Silver Lake Resources

After terminating a takeover of Phillips River Mining last month, Silver Lake has agreed to purchase the struggling miner’s assets. These assets, dubbed Great Southern by Silver Lake, add a potential third production centre to the existing Mt Monger and Murchinson mines. Phillips River will receive $20m in Silver Lake shares, which will be that company’s sole asset. With just 800,000 ounces of resources, Great Southern is currently puny and will require more exploration and development work. For Silver Lake shareholders, the deal represents a cheap option on additional production. For Phillips River investors, it’s an admission of defeat. It’s a familiar...

After terminating a takeover of Phillips River Mining last month, Silver Lake has agreed to purchase the struggling miner’s assets. These assets, dubbed Great Southern by Silver Lake, add a potential third production centre to the existing Mt Monger and Murchinson mines. Phillips River will receive $20m in Silver Lake shares, which will be that company’s sole asset.

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