Golden Shield Resources Executive Chairman Leo Hathaway joined Steve Darling from Proactive to announce a strategic move for the company. Golden Shield Resources has entered into a non-binding letter of intent with Tucano Gold to acquire all issued and outstanding securities of Tucano Gold in exchange for securities in Golden Shield Resources.
This acquisition positions Golden Shield Resources to benefit from continued exposure to exploration opportunities at Marudi and the potential of Tucano Gold to unlock the value of a near-producing, high-grade gold asset in Brazil. Both Marudi and Tucano Gold are situated in the same geologically rich but poorly understood gold belt, providing the resultant company with significant geological knowledge, operational synergies, and strategic advantages for future discoveries.
Tucano Gold's primary asset, Mina Tucano, is an open-pit operation with substantial underground development potential. It is fully equipped with state-of-the-art infrastructure capable of processing up to 3.5 million tonnes of ore per year. Currently on care and maintenance, Mina Tucano is scheduled for a production restart in Q4 2024. This acquisition is expected to enhance Golden Shield Resources' operational capabilities and expedite its path to production, thereby delivering significant value to its shareholders.
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