Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, September 6, 2024

Article Excerpt

OMAI GOLD MINES CORP., $0.16, symbol OMG on TSX Venture, owns 100% of the past producing Omai gold mine in Guyana. The company currently does not generate revenue from the mine. The history of the Omai gold mine dates back to March 1993. That’s when Cambior Inc. (65% ownership of mine), Golden Star Resources (30%), and the Government of Guyana (5%) officially opened the mine, located within the Guiana Shield along the Essequibo River in the interior of Guyana. That nation covers 83,000 square miles of the northeastern coast of South America. The mine is located about 165 kilometres southwest of Georgetown, the country’s capital city. Cambior operated the mine for 13 years. It then closed the mine in September 2005 due to a combination of low gold prices (the average gold price then was less than $400 U.S. per ounce), the depletion of its gold reserves, and Cambior’s struggling financial position. In those 13 years, the mine produced over 3.7 million ounces,…