Barrick Gold (ABX-T) has signed an agreement allowing it to explore the deeper potential of Rayrock Yellowknife Resources’ (RAY-T) Dee gold property in Nevada.
Barrick will spend at least US$2 million during the first two years, but, to earn a 60% interest in the property, may elect to spend up to US$6.5 million in five years. During Barrick’s earn-in period, Rayrock will retain 100% of Dee’s 1997 production, estimated at 39,000 oz. gold.
Rayrock expects to close the Dee pit by the end of 1998’s first quarter, with milling to be shut down by the end of the second quarter. Leaching will continue for about three years.
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