Nevada Gold Mines Completes Exchange Transaction to Consolidate South Arturo Property

Rhea-AI Summary

Nevada Gold Mines (operated by Barrick Gold) has finalized an asset exchange with i-80 Gold Corp., acquiring a 40% interest in the South Arturo Joint Venture and a low-cost option on the adjacent Rodeo Creek exploration property. This will be in exchange for the Lone Tree and Buffalo Mountain properties, which are currently inactive. The transaction strengthens NGM's position in the gold mining sector as it consolidates its asset portfolio.

Positive

• Acquisition of 40% interest in South Arturo Joint Venture enhances NGM's operational capacity.
• Low-cost option on Rodeo Creek exploration property could lead to future growth and resource development.

Negative

• Lone Tree and Buffalo Mountain properties are currently in care and maintenance, indicating decreased operational activity.

ELKO, Nev., Oct. 14, 2021 (GLOBE NEWSWIRE) -- Nevada Gold Mines (NGM) today announced it has completed the previously announced asset exchange transaction to acquire from i-80 Gold Corp. the 40% interest in the South Arturo Joint Venture that NGM does not already own as well as a low-cost option to acquire the adjacent Rodeo Creek exploration property, in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure which are currently in care and maintenance.

About Nevada Gold Mines
Nevada Gold Mines is operated by Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and is a joint venture between Barrick (61.5%) and Newmont (38.5%) that combined their significant assets across Nevada in 2019 to create the single largest gold-producing complex in the world.

ENQUIRIES

Catherine Raw
Barrick COO, North America
Tel: +1 416 307 5157
Email: craw@barrick.com

Greg Walker
NGM Executive Managing Director
Tel: +1 702 526 3194
Email: gwalker@nevadagoldmines.com

Kathy du Plessis
Investor and media relations
Tel: +44 20 7557 7738
Email: Barrick@dpapr.com

FAQ

What did Nevada Gold Mines announce on October 14, 2021?

Nevada Gold Mines announced the completion of an asset exchange with i-80 Gold Corp., acquiring a 40% interest in the South Arturo Joint Venture.

How does the asset exchange impact Barrick Gold's operations?

The exchange strengthens Barrick Gold's portfolio by enhancing its stake in the South Arturo Joint Venture.

What properties did Nevada Gold Mines give up in the exchange?

Nevada Gold Mines exchanged the Lone Tree and Buffalo Mountain properties, which are currently inactive.

Is there potential for future growth from the Rodeo Creek property?

Yes, the low-cost option on the Rodeo Creek exploration property presents potential for future resource development.

What percentage of the South Arturo Joint Venture does Nevada Gold Mines now own?

After the transaction, Nevada Gold Mines now owns 100% of the South Arturo Joint Venture.