Officials at Silver Standard Resources Inc. have announced the 100% purchase of the Marigold mine in Nevada from Goldcorp Inc. and Barrick Gold Corp. subsidiaries for a cash consideration of $275 million.
The complex, according to officials, will provide immediate cash flow from a prolific gold-silver region while allowing open-pit capability leverage. “We welcome new team members as Marigold upgrades our portfolio quality,” said CEO John Smith. “They will provide invaluable expertise;” the mine has 360 emloyees.
Marigold, an open-pit gold mine that lies in Humboldt County north of the Battle Mountain-Eureka trend, has seen continuous production since 1988. Ore is mined by conventional truck and shovel equipment and processed via a large run-of-mine heap leach operation with 40,000 ton per day (tpd) capacity. In 2013, Marigold produced 162,000 gold oz, and is expected to produce up to 150,000 gold oz this year.