NEWS ROUNDUP — Agnico juniors to merge

In order to cut administrative costs, Agnico-Eagle Mines (AGE-T) plans to merge two of its junior exploration companies: Sudbury Contact Mines (SUD-T) and Silver Century Explorations (SVC-A).

“This will help streamline Agnico’s corporate structure and give the company a primary vehicle for its exploration program in North America,” says Sean Boyd, Agnico’s president and chief executive officer.

Agnico and its affiliate, Mentor Exploration & Development (MV-T), hold 80% of the voting shares of both juniors. Agnico says it will forgive Sudbury Contact’s debt as part of the merger.

Sudbury Contact and Silver Century both conduct exploration in northern Ontario and Quebec. Sudbury Contact owns, or has under option, 18 gold and diamond properties, while Silver Century has a stake in 16 precious and base metal properties.