Commodities Buzz: GoldCorp To Acquire 14% Interest in Matamec

GoldCorp is investing $ 3.7 million to acquire a 14% interest in a newly formed gold exploration company born Thursday from the merger of Matamec, Canada Strategic Metals and Sphinx Resources. The new explorer, named Quebec Precious Metals Corp. (QPM), will focus on the James Bay area, bordering the provinces of Quebec and Ontario, where it will own three projects until now property of Sphinx. The merger makes of QPM a well-capitalized company with a large land position and significant holdings in the highly prospective Eeyou Istchee James Bay region, Quebec, near Goldcorps Éléonore mine. Goldcorp, the worlds third largest bullion producer by market value, is expected to provide technical expertise and knowledge of the region, which holds high quality early stage exploration gold targets.