Fresnillo acquires Probe Gold for USD560 million

Fresnillo PLC has acquired Probe Gold Inc. for approximately USD560 million in an all-cash deal, providing a 24% premium over Probe's recent stock price. The acquisition adds a resource base of 10 million ounces of gold, primarily from the Novador Gold project in Quebec. Fresnillo plans to finance the purchase with its existing cash reserves of USD1.8 billion. The deal requires approval from over 66% of Probe shareholders. Fresnillo's shares rose 0.3% following the announcement.