GOLD: Auryn to acquire Eastmain, create Canadian-focused Fury Gold (Canadian Mining Journal – July 30, 2020)

TORONTO – Auryn Resources is acquiring Eastmain Resources in an all-share deal valued at $121 million to create Fury Gold Mines. By mid-day on Thursday, Eastmain shares were up by 57% or 10¢, rising to 27.5¢.

“Fury Gold will combine the high-grade gold projects: Committee Bay in Nunavut, Homestake Ridge in B.C. and Eau Claire in Quebec, to offer investors a robust, Canadian, gold-focused exploration and development company,” Ivan Bebek, Auryn’s executive chairman and director, said in a release.

“Fury Gold will have the capability and access to capital to develop and finance Eau Claire,” added Laurie Curtis, Eastmain’s chairman.

The combined company would be led by a new president and CEO, Mike Timmins, who served as the VP of corporate development for Agnico Eagle between 2006 and 2017.

The proposed board would include three of Auryn’s current directors (with Bebek serving as chairman), two directors from Eastmain and Mike Timmins.

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