Agnico-Eagle and Grayd Resource Corp. have entered into an acquisition agreement whereby Agnico-Eagle will acquire Grayd for cash and shares valued at about C$275 million. Grayd owns a 100% interest in the La India project in the Mulatos gold belt of Sonora, Mexico, 70 km northwest of Agnico-Eagle’s Pinos Altos gold mine. The project hosts an NI 43-101-compliant measured and indicated gold resource of 26.8 million mt at a grade of 0.88 g/mt and an inferred gold resource of 19.7 million mt at a grade of 0.80 g/mt.
Grayd also recently discovered the Tarachi gold porphyry prospect about 10 km north of the La India project. Recent drilling at Tarachi has expanded the mineralized zone to an area of more than 2 km2. Both projects are located in a large package of exploration concessions that total approximately 54,000 ha.
(www.agnico-eagle.com and www.grayd.com)