OceanaGold buys into Nevada deposit

Company News


OceanaGold Corporation (ASX:OGC) says it has paid $6.76 million for a strategic stake in Nulegacy Gold Corporation. 
 
Nulegacy was formed to discover a Carlin-type gold deposit in Nevada and then find a gold producer to bring it to production. 
 
Carlin type deposits are some of the largest hydrothermal deposits in the world and Nulegacy has discovered the Iceberg gold deposit in the Cortez gold trend of Nevada. 
 
The deal gives Oceana a 19.9 per cent stake in the company on an undiluted basis. CEO Mick Wilkes says the investment is closely aligned with the company strategy to seek exposure to quality gold projects. 
 
OceanaGold reported a net profit of $72.63 million for the six months to the end of December 2015. 

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