UPDATE 1-AngloGold offers to buy out N. American bullion miner Corvus

South Africa's AngloGold Ashanti Ltd said on Tuesday it had offered to buy all the shares it does not already own in Canadian bullion miner Corvus Gold Inc as it seeks to expand its ore reserves. The Johannesburg-listed company has shed most of their South African assets to focus on higher returns in both North and South America, sources said, as mining companies in South Africa struggle with rising costs, volatile labour relations and power disruptions. The proposed takeover will be an all-cash deal and at a premium of 55% to the market price of C$2.58 ($2.06) of Corvus as of May 5, a day before AngloGold, which already owns 19.5% of Corvus, guaranteed the company a $20 million loan, entering a 90-day exclusivity period during which it could conduct due diligence of its assets.

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