| Premier Gold Mine and Barrick Gold Sign Comprehensive Nevada-focused Agreement | |
| | |
|
Includes Toll-milling and Exploration Earn-in Options for Each at McCoy-Cove and Rye Projects THUNDER BAY, ON , Jan. 10, 2018 /CNW/ - PREMIER GOLD MINES LIMITED ("Premier" or "The Company") (PG.TO) is pleased to announce that the Company has entered into a Nevada -focused exploration and development agreement with Barrick Gold Corporation, through several wholly-owned subsidiaries ("Barrick"), that includes the following: - Barrick will have an option to earn a 60% interest in the exploration portion of Premier's McCoy-Cove Property (the "Joint Venture Property") by spending US$22.5 Million in exploration before June 30, 2022 (See Figure 1).
- Premier will retain 100% ownership over the Cove Deposit portion of the McCoy-Cove Property that includes the high-grade Helen, 2201 and CSD/CSD Gap Deposits.
- Premier will secure a one-time bulk sample processing arrangement for the planned test-mining program at its 100%-owned portion of the McCoy-Cove Property.
- Premier will have an option to acquire a 100% interest in Barrick's Rye Vein Property ("Rye"), subject to a back-in right by Barrick, by spending US$3.0 Million in exploration before December 31, 2019 . The Rye Property adjoins Premier's Goldbanks Property option.
"Consistent with Premier's strategy to secure accretive partnerships, this arrangement will broaden our already positive working relationship with Barrick in Nevada and provides certainty in processing a one-time bulk sample of underground ore from the upcoming development and test-mining program of the Cove deposit," stated Ewan Downie , President and CEO of Premier on the Company's C-Suite Blog (http://www.premiergoldmines.com/news/c-suite-blog). "The agreement with Barrick will expand and accelerate the regional exploration at McCoy-Cove while Premier retains full ownership of the core deposit. Our option to earn a 100% interest in the Rye Project, provides exposure to one of the highest potential epithermal vein projects in a world-class mining jurisdiction." McCoy-Cove Exploration Earn-In and Option Under the terms of the agreement, Barrick will hold an option to earn a 60% interest in the Joint Venture Property subject to the following: - A firm commitment to spend US$6.0 Million in exploration prior to June 30, 2019 with Premier as Operator at the direction of a Steering Committee, following which Barrick will have the option to become the Operator
- An additional required spend of US$16.5 Million in exploration on the Property prior to June 30, 2022 with Barrick as Operator
- Following completion of Barrick's 60% earn-in, funding for the Joint Venture Property will be on a proportionate basis. Barrick will hold a right of first refusal over the "Cove Deposit" until the earliest of 5.5 years or one year following the completion of the earn-in on the Joint Venture Property
- The Joint Venture Property will exclude the "Cove Deposit" portion of the McCoy-Cove Property which will be retained solely by Premier (see Figure 1)
View original content with multimedia: http://www.newswire.ca/en/releases/archive/January2018/10/c6224.html |
|
Read the rest of the article at
https:
|
Premier Gold Mines Ltd.
|
|
EXPLORATION STAGE |
CODE : PG.TO |
ISIN : CA74051D1042 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Premier Gold Mines is a gold exploration company based in Canada. Premier Gold Mines holds various exploration projects in Canada and in Mexico. Its main exploration properties are HARDROCK, GERALDTON, ARGOSY, EAST BAY, RAHILL-BONANZA, SADDLE GOLD, RAIN and NEWMAN-MADSEN in Canada and SANTA TERESA in Mexico. Premier Gold Mines is listed in Canada. Its market capitalisation is CA$ 596.5 millions as of today (US$ 474.8 millions, € 399.1 millions). Its stock quote reached its highest recent level on April 08, 2011 at CA$ 8.00, and its lowest recent point on March 20, 2020 at CA$ 0.85. Premier Gold Mines has 201 530 000 shares outstanding. |