Wheaton strikes new Ketza deal

The Ketza River property in the Yukon is being purchased by Wheaton River Minerals (TSE) under a renegotiated agreement with Canamax Resources (TSE).

Under the agreement, Wheaton has assumed responsibility for all operations at the Ketza gold mine site, which was in production between 1988 and 1990 and includes a 330-ton-per-day mill among its assets. The formal closing of the deal, which is subject to board and regulatory approval, will not occur until late November.

As part of the transaction, Canamax will subscribe for almost 1.1 million common shares of Wheaton at 30 cents per share. At the completion of the deal, Canamax will have an approximate 12% interest in Wheaton.