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| Home : Coral Enters Into Option and Joint Venture Agreement and Private Placement of $705,500 With Barrick |
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Mar 05
2014 |
Coral Enters Into Option and Joint Venture Agreement and Private Placement of $705,500 With Barrick |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 5, 2014) - Coral Gold Resources Ltd. (TSX VENTURE:CLH)(OTCBB:CLHRF)(BERLIN:GV8)(FRANKFURT:GV8); ("Coral" or the "Company") is pleased to announce that the Company has entered into an exploration and option to joint venture agreement (the "Option Agreement") with Coral Resources, Inc., the Company's wholly owned subsidiary, Barrick Gold Exploration Inc. ("Barrick Gold"), and Barrick Gold Corporation ("Barrick"), pursuant to which Barrick Gold has been granted an option to earn up to an undivided 60% interest on the Company's Gold Ridge Property in Nevada (consisting of a portion of the Robertson Property) in consideration for Barrick Gold incurring US$12,000,000 in exploration expenditures over a five year period. In addition, Barrick Gold has the option to increase its interest by an additional 15% for an aggregate undivided 75% interest by preparing and delivering to the Company a scoping study. The Option Agreement also provides that upon Barrick Gold exercising its option, a 60%/40% or a 75%/25% joint venture between the parties will be established in order to further explore the Gold Ridge Property. |
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| Source:http://www.marketwired.com/mw/release.do?id=1885716&sourceType=3 |
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