Granges contemplating merger

Merger talks between Granges Exploration (TSE) and Hycroft Resources & Development (VSE) have been expanded to include Goldbelt Mines (VSE). The proposed merger is subject to fairness opinions from independent financial advisors and approval from shareholders, regulatory authoriti es and the Supreme Court of British Columbia.

Granges holds a 58% interest in Hycroft and a further 9.9% is held by Goldbelt. Hycroft owns and operates the Crofoot and Lewis mines in Nevada which are adjacent to each other. The mining operations are expected to yield over 80,000 oz gold this year using low-cost heap leach extraction methods. Granges has a 19.8% interest in Hudson Bay Mining & Smelting’s Trout Lake mine in Manitoba, a 50% interest in the nearby Tartan Lake mine, and it operates the Lee placer mine in the Yukon. Goldbelt is an investment company with share holdings in a number of companies in addition to Hycroft.