Midland Enters into Term Sheet to Option Its Patris Gold Property to Barrick
Midland Exploration Inc. has signed a term sheet with a subsidiary of Barrick Gold that gives Barrick the right to earn into Midland’s Patris gold property, located approximately 30 kilometres to the northeast of the town of Rouyn-Noranda, Quebec.
Under the terms of the term sheet, Barrick has the right to acquire up to a 75% interest in the Patris property in for C$1,017,500 and exploration work totalling C$16,575,000, over an eight-year period, including a guaranteed amount of C$3,000,000, over a four-year period.
A term sheet is a nonbinding agreement that shows the basic terms and conditions of an investment. The term sheet serves as a template for the final agreement.
“We are delighted to welcome Barrick as one of our new high-quality partners who will ensure the progress of future exploration work on this excellent gold project,” Gino Roger, President, and Chief Executive Officer of Midland.
Based on the stipulations in the term sheet, Midland and Barrick have agreed to negotiate a definitive earn-in and joint venture agreement, which is subject to customary terms and conditions as set forth in the term sheet, including the successful negotiation and execution of a definitive agreement for the Transaction, the satisfactory completion of due diligence by Barrick and the receipt of any required regulatory approvals.
The Patris project comprises 298 claims covering a surface area of about 117 square kilometres, located less than 10 kilometres northwest of the prolific Doyon/Westwood-Bousquet-La Ronde gold mining camp. The property offers excellent gold potential as it covers the Manneville Fault over more than 8 kilometres and the La Pause Fault over more than 10 kilometres, both recognized as subsidiary faults to the well-known Destor-Porcupine Fault Zone.
Midland explores in mineral potential of Quebec to make the discovery of new world-class deposits of gold and critical metals. Midland has partnered with some the leading gold mining companies including Barrick, BHP Canada Inc., Rio Tinto Exploration Canada Inc., Wallbridge Mining Company Ltd, Probe Gold Inc., Agnico Eagle Mines Limited, Osisko Development Corp., SOQUEM Inc., Brunswick Exploration Inc., Nunavik Mineral Exploration Fund, and Abcourt Mines Inc.
Midland prefers to work in partnership and intends to quickly conclude additional agreements regarding newly acquired properties. Management is currently reviewing other opportunities and projects to build up the Corporation portfolio and generate shareholder value.
For further information, please consult Midland’s website or contact:
Gino Roger, President, and Chief Executive Officer
Tel.: 450-420-5977
Fax: 450-420-5978
Email: info@midlandexploration.com
Website: www.midlandexploration.com
Tags: Quebec / Exploration / Gold / All Articles