Molybdenum News Center

Gold Specialist Acquires Moly Mines

Starcore International Mines Ltd, which focuses on exploring, extracting and processing gold and silver has acquired all of the shares of Creston Moly Corp, which owns three molybdenum-copper mines.

This follows the Supreme Court of Canada’s discharge of Creston Moly from bankruptcy, clearing the way for Starcore to continue with the development and further exploration of Creston's properties.

Creston Moly was formerly a wholly-owned subsidiary of Mercator Minerals, who acquired Creston Moly in 2011.

The three mines comprise the El Creston Project in Sonora, Mexico; the Ajax Project in British Columbia; and the Molybrook Project in Newfoundland.

According to a new study, the El Creston molybdenum-copper deposit had a US US$561.9 million net present value after tax while the Ajax Property, one of North America's largest undeveloped molybdenum deposits occupying a surface area of approximately 600 by 650 metres, is a world class primary molybdenum property in the advanced stage of exploration, the company says.

Undervalued asset

The Molybrook molybdenum property hosts a 3 km long trend in which at least three zones of at surface molybdenum mineralization occur: Molybrook, Wolf and Chimney Pond. To date, almost all exploration has been completed on the Molybrook Zone where a large porphyry molybdenum deposit has been outlined.

‘We saw an opportunity to acquire a tremendously undervalued asset in Creston Moly, and we took it,’ said Robert Eadie, President of Starcore.


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