Barrick Gold Corporation (TSE: ABX) - Barrick Commits To Delivering Massawa For Benefit Of All Stakeholders -- 23/7/2019.
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) president and chief executive Mark Bristow met Senegalese President Macky Sail 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 20.9 Mt @ 3.94 g/t for 2.6 Moz 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 23 Mt @ 4.00 g/t for 3.0 Moz and an Inferred Mineral Resource of 6.3 Mt @ 3.0g/t for 0.6 Moz, 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.
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|Title Annotation:||Media Releases|
|Date:||Jul 25, 2019|
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