Page 63 Cont’d from pg. 62 2013. The transaction was valued at $341 million gross, net of cash $300 million. The Magino mine property is a former under ground gold mine locate d 40 ki - lometres northeast of W awa, Ontario, approximately 14 kilometre s south - east of the town of Dubreuilville. The property has seven patented mining claims, four leased mining claims and 69 unpatented mining claims total - ing 2,204.495 hectares. Magino was evaluated by Prodigy as an open-pit mining opportunity with the potential for deeper , higher grade gold produc - tion. Based on its Preliminary Economic Assessment (PEA as of November 12, 201 1), Magino has a life of mine av - erage gold production of 249,000 oz. per year over an 1 1 year life. Over that time Ar gonaut Gold Inc. projects a to - tal of 2.6 million ounces at a grade of 1.15 g/t. The mine will operate as an open pit mine producing 20,000 milled tonnes per day and achieve 95 percent recov - ery . It is expected the costs of produc - tion will be $461 oz. In 2012 an additional 89,000 metres of drilli ng in 340 holes was completed to advance the project toward a pro - posed pre-feasibility study . The drill - ing consisted of in-fll drillin g in the pit and condemnation drilling for site layout. In-fll drill spacing averaged of 25 metres within the constrained pit. The drilling campaign also out - lined a new zone of mineralization in the southeast corner of the drilling zone. “The project will be of value not only for the shareholders but also for the surrounding community ,” said Brian Maher , CEO of Prodigy Gold just pri - or to the fnal sale to Ar gonaut Gold . “This proposed mining operation could have 200 to 300 employees, good high-paying jobs, in an eco - nomically depressed part of Ontario” Maher said. “W e think the beneft we can bring to the community and our shareholders is one of the things that makes this project not only unique but really one of the better development opportuni - ties anywhere in the western hemi - sphere,” he added. In addition to the Magino Mine, Ar - gonaut also runs two operating mines in Mexico El Castillo and La Colora - da. It also has another mine - the San Antonio Mine which is in the late ex - ploration stage. PEA estimates Magino has 1 1 year mine life Page 62 By Frank Giorno Ar gonaut Gold Inc. a V ancouver , B.C- based company , is a relatively new player in the Northern Ontario gold mining scene, although it has run fve mines in Mexico. The Prodigy-Mag - ino Mine near W awa, Ontario will be their frst gold mine in Ontario. “The goal of Ar gonaut Gold is to create the next quality , mid-tier gold company in the Americas,” said Cur - tis K.T urner , Corporate Development Offcer , addressing the session on Gold Mining In the America s at the PDAC Convention in T oronto. Ar gonaut Gold recently entered the Ontario mining scene purchasing Prodigy Gold Inc.’ s Magino Mine near Dubreuilville, Ontario. The pur - chase received fnal approval to pro - ceed from the British Columbia Su - pereme Court on December 7, 2012 and was completed on February , 15, Curtis T anner , Corporate Development Offcer , Argonaut Gold Inc. Argonaut Gold Inc. the New Kid on the Northern Ontario Gold Mining Block Cont’d on pg. 63