Barrick drops Yellow Pine option

After completing a preliminary drilling program, American Barrick Resources (TSE) has decided not to invest in Hecla Mining’s (NYSE) Yellow Pine gold deposit in Idaho.

Last summer, Barrick signed a letter of intent to earn a 70% interest in the property by making payments totalling US$7 million and completing a feasibility report by the end of 1997.

The Canadian gold producer investigated the potential of a refractory deposit underlying the recently mined-out oxidized layer.

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