- Published: 09 February 2015
- Written by Editor
by James Fraser on CEO.CA
Big news out of the junior mining sector today as Auryn Resources (AUG:TSXV) and North Country Gold (NCG:TSXV) have reached a joint venture agreement on the Committee Bay project in Nunavut, Canada.
The market likes the deal so far sending Auryn shares 16% higher to $1.29 and North Country up 114% to $0.075.
The deal appears to be a win/win for both companies. Auryn was a cash rich shell well funded with ~$8 million that was looking to acquire/option an asset for the last several months. North Country was in a tough financial position with only $78,468 in cash as of November 30th but has an exciting 300 km prospective land position.
The team at Auryn led by Shawn Wallace and Ivan Bebek are coming off the successful recent sale of explorer Cayden Resources to Agnico-Eagle last fall. Cayden was the second transaction after Keegan (now Asanko) for the young guns Mr. Bebek and Mr. Wallace. These two men have arguably the best track record in the Canadian mining space for their age.
