CanGold teams with Kazakhstan Goldfields

Kazakhstan Goldfields, a private, Ontario-based corporation, has merged with Amalgamated CanGold (TSE).

The deal, which takes effect Dec. 31, is subject to regulatory and shareholder approval.

Through its subsidiaries, Kazakhstan Goldfields holds mining exploration licences and other mining property interests in Kazakhstan. The firm owns an option to acquire a half interest in five well-established gold mines in northeastern Kazakhstan, three of which have been in continuous operation for 60 years (two are dormant).

The company also holds an indirect half interest in four partially delineated gold deposits, and is negotiating for a 70% interest in three large exploration licence areas with a Kazakhstan partner.

According to an independent valuation of Kazakhstan Goldfields, the company has total gold reserves of more than 4 million oz. in the country.