Yahoo Finance Coral Gold Closes Sale of Robertson Property in Nevada to Barrick Gold Subsidiary - Video Available on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - June 9, 2017) - Coral Gold Resources (TSXV: CLH) (OTC Pink: CLHRF) (FSE: GV8A) has closed the sale of its Robertson Property, previous announced in June 2016, to Barrick Cortez, a subsidiary of Barrick Gold Corporation. Robertson, which is almost surrounded by Barrick, is an advanced-stage exploration property located along the Cortez gold trend as Cortez/Pipeline Gold Mine, which produced over a million ounces of gold in 2016 and recently reported gold reserves of 10.2 million ounces proven and probable.
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Properties included in the transaction are the Core, Gold Ridge, Excluded and the RUF mining claims, leaving Coral Gold with a portfolio of strategically-located claim blocks along the Cortez gold trend, including the properties known as the Norma, Saas, Eagle and JDN mining claims.
A cash payment of US$15.75 million on closing
The return of 4,150,000 shares of Coral held by Barrick, which will be cancelled
A sliding scale of 1% to 2.25% net smelter returns royalty
In the event the Robertson Property is not placed into production by December 31, 2024, Barrick will begin making advance royalty payments of US$500,000 annually
Barrick will also assume all liabilities relating to the Robertson Property, and will provide replacement security for the reclamation bond.
David Wolfin, President and CEO, stated: "The sale of Robertson to Barrick, and the potential for long-term royalty income down the road, represents a major turning point for Coral and its shareholders. Coral is evolving quickly with a fresh business model and strategy, looking to capitalize on our experience, knowledge and relationships in Nevada, particularly on the Cortez gold trend. As Robertson is advanced to production, Coral's NSR could be become a very valuable asset for Coral shareholders and provide continued economic benefits."
Rob Krcmarov, Barrick Gold Corporation's Executive Vice President, Exploration and Growth, stated: "We are excited to add Robertson to our pipeline of projects at the Cortez property. Consolidating ownership of the Robertson project will allow us to realize synergies with the Cortez operation, benefitting both Barrick and Coral shareholders as the project advances."
The shares are trading at $0.35, and with 48.8 million shares outstanding, the company is capitalized at $17.1 million.
For more information, please visit the company's website, www.coralgold.com, call 604-682-3701 or email ir@coralgold.com.
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