Maco acquires Moss Gold Mine in Arizona

The company said the price ranges from $4.9 million to $6.4 million in cash, depending on the resolution of disputes surrounding the smelter’s net proceeds.

If royalties were awarded, Mako, through its then wholly-owned subsidiary EGA, agreed to pay up to an additional $1.5 million to creditors. Mako said it expects to determine the status of these royalties in the first half of 2025.

The proposed transaction will allow Mako to add production assets located in a Tier 1 jurisdiction that will be funded solely from cash flow generated from the fourth quarter of Mako’s existing mining operations, it said.

The Moss Mine had been producing gold throughout the bankruptcy through its enrichment facilities. Mako said it plans to resume mining as soon as it has the opportunity to improve the mine plan and dismantle the crushing plant.

In March 2024, Mako announced… Expansion into South America Through the acquisition of Goldsource Mines (TSXV: GXS) and its flagship asset, the Eagle Mountain gold project in Guyana.

Maco also operates the high-grade San Albino gold mine in northern Nicaragua.