Business
Unigold Inc. Provides Update on Exploration Earn-in Agreement with Barrick Gold Corporation on the Neita Norte Concession, Dominican Republic
Exploration programs to commence immediately Toronto, Ontario--(Newsfile Corp. - April 26, 2024)...
About this update from Unigold Inc.
[{"type":"text","content":"Unigold Inc. Provides Update on Exploration Earn-in Agreement with Barrick Gold Corporation on the Neita Norte Concession, Dominican RepublicExploration programs to commence immediatelyToronto, Ontario--(Newsfile Corp. - April 26, 2024) - Unigold Inc. (TSXV: UGD) (OTCQB: UGDIF) (FSE: UGB1) (\"Unigold\" or the \"Company\") announces the execution of a long-form agreement (the \"Agreement\") with Barrick Gold Corporation (\"Barrick\") that details the terms under which Barrick can earn into the Neita Norte Exploration Concession in the Dominican Republic and which includes a shareholders agreement to govern the joint venture which will be formed upon successful completion of earn-in requirements for exploration, development and mining in the area.Work is anticipated to commence immediately.Joe Hamilton, Chairman and CEO of Unigold commented, \"We are excited for Barrick to initiate exploration in the Neita Norte area. We have always viewed the western portion of the Tireo Formation as being the most prospective for finding large gold deposits in the Dominican Republic. We are delighted to partner with the foremost gold producer in the industry in order to further the exploration efforts in this area. Barrick brings considerable technical and financial capability to the project and has one of the greatest depths of exploration expertise available in the industry. Barrick operates the world-class Pueblo Viejo mine in the Dominican Republic and has installed a significant amount of related infrastructure in the country, holding a commendable record as a good corporate citizen. The Agreement creates an opportunity for both companies to benefit from the development of this frontier area. Unigold will continue to be active in the area as we concentrate on the development of the Neita Sur concession and work to convert our significant resources into producing mines.\" Terms of the AgreementAs announced on July 14, 2023, Unigold granted Barrick the exclusive option to acquire a 60% undivided interest in the Neita Norte Exploration Concession by:incurring not less than US$2.5 million of expenditures in respect of the concession within the first three years; incurring a total of not less than US$8 million of expenditures in respect of the concession within the first six years and delivering a PEA;incurring a total of not less than US$12 mil...