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AuRico Gold announces $300M share buyback through substantial issuer bid

AuRico Gold announces that following its receipt of gross proceeds of $750M relating to the recent sale of the Ocampo mine, the board has authorized the making of a substantial issuer bid, pursuant to which the company will offer to purchase for cancellation up to 36,144,578 of its outstanding common shares for an aggregate purchase price not exceeding $300M. AuRico anticipates that the Offer will commence on or about December 18 and be completed in late January 2013, unless extended or withdrawn. The company intends to fund purchases of Shares pursuant to the Offer from the Ocampo proceeds and has used $128M of the proceeds to retire its existing debt facility.