Galantas Gold has acquired 100% ownership of the Andacollo Oro gold project in Chile, featuring a past-producing gold asset with existing infrastructure and permits. The project holds measured and indicated resources of 2.02moz of gold and inferred resources of 5.06moz. The $32m transaction involves acquiring Sol de Oro Mining over four years.

CEO Mario Stifano stated the acquisition repositions the company and provides development pathways with a 200,000oz per annum plant. The project is adjacent to Teck Resources’ copper-producing mine. Pending regulatory approvals and shareholder consent, the transaction is expected to be completed soon. Galantas also signed a joint venture to restart operations at the Omagh gold project in Northern Ireland.

Read more at Yahoo Finance: Galantas signs agreement to acquire Chile’s Andacollo gold project