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Unigold Inc. announces the execution of a long-form agreement with Barrick Gold detailing terms for Barrick to earn into the Neita Norte Exploration Concession in the Dominican Republic. The agreement includes a shareholders agreement for a joint venture upon completion of exploration requirements. Barrick will commence exploration work in the area immediately. Unigold's Chairman and CEO, Joe Hamilton, expressed excitement for the partnership, highlighting Barrick's technical and financial capabilities. Terms of the agreement include Barrick spending a minimum of US$2.5 million within three years to acquire a 60% interest, with the option to increase ownership to 80% by delivering a Feasibility Study. Barrick will manage and operate the project, with standard dilution clauses in place.
Unigold Inc. annuncia la firma di un accordo formale con Barrick Gold che specifica i termini per Barrick per acquisire partecipazioni nel Concessione di Esplorazione Neita Norte nella Repubblica Dominicana. L'accordo comprende un patto di società per una joint venture al termine dei requisiti di esplorazione. Barrick inizierà immediatamente i lavori di esplorazione nell'area. Joe Hamilton, presidente e CEO di Unigold, ha espresso entusiasmo per la partnership, mettendo in luce le capacità tecniche e finanziarie di Barrick. I termini dell'accordo prevedono che Barrick investa un minimo di 2,5 milioni di dollari USA entro tre anni per acquisire il 60% dell'interesse, con l'opzione di aumentare la proprietà fino all'80% mediante la consegna di uno Studio di Fattibilità. Barrick gestirà e opererà il progetto, con clausole di diluizione standard in vigore.
Unigold Inc. anuncia la ejecución de un acuerdo detallado con Barrick Gold que detalla los términos bajo los cuales Barrick podría participar en la Concesión de Exploración Neita Norte en la República Dominicana. El acuerdo incluye un acuerdo de accionistas para una empresa conjunta una vez completados los requisitos de exploración. Barrick comenzará los trabajos de exploración en el área inmediatamente. Joe Hamilton, presidente y CEO de Unigold, expresó su entusiasmo por la asociación, destacando las capacidades técnicas y financieras de Barrick. Los términos del acuerdo estipulan que Barrick invierta un mínimo de 2.5 millones de dólares estadounidenses en tres años para adquirir un interés del 60%, con la opción de aumentar la participación hasta el 80% entregando un Estudio de Factibilidad. Barrick administrará y operará el proyecto, con cláusulas de dilución estándar establecidas.
유니골드 주식회사(Unigold Inc.)가 바릭 골드(Barrick Gold)와 도미니카 공화국 내 네이타 노르테 탐사 허가 지역에 대한 이해관계를 획득하기 위한 조건을 명시한 장기 계약을 체결했다고 발표했습니다. 이 계약에는 탐사 요구사항이 완료되면 합작 투자를 위한 주주 협약이 포함되어 있습니다. 바릭은 즉시 해당 지역에서 탐사 작업을 시작할 예정입니다. 유니골드의 회장 겸 CEO인 조 해밀턴은 파트너십에 대한 기대감을 표현하면서 바릭의 기술적, 재정적 역량을 강조했습니다. 계약 조건에는 바릭이 3년 이내에 최소 2.5백만 미국 달러를 투자하여 60%의 지분을 취득하고, 실행 가능성 연구를 제출함으로써 80%의 소유권 증대 옵션을 포함하고 있습니다. 바릭은 프로젝트를 관리 및 운영하며, 표준 소유권 희석 조항이 적용됩니다.
Unigold Inc. annonce la signature d'un accord détaillé avec Barrick Gold définissant les termes selon lesquels Barrick pourra acquérir des parts dans la Concession d'Exploration Neita Norte en République Dominicaine. L'accord comprend un pacte d'actionnaires pour une joint-venture une fois les exigences d'exploration remplies. Barrick commencera immédiatement les travaux d'exploration dans la région. Joe Hamilton, président et PDG d'Unigold, a exprimé son enthousiasme pour ce partenariat, soulignant les capacités techniques et financières de Barrick. Les termes de l'accord stipulent que Barrick dépense un minimum de 2,5 millions de dollars américains en trois ans pour acquérir une participation de 60%, avec l'option d'augmenter sa part à 80% en fournissant une Étude de Faisabilité. Barrick gérera et exploitera le projet, avec des clauses de dilution standard en place.
Unigold Inc. gibt die Unterzeichnung eines umfassenden Vertrags mit Barrick Gold bekannt, der die Bedingungen festlegt, unter denen Barrick in die Neita Norte Explorationserlaubnis in der Dominikanischen Republik einsteigen kann. Zu dem Vertrag gehört eine Aktionärsvereinbarung für ein Joint Venture nach Erfüllung der Explorationsanforderungen. Barrick wird umgehend mit den Explorationsarbeiten in dem Gebiet beginnen. Joe Hamilton, Vorsitzender und CEO von Unigold, äußerte sich begeistert über die Partnerschaft und hob die technischen und finanziellen Fähigkeiten von Barrick hervor. Die Vertragsbedingungen sehen vor, dass Barrick innerhalb von drei Jahren mindestens 2,5 Millionen US-Dollar ausgibt, um einen 60% Anteil zu erwerben, mit der Option, den Anteil durch Vorlage einer Machbarkeitsstudie auf 80% zu erhöhen. Barrick wird das Projekt leiten und betreiben, wobei Standardverdünnungsklauseln gelten.
