Junior Gold M&A - Mandalay to Acquire Elgin

Mandalay have seen steady stock appreciation during the mining bear market with a focus on production and near production assets and benefits from Antimony prices.(last year revenues were ~ 39:42:19 Gold:Silver:Antinmony) They recently purchased Silver Standard's Challocollo project (in Bolivia) and are now proposing the $70m acquisition of Elgin Mining who started out with a plan to rehabilitate the Lupin mine in Nunavut then acquired Gold Ore Resources for their producing Swedish Bjorkdal gold mine. Adding another 50k oz production could see Mandalay produce over 150k oz combined. Elgin's last presentaation indicated that $30-50m capex could move them to 70-78k oz pa. It will be interesting to see whether Elgin's Patrick Downey remains in the combined group.