Terraco Gold Reports on Barrick’s 70% Earn-In on the Spring Valley Gold Project, Nevada
November 21, 2013 (Source: Marketwired) – Terraco Gold Corp. (TSX VENTURE:TEN) –
- Barrick has earned 70% interest (by spending $38,000,000) in the joint venture with Midway Gold Corp. of the Spring Valley project, Nevada
- Terraco has royalty coverage of up to 3% NSR on claims covering the known Spring Valley gold deposit
Terraco Gold Corp. (“Terraco” or the “Company“) is pleased to announce that on November 18, 2013, Midway Gold Corp. (“Midway”) reported that Barrick Gold Corp. (“Barrick”) has informed Midway of the completion of $38 million in expenditures on the Spring Valley project, Pershing County, Nevada which meets the expenditure requirement for Barrick to earn a 70% interest in the joint venture. Midway also reported that the Barrick expenditures for the earn-in on the Spring Valley project are more than a year ahead of the scheduled requirements under their agreement.
The Spring Valley project is a large, porphyry-hosted gold system, located approximately 32 kilometers (“km”) northeast of Lovelock, Nevada that hosts a NI43-101 compliant gold resource. Terraco has gold royalty coverage of up to 3% NSR on claims covering the project and also controls over 35 square km’s of early-stage exploration potential (the Moonlight Project) adjoining the Spring Valley project joint venture to the north.
“With a significant royalty structure and option of up to 3% NSR on the Spring Valley gold project, we are pleased to see that Barrick has completed this earn-in with Midway. This milestone is encouraging from a project development standpoint. The Spring Valley project is a great Nevada story from the discovery by the early prospectors to a grass roots project to its current advanced stage development and we look forward to the continued success at Spring Valley,” stated Todd Hilditch, President and CEO of Terraco.
Terraco’s Royalty Assets and Map
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For a description of Terraco’s royalty assets, including a royalty map of Spring Valley deposit, please follow the below link to our website.
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’s 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).
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>