12/11/2009

Canada's Alamos Gold to buy two Turkish gold projects for USD 85 million

Reuters - Canada's Alamos Gold Inc. has agreed to buy two gold projects in Turkey from Fronteer Development Group Inc. and Teck Resources Ltd. in a cash-and-stock deal worth around USD 85 million. Alamos will pay USD 40 million in cash and offer 4 million of its shares to buy certain Turkish units held by Fronteer and Teck, it said in a statement. The common shares will be issued on a private placement basis and will be subject to a four-month hold period, said Alamos. Agi Dagi and Kirazli are advanced-stage gold exploration projects that are part of the recently established gold and copper Biga Mineral District, located in the Biga Peninsula in the northwestern Turkish province of Canakkale. The deal is expected to be closed as early as December 17 and no later than January 31, 2010, Alamos stated.
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