Proactive came to us, which was also nice, after we announced the creative way we added the extra royalty on the Barrick led JV with Midway Gold of Spring Valley (Nevada). This transaction also brings a non-dilutive $1m cash infusion, without issuing shares. The day following our announcement Barrick/Midway announced that Barrick had spent the required $30m to earn its 60% interest and also announced the Barrick elected to spend an additional $8m to go to 70% of Spring Valley.

The above earn-in by Barrick is exciting for Terraco as it validates the Spring Valley project and announces that it's a priority for Barrick. As of last week, Barrick has 4 drill rigs spinning in Spring Valley.  It would appear all of the above will help push the project through the development cycle which helps our gold royalty/NSR come to cash flow fruition on an aggressive timeline.