Silver Lake Resources beats out unknown bidder for ownership of Sugar Zone operation
Australia’s Silver Lake Resources have been chosen the owner of Harte Gold’s struggling Sugar Zone Mine near White River.
Perth-based Silver Lake announced Jan. 21 that its bid for the three-year-old underground operation and its expansive, mineral-rich gold property has been accepted, coming out of the auction stage of the creditor protection process.
Silver Lake appeared late last year as a ‘stalking horse’ bidder for the cash-strapped Toronto mining company which had threatened closure by year’s end. Harte Gold had entered creditor protection in early December. The formal sales process began before Christmas and wrapped up with the bid deadline on Jan. 14.
A second bidder had surfaced in recent days but its identity was never disclosed. Harte and the court-appointed monitor, deemed the two bids comparable and went to the auction stage of the CCAA process this week.
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