Kinross Gold Ready To Takeover Aurelian For $1.2B

September 5, 2008 7:50 p.m. EST

Toronto, Ontario (AHN) - Kinross Gold Corp. has won shareholder approval with its $1.2 billion offer to buy Aurelian Resources Inc.

As of Thursday, 108.5 million Aurelian shares were tendered to Kinross's bid, equivalent to a 74.8 percent stake in Aurelian.

It is expected to increase to 80.8 percent if Aurelian employee stock options are converted to Kinross stock options. Deadline was extended for the remaining shareholders to Sept. 15.

The all-stock deal will boost Kinross' expansion plans in developing properties.

Kinross will takeover Aurelian's project in Ecuador, the Fruta del Norte deposit, which holds an estimated 13.7 million ounces of contained gold and 22.4 million ounces of silver.