Atlantic Gold’s Touquoy Gold Mine, a 1,760 hectare gold mine northeast of Halifax. - ContributedAtlantic Gold is being cut loose by its parent company as part of a bigger merger.
Hoover House, which intends to maintain a 20 per cent ownership stake in Phoenician Metals, characterized the move as an opportunity for the parent company to focus on strengths in Australia while allowing Atlantic Gold to attract more investment. “Phoenician Metals will attract stronger investor attention and valuation in a stand-alone entity, while allowing Hoover House to focus 100% on the Leonora District.”
In August the Impact Assessment Agency of Canada terminated the federal environmental assessment for Atlantic Gold’s proposed Cochrane Hill, Guysborough County, mine after the company did not submit the required studies.
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