Agnico Eagle Mines Ltd. (TSX:AEM)(NYSE:AEM) completed its 100% purchase of Cayden Resources, initially announced in early September for C$205 million. Cayden common shares will be exchanged for 0.09 of an Agnico Eagle share and one cent Canadian in cash, Agnico Eagle says. "Cayden's management did a commendable job of creating shareholder value through its portfolio of Mexican properties. With the acquisition of Cayden now completed, Agnico Eagle looks forward to further advancing the El Barqueno gold project through focused exploration," says Sean Boyd, president and chief executive officer of Agnico Eagle. "A $15 million exploration program is anticipated in 2015 with the intent of delineating an initial resource estimate to further enhance shareholder value.” The El Barqueno gold project is located in Mexico’s Jalisco state, on the Guerrero Gold Belt. Exploration work has recently shown high grades of gold.
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