Terraco Gold Humboldt Range Update
June 10 2014 - 5:17PM
Marketwired
Terraco Gold Humboldt Range Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 10, 2014) -
Terraco Gold Corp. ("Terraco" or the "Company") (TSX-VENTURE:TEN)
is pleased to announce a Humboldt Range update including activity
on its Spring Valley Assets.
Terraco Humboldt Range Background
Terraco holds net smelter return ("NSR") royalty assets of up to
3% on claims covering the vast majority of the currently outlined
Spring Valley gold deposit. The Spring Valley gold project is
operated by Barrick Gold Corp. ("Barrick") and is a joint venture
with Midway Gold Corp. ("Midway") whereby Barrick is the 70%
partner. Terraco's royalty assets include direct NSR ownership,
options to purchase NSR royalties and a right of first refusal to
purchase a 1.0% NSR on an area of interest within a half-mile of
the core claim block. Terraco's holds its Spring Valley royalty
assets and its northerly adjoining 35 km2 Moonlight exploration
project land holdings within one Nevada domiciled subsidiary
(collectively, the "Spring Valley Assets").
Spring Valley Activity - Barrick
Activity on the Spring Valley gold project is continuing
aggressively with Barrick advancing the project to a
pre-feasibility stage and confirming production potential for the
project (see Barrick's April 30, 2014 announcement Barrick
Reports First Quarter 2014 Results(1) and Midway's May 16,
2014 announcement, Midway Reports Barrick Advances to
Pre-Feasibility Spring Valley Gold Project, Nevada(2)). In
addition, Midway announced that it had received Barrick's 2014
budget regarding the Spring Valley gold project and that it
included USD$8,300,000 for project development and USD$5,000,000
for exploration work. The total budget of USD$13,300,000 announced
was to advance the project (see Midway's announcement May 16, 2014,
Midway Announces Barrick's $13.3 Million Planned 2014
Expenditures for Spring Valley, Nevada(2)).
Southern Humboldt Range New Entrant - Sumitomo
Regional Southern Humboldt Range activity, in addition to the
above noted Spring Valley developments, includes a new entrant
along trend adjoining Terraco's Moonlight Project to the North.
Renaissance Gold Inc. ("Renaissance") has signed an exploration
agreement with Sumitomo Corporation's U.S. subsidiary, Summit
Mining Exploration II, Inc., to earn up to a 70% interest in the
Fourth of July project that is along strike (to the north) from the
Rochester Mine, Barrick's Spring Valley and Terraco's Moonlight
Project. Terraco's Moonlight Project now sits between two major
mining companies in Barrick and Sumitomo.
"With the completion of Barrick's USD$38,000,000 earn-in on
the Spring Valley gold project (in February 2014) and the
subsequent announcements made by Midway that Barrick has moved to
prefeasibility and is spending USD$13,300,000 in 2014 on the
project, we are feeling confident that the Spring Valley gold
project will become the mine we had hoped for when we acquired our
Spring Valley royalty assets. In addition, there is more activity
district wide in the Southern Humboldt trend with other majors like
Sumitomo coming into the mix," said President and CEO Todd
Hilditch.
For a description of Terraco's Spring Valley Assets, including a
narrated video presentation and a royalty map of Spring Valley
deposit, please follow the below link to our website, further to
the Spring Valley Asset Presentation (bottom right of Home Page):
www.terracogold.com.
More information on the Spring Valley project can be accessed
through Sedar (further to Midway Gold) or Midway's website.
Shareholder Notice
Shareholders and investors that currently receive news releases
or corporate updates from Terraco will be receiving a direct email
within a week whereby your consent to receive future Company news
releases and updates will be required. In keeping up with Canada's
new anti-spam law, which comes into effect on July 1, 2014, Terraco
is required to request and receive your consent prior to sending
news releases and corporate updates. Your action to our email
request is required on or before July 1, 2014.
Corporate
The Company also announces the grant of an aggregate total of
5,051,000 incentive stock options to directors, officers, employees
and consultants of Terraco pursuant to its Stock Option Plan with
certain vesting provisions. These options will be exercisable at a
price of CAN$0.16 per share and will expire on June 9, 2019. The
grant of the incentive stock options is subject to regulatory
approval.
About Terraco Gold
Terraco is a junior mining company with a gold project portfolio
that includes a gold royalty and royalty options on the Spring
Valley Project (Nevada), which is a joint venture among the world's
largest gold producer, Barrick Gold Corp., and Midway Gold Corp.
Terraco also controls over 35 sq kms of early-stage exploration
potential (the Moonlight Project) adjoining the Spring Valley
Project joint venture to the north. In addition, Terraco has an
advanced-stage gold project in Idaho which hosts a National
Instrument 43-101 compliant gold resource.
Terraco is listed on the TSX Venture Exchange under the symbol
"TEN". Please visit Terraco's website at www.terracogold.com for
additional information.
Neither the 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.
Forward-Looking
Statements
This news release contains forward looking statements. Although
Terraco believes that the expectations reflected in these forward
looking statements are reasonable, undue reliance should not be
placed on them because Terraco can give no assurance that they will
prove to be correct. Since forward looking statements address
future events and conditions, by their very nature, they involve
inherent risks and uncertainties. Additional information on these
and other factors that could affect Terraco's operations and
financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com)
(1)
www.barrick.com/investors/news/news-details/2014/Barrick-Reports-First-Quarter-2014-Results/default.aspx
(2) www.midwaygold.com/news/2014/
Terraco Gold Corp.Todd HilditchPresident and CEO(604) 443-3831
or Toll free: 1 877 792-6688 Ext 2(604)
682-3860www.terracogold.com
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