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Exploration programs to commence immediately
Toronto, 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 Agreement
As 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 million of expenditures in respect of the concession within the first eight years and delivering a PFS; and
delivering a written notice to UGD electing to exercise the earn-in right.
Following the earn-in of a 60% interest, Barrick will have the ability to elect to sole-fund and deliver a Feasibility Study by the end of year twelve which will allow Barrick to increase its ownership in the JV to 80%. The JV is be subject to standard dilution clauses which includes the criteria that should any partner own less than 15% of the JV they would be immediately diluted to a 2.5% NSR royalty. Barrick is the manager and operator of the project.
The agreement is subject to standard representations and warranties from both parties.
About Neita Norte
The 10,903 Ha Neita Norte Exploration Concession was granted to Unigold on March 27, 2023. The concession is valid for three years and has two one-year extensions that may be granted. Unigold has held the Neita area under various Exploration Concessions since 2002. In 2022, Unigold applied to split the area into a northern section (Neita Norte) and a southern area (Neita Sur). Unigold applied to convert the Neita Sur area into an Exploitation Concession in early 2022. That application is still pending final approval from government authorities.
The Neita Norte Concession is dominated by the Tireo Formation which can be traced for 300 km along a northwest-southeast strike and averages 35 km in width. It is comprised of volcano-sedimentary rocks and lavas from an Upper Cretaceous age volcanic island arc that extends from northwestern Haiti into the Cordillera Central of the Dominican Republic. It is believed that the older rocks of the Tireo Formation were thrust from north to south over the younger marine sediments of the southerly Trois Rivieres - Peralta Formation.
The Tireo Formation is subdivided into Upper and Lower members. The older Lower Tireo occurs in the eastern part of the concession area and is dominated by volcanic, volcaniclastics and pyroclastics of predominantly andesitic composition. Porphyry copper deposits are known to occur in the Lower Tireo formation in Haiti and likely also occur within the exposures of these rocks in the Dominican Republic. The main branch of the San Jose - Restauración Thrust Fault bisects the Concession almost in half along a northwest trending corridor. The younger Upper Tireo member dominates on the western side of the thrust and is comprised largely of volcanic and volcanoclastics rocks of andesitic to rhyodacitic composition. The Upper Tireo Formation is known to host volcanogenic copper-gold massive sulphide mineralization as well as epithermal gold-silver mineralization.
Unigold has identified areas within the Neita Norte concession that host surface expressions of mineralization. Some of these areas have seen limited follow-up drilling in the past ten years.
About Unigold Inc. - Discovering Gold in the Caribbean Unigold is a Canadian based mineral exploration company traded on the TSX Venture Exchange under the symbol UGD, the OTCQB exchange under the symbol UGDIF, and on the Frankfurt Stock Exchange under the symbol UGB1. The Company applied to split the "Neita Fase II" concession into an Exploitation Concession and an Exploration Concession in late February 2022: "Neita Norte" and "Neita Sur." The multi-million ounce Candelones gold deposits are within the 100% owned Neita Sur concession located in Dajabón province, in the northwest part of the Dominican Republic. The Company delivered a feasibility study for the Oxide portion of the Candelones deposit in Q4 of 2022. The application for the 9,990 Ha Neita Sur concession has moved smoothly through various permitting stages and the Company expects that a decision will be given on the application in the second half of 2024. The 10,903 Ha Neita Norte Exploration Concession was awarded to the Company in Q2 2023. Unigold has been active in the Dominican Republic since 2002 and remains the most active exploration Company in the country. The two concessions together form the largest single exposure of the volcanic rocks of the Cretaceous Tireo Formation. This island arc terrain is host to Volcanogenic Massive Sulphide deposits, Intermediate and High Sulphidation Epithermal Systems and Copper-gold porphyry systems. Unigold has identified over 20 areas within the concession areas that host surface expressions of gold systems. Unigold has been concentrating on the Candelones mineralization and is moving to bring these deposits into production.
For further information please visit http://www.unigoldinc.com or contact: Mr. Joseph Hamilton Chairman & CEO T. (416) 866-8157
Forward-Looking Statements Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995. For more information, please visit https://www.unigoldinc.com/profile/forward-looking-statement.
What does the agreement between Unigold Inc. and Barrick Gold entail?
The agreement details the terms under which Barrick can earn into the Neita Norte Exploration Concession in the Dominican Republic, including a shareholders agreement for a joint venture upon meeting exploration requirements.
Who will commence exploration work in the Neita Norte area?
Barrick Gold will commence exploration work in the Neita Norte area immediately.
What are the minimum expenditures Barrick needs to incur to acquire a 60% interest in the Neita Norte Exploration Concession?
Barrick needs to incur at least US$2.5 million of expenditures within the first three years, with a total of US$8 million within the first six years to acquire a 60% interest.
How can Barrick increase its ownership in the joint venture to 80%?
Barrick can increase its ownership to 80% by delivering a Feasibility Study by the end of year twelve.
Who will manage and operate the project after Barrick's earn-in of a 60% interest?
Barrick Gold will manage and operate the project after earning a 60% interest.
