GoldMining Inc. (GOLD/TSXV, $1.95) BUY: Target $4.30 Acquisition of Bellhaven adds another Gold/Copper project in Colombia
Rob Chang (416) 849-5008, Michael Wichterle (416) 849-5005
EVENT GoldMining Inc. and Bellhaven Copper and Gold Inc. have announced that they have entered into an agreement in which GoldMining Inc. will acquire all the outstanding common shares of Bellhaven by way of plan of arrangement.
BOTTOM LINE Positive – Upon completion of the arrangement, GoldMining Inc. will own 100% of Bellhaven Copper & Gold (TSXV-BHV, Not Rated), whose key asset is the La Mina Gold Project located in Colombia. Management believes that La Mina possesses several excellent underexplored porphyry targets which offer opportunities for gold discovery. This acquisition further advances GoldMining’s strategy to acquire significant gold/copper projects in the Americas. La Mina is located 6 km from GoldMining’s Titiribi project which was acquired last August from NovaCopper and once completed, this transaction would create one of the largest gold-copper resource portfolios in Colombia’s Mid Cauca Belt. We are maintaining our Buy recommendation and are increasing our target price to $4.30/share.
High grade porphyry – The La Mina Project is located approximately 41 km southwest of the city of Medellin in the Department of Antioquia, in central Colombia and approximately 6 km southeast of GoldMining’s Titiribi Project. La Mina is considered to be one of the highest grade gold porphyry projects in the Americas.
Expanding in the Mid Cauca Belt – Paired with the Titiribi Project, GoldMining Inc. now adds nearly 1.44M AuEq ounces in Colombia’s Mid Cauca Belt with significant exploration upside.
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Please note that the statements and opinions contained in this third-party report are being provided for informational purposes only and are not adopted by GoldMining Inc.