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Japan Gold Announces Country-Wide Alliance with Barrick Gold Corporation & Acquires Six New Projects in the Southern Kyushu Epithermal Gold Province
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2020) - Japan Gold Corp. ( TSXV:...
About this update from Japan Gold Corp
[{"type":"text","content":"Japan Gold Announces Country-Wide Alliance with Barrick Gold Corporation & Acquires Six New Projects in the Southern Kyushu Epithermal Gold ProvinceVancouver, British Columbia--(Newsfile Corp. - February 24, 2020) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) (the \"Company\") is pleased to announce the formation of a country-wide alliance with Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) (\"Barrick\") to jointly explore, develop and mine certain gold mineral properties and mining projects in Japan (the \"Barrick Alliance\"). The Company is also pleased to announce a further consolidation of its position in the Southern Kyushu Epithermal Gold Province with the acceptance of an additional six new project areas, by the Japan Ministry of Economy, Trade and Industry (\"METI\"). Barrick Alliance Highlights:The Barrick Alliance covers the entire country of Japan including 28 out of 30 projects currently held by Japan Gold (Figure 1). The Barrick Alliance does not include the Ikutahara Project in Hokkaido and the Ohra-Takamine Project in Kyushu and Japan Gold will continue to advance these two projects independently.Barrick will sole fund a 2-year Initial Evaluation Phase of each project. Barrick will sole fund a subsequent 3-year Second Evaluation Phase on projects which meet Barrick criteria.Japan Gold will act as the Manager of each project, subject to Barrick's right at any time to become the Manager of a project. Barrick may identify a project as a Designated Project, at any time during the Initial Evaluation Phase or the Second Evaluation Phase, which Barrick may elect to sole fund to completion of a pre-feasibility study (\"PFS\"). Upon completion of a PFS, Barrick will earn a 51% interest in the Designated Project.Barrick may elect to continue to sole fund a Designated Project following the completion of a PFS to a bankable feasibility study (\"BFS\"). Barrick's interest in the Designated Project at the completion of the BFS will increase to 75%. Where Barrick has elected to sole fund a Designated Project through to completion of a BFS, Japan Gold will be fully carried through completion of the BFS and retain a 25% interest in the Designated Project.Barrick and Japan Gold will establish a Technical Committee to, among other matters, provide input in respect of the preparation of programs and budgets for, and the conduct of o...