A 3D rendering of the planned building layout at Greenstone Gold Mines Partnership’s Hardrock Project.

Centerra Gold has not accepted Premier Gold Mines Ltd.’s offer to acquire Centerra’s 50% interest in the Greenstone Gold Mines Partnership (GGM) for total consideration of approximately US$205 million. GGM’s principal asset is the Hardrock Project located on the Trans-Canada Highway in Ontario, Canada.

Hardrock is one of the most significant large-scale, near permitted, mine development opportunities in North America, according to Premier.

“Centerra’s decision not to accept our offer confirms that Centerra recognizes the substantial value of the Hardrock Project and is inconsistent with its refusal to make a positive feasibility decision in connection with the project,” Premier President and CEO Ewan Downie said.

Premier said it will continue to take all steps necessary to protect its interest in the project.

The offer was comprised of a cash payment in the amount of US$175 million, and in addition the assumption of all Centerra’s obligations under the partnership agreement, including the remaining earn-in obligation of approximately US$30 million.