Silver Standard to buy fellow Canadian miner Claude Resources

Vancouver-based Silver Standard Resources (TSX:SSO) said Monday it has inked a friendly deal to buy Saskatoon-based Claude Resources (TSX:CRJ), which operates a gold mine in northeastern Saskatchewan.

The offer values Claude Resources at Cdn$377 million in total or the equivalent of about $1.65 per share — mostly Silver Standard's shares.

Claude’s shareholders would own about 32% of the combined company, which will be the new owner of the Seabee gold mine, located about 125 kilometres northeast of La Ronge in northeastern Saskatchewan.

The companies — which have a total of three operating mines in Canada, the U.S. and Argentina — estimate the new firm would produce the equivalent of 390,000 ounces of gold.

More to come…

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