Last night Agnico-Eagle Mines (AEM:TSX) announced that it has agreed to purchase 7.63M shares, or approximately 14.5%, of Comaplex Minerals (CMF:TSX), from Troy Resources (TRY-T) for $6.15/share or $46.9M. •
The transaction brings AEM’s interest in Comaplex to approximately
15.6% of the outstanding common shares.
•
Comaplex’
s main assets are the Meliadine West and East gold
projects located in Nunavut.
•
Meliadine West (CMF owns 78%) and Meliadine East (CMF owns
50%).
•
The Meliadine West project is the most advanced with a current NI
43-101 indicated resource of 1.79M Au oz and inferred of 1.39Moz.
•
The transaction between AEM and TRY values CMF at
approximately $131/oz.
o
This data point lies in the range of takeout/acquisition
valuations over the last 12 months.
•
We believe this is an important valuation point for comparison to
KNB, which currently trades at an EV/oz valuation of less than $30/oz.
o
CMF’s valuation implies a share price of $3.70 for KNB.
2 members recommend this.
Discussing the August 26, 2008 press release.
