pine Resources-Noront Resources-Golden Valley Mines In...
6/23/2009Results of the 2009 Annual General Meeting and Corporate
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2/24/2009Otish Basin Uranium Project Drill Result Update
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7/22/2008at the New Orleans 2008 investment Conference
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6/27/2008NEW NICKEL-COPPER-PGE DISCOVERY DUCROS PROSPECT
6/18/20082000m Drill Program Underway Otish Basin Uranium Project
6/9/2008Option/Joint Venture at McFauld's Lake, Ontario
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5/5/2008Abitibi Grassroots
3/31/2008Abitibi Grassroots Exploration Program Update Diamond Drill ...
3/14/2008Winter 2008 Exploration Program Updates
1/14/2008Exploration Update 2007/2008 - Abitibi Grassroots Drill Prog...
10/29/2007 Osisko Outlines New Gold Zone at Malartic CHL Prospect
10/1/2007Mistassini and Otish Basins Uranium Projects Exploration Upd...
9/21/2007Abitibi Grassroots Exploration Program Update - Fall 2007 Dr...
7/27/2007James Bay Quebec Gold Projects Exploration Update
6/29/2007Annual General Meeting Results and Corporate Update
6/21/2007Abitibi Drill Program Results
6/18/2007Abitibi Grassroots Exploration Program Update
5/30/2007Exploration Update: James Bay Gold Projects, Quebec, Mistass...
4/5/2007Uranium Project Update - Athabasca Basin, Saskatchewan and O...
2/28/2007Drilling Underway-2007 Abitibi Grassroots Exploration Progra...
1/18/2007Announces Uranium Joint Venture in Quebec With Lexam Explora...
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