B2Gold Corp. made the acquisition from Central Sun Mining, owner of the gold mines in Nicaragua, for $53.7 million.
Central Sun Mining was the owner of the Limon and the Orosi mines, and had an option to acquire 100% of the Mestiza gold mine, also located in Nicaragua.
For the purchasing company, B2Gold Corp., from Canada, operation of the mine will allow it to add Nicaraguan gold production to its assets.
Central Sun Mining has stopped work on its Orosi gold mine in Nicaragua after the fail of $22 million in financing.
Central Sun, already operating the Limon gold mine in Nicaragua, had earlier entered into a non-binding term sheet with the bank for $22.5 million to complete the Orosi project, on which it has spent $31 million to date and which was expected to be competed next spring.
Central Sun Mining Inc. reported results of a feasibility study on the Orosi Mine located in Nicaragua, including economic forecasts and independently prepared Mineral Resource and Mineral Reserve estimates.
The Company is currently converting the Orosi Mine from a heap leach operation to a conventional milling operation. The Feasibility Study was commissioned by Scott Wilson Roscoe Postle Associates Inc.