February 5, 2015 / 11:36 AM / 3 years ago

Centerra and Premier to jointly develop projects in Northern Ontario

Feb 5 (Reuters) - Centerra Gold Inc and Premier Gold Mines Ltd have agreed to jointly develop Premier’s Trans-Canada properties in Northern Ontario.

Centerra will pay an initial C$85 million ($67.84 million) for a 50 percent stake in the partnership, and could contribute a total of C$300 million in cash.

The properties include a group of mineral claims within the Geraldton-Beardmore Greenstone Belt, including Premier’s flagship Hardrock Project.

The board of the managing partnership will consist of four directors, two each from Centerra and Premier Gold Mines.

Premier had reached an agreement with Long Lake #58 First Nation in November last year to develop the Hardrock Project.

$1 = 1.2529 Canadian dollars Reporting by Narottam Medhora in Bengaluru; Editing by Simon Jennings

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