The Company is continuing to work with Orion to complete the remaining $125 Million financing package, which is expected to also close in the near term. Ruby Hill includes an open pit mine and related infrastructure (mill/heap leach) and is located immediately west of the town of Eureka proximal to Highway 50.įigure 2 - Ruby Hill Infrastructure (CNW Group/i-80 Gold Corp)
The milestone payments are subject to an early payment option that could reduce total milestone payments to US$47 million, and the Company may satisfy a portion of the milestone payments with i-80 common shares under certain circumstances described in more detail in the September 7th press release. Pursuant to a membership interest purchase agreement with Waterton, on Octothe Company acquired all of the membership interests of the Ruby Hill Mining Company, LLC which owns the Ruby Hill Mine for a purchase price of US$75 million in cash and 3,191,358 i-80 common shares at closing (valued at US$8 million), and future milestone payments of up to US$67 million. High-grade poly-metallic mineralization has been defined within the Blackjack target that remains open along strike and at depth High-grade gold mineralization at the Ruby Deeps deposit that remains wide open along strike to the north Substantial open pit gold and silver resources 1 within the Mineral Point open pit deposit Ruby Hill represents one of Nevada's premier mining projects with existing production from the Archimedes open pit and a large property package that is host to multiple gold, gold/silver, and polymetallic gold deposits, that collectively comprise one of the largest and highest-grade, permitted, gold deposits in Nevada (see Figure 1). "We are now in a position to begin accelerating mine development at multiple sites with the interim processing agreements entered into with Nevada Gold Mines and will focus on executing our plan to build a mid-tier gold producing company." "The recent transactions to acquire Ruby Hill, Lone Tree and Buffalo Mountain not only make i-80 one of the largest holders of gold and silver resources in the United States, but also positions the Company to become one of Nevada's most prominent producers with substantial processing infrastructure including an autoclave", stated Ewan Downie, Chief Executive Officer of i-80.
Major participants in the equity financing, which closed on October 14, 2021, of ~US$102 million include NGM subscribing to acquire a 9.9% interest in i-80 through the private placement, Orion subscribing to top up to a 9.9% interest in i-80, and participation from several members of the board and management
Working to close financing arrangements totaling ~US$227 million with access a further $100 million complement the Company's strong cash position. Interim processing agreements with NGM provide i-80 with the ability to immediately advance its project portfolio – a test mining program at Granite Creek is underway, Buffalo Mountain is currently being permitted, and the Company is advancing plans to commence an underground development program at McCoy-Cove The Lone Tree facility includes an autoclave, CIL mill, floatation mill and heap leach facility Secures for i-80, the ability to process multiple types of gold bearing mineralization at a centrally located and permitted processing facility situated on Interstate 80. I-80 becomes one of the largest holders of gold and silver resources in Nevada: Highlights of the transactions are as follows (see press release dated September 7, 2021): The Company now embarks on its plan to advance multiple projects to production over the next several years. When combined with the acquisition of the Lone Tree and Buffalo Mountain gold deposits, that were acquired from Nevada Gold Mines LLC ("NGM"), including certain processing infrastructure, i-80 Gold is one of the largest holders of gold and silver resources in the State and is positioned to become a prominent, stand alone, growth-oriented gold producer. Ruby Hill, which includes multiple deposits that collectively represent one of Nevada's largest gold, silver and base metal endowments, was acquired from Waterton and i-80 has taken over operating the current open pit mine.