VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 10, 2014) - Terraco Gold Corp. ("Terraco" or the "Company") (TSX VENTURE:TEN) -
Highlights:
- In light of recent joint venture activity at Barrick's Spring Valley project in Nevada, Terraco has opted to consolidate its Spring Valley asset portfolio into a single subsidiary focussed on this district
- Barrick recently completed the earn-in of a 70% interest in the Spring Valley joint venture from Midway Gold Corp.
- Terraco owns various royalty and royalty options at Spring Valley, as well as strategic land positions to the north and to the east of the project
Terraco Gold Corp. wishes to announce that it has initiated the restructuring of its subsidiaries in order to consolidate its Humboldt Range, Nevada asset holdings. The streamlining of Terraco's U.S. based subsidiaries allows the Company to separate and hold its Spring Valley royalty assets, along with its northerly adjoining 35 km2 Moonlight exploration project land holdings (collectively, the "Spring Valley Assets"), within a single wholly-owned U.S. subsidiary. Its non-Humboldt Range assets will be held in a separate U.S. subsidiary.
The southern Humboldt Range is home to several major mining companies and projects, including the Rochester Mine, operated and owned by Coeur d'Alene Mines. Rochester has produced 134,000,000 ounces of silver and 1,470,000 ounces of gold since 1986 and centres this district. Adjoining the Rochester mine to the north is the Spring Valley gold project which is operated by Barrick Gold Corp. ("Barrick") and is a joint venture with Midway Gold Corp. Terraco holds a gold royalties and royalty options of up to 3% NSR on claims covering the vast majority of the currently outlined Spring Valley gold deposit. Adjoining Spring Valley to the north is Terraco's Moonlight project which encompasses 35 km2 of early-stage exploration potential along strike with the Rochester Mine and Spring Valley deposit.
"As this District continues to develop following completion of Barrick's $38m earn-in on the Spring Valley project, we felt it was necessary to segregate our respective gold assets. The consolidation of our Spring Valley Assets will afford Terraco a clear and efficient structure in order to aid in the evaluation of any corporate activity to come," said President and CEO Todd Hilditch.
Terraco's Royalty Assets and Regional Map
For a description of Terraco's royalty assets, including a royalty map of Spring Valley deposit, please follow the below link to our website.
http://www.terracogold.com/s/SpringValleyRoyalty.asp
More information on the Spring Valley project can be accessed through SEDAR (further to Midway Gold) or Midway's website.
About Terraco Gold
Terraco is a junior mining company with a gold project portfolio that includes a gold royalty and royalty options on the Spring Valley Project (Nevada), which is a joint venture among the world's largest gold producer, Barrick Gold Corp. and Midway Gold Corp. Terraco also controls over 35 sq km of early-stage exploration potential (the Moonlight Project) adjoining the Spring Valley Project joint venture to the north. In addition, Terraco has an advanced-stage gold project in Idaho which hosts a National Instrument 43-101 compliant gold resource.
Terraco is listed on the TSX Venture Exchange under the symbol "TEN". Please visit Terraco's website at www.terracogold.com for additional information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward looking statements. Although Terraco believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Terraco can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information on these and other factors that could affect Terraco's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).