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Follow on Google News | Coral Gold TSX.V-CLH-Jr Partner Barrick Has Completed Second Hole at Gold Ridge Property, NevadaBarrick Gold announced a joint venture with Coral Gold in March 2014 and has now completed two drill holes at the Gold Ridge Property, Nevada
By: Coral Gold The drill program is pursuant to the exploration and option to joint venture agreement announced in the Company's news release dated March 5th, 2014. In the agreement, Barrick Gold Exploration Inc. ("Barrick Gold"), and Barrick Gold Corporation ("Barrick"), pursuant to which Barrick Gold has been granted an option to earn up to an undivided 60% interest on the Company's Gold Ridge Property in Nevada (consisting of a portion of the Robertson Property) in consideration for Barrick Gold incurring US$12,000,000 in exploration expenditures over a five year period. The Option Agreement provides that upon Barrick Gold exercising its option, a 60%/40% joint venture between the parties will be established in order to further explore the Gold Ridge Property. In addition, the joint venture agreement also provides Barrick Gold with the right to increase its interest by an additional 15% for an aggregate undivided 75% interest by preparing and delivering to the Company a scoping study. The Gold Ridge claims are separate and adjacent to Coral's core claims at Robertson which host an inferred gold resource of 2.7 million ounces, a portion of which was the subject of a preliminary economic assessment in 2012. The core claims are host to a near surface resource that shows typical characteristics of porphyry/hornfels mineralized system which has historically been an indication of a deeper feeder system hosted in the lower plate below. To view a map of Coral's claims and the Cortez trend http://www.coralgold.com/ Qualified Person Coral's projects are under the supervision of Chris Sampson, P.Eng, Coral VP and a Director, who is a qualified person within the context of National Instrument 43-101. Mr. Sampson has reviewed and approved the technical data herein. About Coral Coral Gold Resources has a portfolio of strategically- Note: Due to the uncertainty that may be attached to an inferred mineral resource, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured resource as a result of continued exploration. ON BEHALF OF THE BOARD “David Wolfin” ___________________________________ David Wolfin President & Chief Executive Officer CONTACT INFORMATION: Coral Gold Resources Ltd. David Wolfin President & Chief Executive Officer 604-682-3701 info@coralgold.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. Except as required by law, the Company does not assume the obligation to update any forward-looking statement. End
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