Barrick Sells Pinson Mine Interest to Atna Resources Ltd.
TORONTO, ONTARIO -- (Marketwire) -- 09/08/11 -- All amounts expressed in US dollars unless otherwise indicated
Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) ('Barrick' or 'the Company') announced today that on September 2, 2011, Barrick sold its 70% interest in the Pinson Mine (the 'Pinson Mine'), located in Humboldt County, Nevada, to Atna Resources Ltd. ('Atna'). In consideration for Barrick's interest in the Pinson Mine, Atna paid Barrick $15 million and issued Barrick 15 million common shares (the 'Atna Shares'). Atna also granted Barrick a 10% net profits royalty that will be triggered after the first 120,000 ounces of gold are produced from the property. In addition, Barrick and Atna each received certain property interests and entered into a non-exclusive agreement allowing for the processing of Pinson Mine ore at Barrick's Goldstrike processing facilities. Based on the closing market price at the time of announcement of the transaction of C$0.76 per common share, the value of the Atna Shares is approximately C$11.4 million. Barrick now owns 15 million common shares of Atna, representing approximately 12.8% of the issued and outstanding common shares of Atna. Barrick intends to hold the Atna shares for investment purposes and may acquire additional common shares of Atna in the future.
Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this press release, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute 'forward-looking statements'. All statements, other than statements of historical fact, are forward-looking statements. The word 'intend' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Barrick cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from Barrick's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Certain of these factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.
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.
Contacts:
INVESTOR CONTACT: Deni Nicoski
Vice President, Investor Relations
(416) 307-7410
dnicoski@barrick.com
MEDIA CONTACT: Andy Lloyd
Senior Manager, Communications
(416) 307-7414
alloyd@barrick.com