Barrick’s 70% Earn-in at Spring Valley Ahead of Schedule

Midway Gold (NYSE:MDW) said on Monday that Barrick Gold (NYSE:ABX, TSX:ABX) — its partner in the Spring Valley project in Nevada — has completed $38 million in exploration expenditures, meaning it has earned a 70 percent interest in the project.

The earn-in milestone comes over a year ahead of schedule, said Midway Gold.

As quoted in the press release:

Ken Brunk, Midway’s President & CEO, stated, “November is truly a pivotal month for Midway with significant progress achieved at our Pan project and at Spring Valley. Barrick’s aggressive approach to the earn-in at Spring Valley speaks to the high quality of the project. We will be evaluating our option to retain a 30% interest in the project and develop with Barrick, or to dilute to a 25% interest in the project in exchange for a full carry to production.”

Click here for the full press release by Midway Gold (NYSE:MDW)

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