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Bonterra Resources Welcomes Gold Fields’ Acquisition of Osisko Mining

Oct 21, 2024


Bonterra Resources congratulates Gold Fields on its successful acquisition of Osisko Mining in a C$2.16 billion all-cash transaction. This marks a pivotal moment for the development of the Phoenix JV in Quebec’s Urban-Barry camp, a region close to the Windfall gold deposit.

Gold Fields takes over as operator of the Phoenix JV following shareholder approval of the acquisition on October 17, 2024. The transaction is expected to close by October 25. As part of the joint venture agreement, Gold Fields can earn up to a 70% interest in the project by investing C$30 million over three years, with a minimum annual commitment of C$10 million.

Cesar Gonzalez, Executive Chairman of Bonterra, praised the development. “The arrival of Gold Fields, a renowned global gold producer, opens a new chapter in the development of our Urban-Barry property and at the Windfall gold project. The recent discovery of Lynx-type mineralization demonstrates the potential for finding new deposits near the future Windfall mine. We look forward to continuing the earn-in and joint venture with our new partner Gold Fields and to the shared success that lies ahead,” said Gonzalez.

Since signing the joint venture agreement in November 2023, Osisko Mining has drilled 60,000 meters and invested over C$15 million into the project, leading to a significant discovery at the Moss target, where high-grade mineralization, similar to Windfall’s Lynx Zone, has been identified at depth.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company focused on its advanced projects in Quebec. Its key assets, including the Gladiator, Barry, Moroy, and Bachelor gold deposits, contain 1.24 million ounces in Measured and Indicated categories, with an additional 1.78 million ounces in the Inferred category. Bonterra’s central milling facility supports its strategic positioning as a key player in Quebec’s gold exploration scene.

In November 2023, Bonterra entered a joint venture agreement with Osisko Mining, now acquired by Gold Fields, to advance the Urban-Barry properties, including the Gladiator and Barry deposits. This partnership aligns with Bonterra’s vision for expanding its exploration efforts and realizing the full potential of its Quebec properties.



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