Kinross Gold Corp. is close to announcing the acquisition of Northern Ontario gold development company Great Bear Resources Ltd., two sources familiar with the situation said.
Vancouver-based Great Bear has been one of the best-performing junior gold companies in the world over the past few years, owing to spectacular drilling results at its Dixie gold project at Red Lake, in Northwestern Ontario. Some analysts have speculated that Dixie could contain as much as 20 million ounces of gold, which would put it on par with some of Canada’s biggest gold mines.
Both companies declined comment. On Wednesday, shares in Great Bear closed up 3.4 per cent on the Toronto Venture Exchange at $22.93 apiece, giving the company a market value of $1.2-billion.
Toronto-based Kinross is Canada’s second biggest gold company by production with annual output of more than two million ounces. The Globe and Mail is not identifying the sources, as they were not authorized to speak publicly.
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