Barrick partners with Unigold in Dominican Republic
TSX-V-listed junior Unigold has attracted gold major Barrick as a partner in the Neita Norte area of Dominican Republic.
The companies entered into a binding term sheet that sets the terms under which Barrick can earn into and form a joint venture (JV) on the Neita Norte exploration concession.
“Barrick brings considerable technical and financial capability to the project. 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,” comments Unigold chairperson and CEO Joe Hamilton.
Unigold will grant Barrick the exclusive option to acquire a 60% undivided interest in the Neita Norte concession, whereafter it will have the ability to sole-fund and deliver a feasibility study that will increase its ownership to 80%.
Barrick will be the manager and operator of the project.
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