A Toronto-based securities firm has been retained by Giant Resources of Australia to conduct an international auction for the sale of Giant’s Canadian mining assets. Handling the auction will be Deacon Morgan McEwen Easson. The assets include the Pamour group of companies and a 43.7% interest in lead-zinc-silver producer Curragh Resources, which operates the Faro mine in the Yukon.
Recent attempts by Clifford Frame of Frame Mining Corp. to find a buyer or buyers for the same assets proved unsuccessful. Frame, who was approached by Giant to arrange a sale, is president of Curragh.
Debt problems at home forced Giant to place its Canadian assets up for sale.
Giant Resources owns 67.5% of Pamour (TSE), and together with Pamour owns 58.5% of Giant Yellowknife Mines (TSE) and 62.4% of ERG Resources (TSE). Pamour and Giant Yellowknife own 54.4% of Akaitcho Yellowknife Gold Mines (TSE) and 38.6% of Mate Yellowknife Gold Mines (COATS).
The assets to be sold also include certain indebtedness of Pamour and ERG which is held or guaranteed by Giant Resources.
Be the first to comment on "Pamour assets on auction block"