Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) president and chief
executive Mark Bristow met Senegalese
President Macky Sall today to discuss how best to bring
the Massawa gold project to account in partnership with the
country’s government.
Massawa and its associated orebody, Sofia, were
discovered by Randgold Resources, since merged with Barrick, which
invested $96.2 million in a feasibility study.
Subsequent to the original feasibility model, an update of reserve
pricing to $1,200/oz resulted in a total Probable Mineral Reserve
of 20.9Mt @ 3.94g/t for 2.6Moz as at December 31, 2018 (100%
basis)1, with lower strip ratios and higher proportions of low cost
ore fed to the plant, relative to the $1,000/oz Mineral
Reserve.
The feasibility study also defined additional
upside within Massawa’s $1,500/oz Mineral Resource base including
an Indicated Mineral Resource of 23Mt @ 4.00g/t for 3.0Moz and an
Inferred Mineral Resource of 6.3Mt @ 3.0g/t for 0.6Moz, as at
December 31, 2018 (100% basis)2. Ongoing exploration in 2019
has identified additional opportunities to further add to the
project inventory. The project’s environmental impact study
has been approved and a mining permit application and plan have
been submitted to the government.
Bristow says it is clear that Massawa offers
enormous potential value to Barrick’s shareholders, future
investors and its Senegalese stakeholders. It also represents
an opportunity to further develop Senegal’s fledgling gold mining
industry.
“Barrick is committed to delivering Massawa for
the benefit of all stakeholders. We are now addressing how
best to realize the full value of this asset in cooperation with
the government,” he said.
Barrick, through Randgold, has invested
$141 million in exploration in Senegal since 2002. In
addition to Massawa, Barrick has a large exploration program
adjacent to Senegal’s border with Mali and close to its
Loulo-Gounkoto complex as part of its Bambadji joint venture.
Enquiries
President and chief executiveMark Bristow+1 647 205 7694+44 788 071
1386 |
Group regional manager West Africa Mahamadou Samaké +223 66 75 61
36 |
Investor & media relationsKathy du Plessis+44 20 7557
7738Email: barrick@dpapr.com |
Website: www.barrick.com
Technical InformationA
Technical Report to support the feasibility study for the Massawa
gold project has been prepared in accordance with National
Instrument 43-101. The report is dated as of 23 July 2019 and
was filed today on SEDAR. Refer to the Technical Report for
further information with respect to the key assumptions, parameters
and risks associated with the results of the feasibility study, the
mineral reserve estimates included therein and other technical
information. The Technical Report project was filed on a
voluntary basis, and not as a result of a requirement of National
Instrument 43-101.
The following qualified persons, as that term is
defined in National Instrument 43-101 – Standards of Disclosure for
Mineral Projects, have prepared or supervised the preparation of
their relevant portions of the technical information described
above and the related Technical Report on file:
- Rodney Quick, MSc, Pr. Sci.Nat,
Mineral Resource Management and Evaluation Executive of
Barrick;
- Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources
Manager of Barrick;
- Mr. Richard Quarmby, BSc, Pr Eng
& CEng, MSAIChE, MIoMMM, MBA, Africa & Middle East Capital
Projects Metallurgist of Barrick; and
- Mr Graham E. Trusler, MSc, Pr Eng,
MiChe, MSAIChE, CEO of Digby Wells Environmental (Jersey)
Limited
Cautionary Statement on Forward-Looking
Information Certain information contained or
incorporated by reference in this press release, including any
information as to our strategy, projects, plans, or future
financial or operating performance, constitutes “forward-looking
statements”. All statements, other than statements of historical
fact, are forward-looking statements. The words “plan”, “project”,
“potential”, “develop”, “can” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: (i) the results of the feasibility study and the
ability of Barrick to realize the full potential of Massawa in
cooperation with the government of Senegal; (ii) the ability of
Barrick to further add to Massawa’s project mineral inventory; and
(iii) Massawa’s potential value to Barrick’s shareholders, future
investors and Senegalese stakeholders.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic, and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements, and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper, or certain other commodities
(such as silver, diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation, and exploration
successes; risks associated with projects in the early stages of
evaluation, and for which additional engineering and other analysis
is required; disruption of supply routes which may cause delays in
construction and mining activities; diminishing quantities or
grades of reserves; increased costs, delays, suspensions and
technical challenges associated with the development and
construction of capital projects; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; failure to comply with environmental and health
and safety laws and regulations; timing of receipt of, or failure
to comply with, necessary permits and approvals; uncertainty
whether some or all of targeted investments and projects will meet
the Company’s capital allocation objectives and internal hurdle
rate; the impact of global liquidity and credit availability on the
timing of cash flows and the values of assets and liabilities based
on projected future cash flows; the impact of inflation;
fluctuations in the currency markets; changes in national and local
government legislation, taxation, controls or regulations and/ or
changes in the administration of laws, policies and practices,
expropriation or nationalization of property and political or
economic developments in Canada, the United States and Senegal;
damage to the Company’s reputation due to the actual or perceived
occurrence of any number of events, including negative publicity
with respect to the Company’s handling of environmental matters or
dealings with community groups, whether true or not; lack of
certainty with respect to foreign legal systems, corruption and
other factors that are inconsistent with the rule of law; the
possibility that future exploration results will not be consistent
with the Company’s expectations; risks that exploration data may be
incomplete and considerable additional work may be required to
complete further evaluation, including but not limited to drilling,
engineering and socioeconomic studies and investment; risk of loss
due to acts of war, terrorism, sabotage and civil disturbances;
litigation and legal and administrative proceedings; contests over
title to properties, particularly title to undeveloped properties,
or over access to water, power and other required infrastructure;
risks associated with working with partners in jointly controlled
assets (including the Bambadji joint venture); risks associated
with illegal and artisanal mining; the risks of operating in
jurisdictions where infectious diseases present major health care
issues; disruption of supply routes which may cause delays in
construction and mining activities; employee relations including
loss of key employees; increased costs and physical risks,
including extreme weather events and resource shortages, related to
climate change; and availability and increased costs associated
with mining inputs and labor.
In addition, there are risks and hazards
associated with the business of mineral exploration, development
and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion, copper cathode or gold or copper concentrate losses
(and the risk of inadequate insurance, or inability to obtain
insurance, to cover these risks).
Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Endnotes1. Estimated in accordance with National
Instrument 43-101 as at December 31, 2018. For additional
information refer to Section 24.2, “Alternate Case – Ore Reserves
and Economics at $1,200/oz Gold Price” of the Technical Report for
the Massawa gold project dated as of 23 July 2019 and filed on
SEDAR on that date.2. Estimated in accordance with National
Instrument 43-101 as at December 31, 2018, complete mineral
resource data can be found on page 44-45 of Barrick’s 2018 Form
40-F/Annual Information Form on file with the SEC at www.sec.gov
and Canadian provincial securities regulatory authorities at
www.sedar.com.
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