AngloGold Tendered Proposal to Acquire Corvus Gold

The submission of the proposal will now extend the exclusivity period by another 30 days.

SEATTLE (Scrap Monster): AngloGold Ashanti announced that it has submitted a non-binding proposal to the Board of Directors of Corvus Gold- a Vancouver, Canada-based junior exploration and development gold company.

The proposal expresses interest by the company to acquire all of the issued and outstanding common shares of Corvus, in which AngloGold currently owns 19.5% indirect interest. The offer values Corvus common shares at C$4 each, which is at a significant premium to the current share price. The proposed purchase is expected to expand AngloGold’s mineral reserves and consolidating its gold operations in the strategic Nevada region.

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Earlier in May this year, Corvus had entered into a $20 million unsecured loan and guarantee agreement with the North American subsidiary of the South African miner. This agreement grants an initial exclusivity period of 90 days to conduct due diligence exercise on its assets. The submission of the proposal will now extend the exclusivity period by another 30 days.

The North Bullfrog, Mother Lode and other exploration assets owned by Corvus are in close proximity to AngloGold’s exploration assets of Silicon, Transvaal and Rhyolite.

Christine Ramon, Interim CEO, AngloGold said that the proposal is fully aligned to its strategy of growing its ore reserves, building low-cost production and generating sustainable returns.

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