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Canary Systems
news Barrick completes sale of Lagunas Norte mine in Peru
Barrick Gold Corporation has completed the previously announced divestiture of its 100 per cent interest in the Lagunas Norte mine to Boroo Pte Ltd (Singapore) for a total consideration of up to $81 million, plus the assumption by Boroo of Barrick’s closure liability relating to Lagunas Norte.
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Barrick president and chief executive Mark Bristow said the sale was in line with Barrick’s policy of selling non-core interests, a process which has already
realized some $1.5 billion, in order to focus on its portfolio of tier one assets. The Boroo acquisition would benefit the mine’s stakeholders in Peru, he said, by offering an opportunity to extend its life by accessing satellite resources and adapting the infrastructure. Barrick will keep a team in Peru to continue to develop its portfolio of exploration assets and to pursue opportunities to find and operate worldclass gold and or copper mines in the country.
Fosterville South to drill Beechworth Gold Project
Fosterville South Exploration is mobilizing a drill rig to commence drilling at its Beechworth Gold Project, located within the Tabberabbera Zone in the state of Victoria, Australia. The drill program will be at depth beneath historic highgrade gold mines.
“Historically, hard-rock production and exploration focused on gold shoots above 1oz/t,” said Rex Motton, COO of Fosterville South. “As our drill program is designed to drill beneath these former gold mines, we anticipate that drilling will confirm high-grade mineralization at depth. Recently, another operator bordering our projects announced that their highgrade results were confirming the thesis that high-grade gold mineralization exists beneath historic gold mines.” The Beechworth Gold Project is a drill ready high-grade gold project to the north-east of the company’s extensive land package in the state of Victoria. The Beechworth Gold Project consists of one granted exploration license (Beechworth license) and three tenement applications (Myrtleford, Harrietville and Lady Jane) covering an area of 459 km2. A large number of prospects were mined in the late 19th and early 20th centuries.
