Barrick Secures Egyptian Exploration Licenses
July 27 2021 - 10:21AM
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has been awarded four
exploration licenses for 19 blocks following its participation in
the International Bid-Round (1)/2020 led by the Egyptian government
for exploration of gold and associated minerals in the highly
prospective Eastern Desert region of the country. The Eastern
Desert is part of the Proterozoic Arabian Nubian Shield, which
hosts the giant Sukari deposit and numerous other gold occurrences,
but which has seen no recent systematic exploration.
Barrick intends to work closely with the
Egyptian Mineral Resource Authority (EMRA) and other participating
exploration and mining companies, over the period of a year, to
finalize the terms of Egypt’s exploitation license agreement which
will apply to the industry.
“The move into Egypt is an integral part of
Barrick’s exploration strategy. Barrick is a global company and we
evaluate opportunities anywhere we see the potential for
world-class deposits capable of passing our investment filters. We
believe that it is essential to move into prospective emerging and
underexplored mineral belts to maintain the discovery rate as part
of a balanced development strategy,” says Barrick SVP exploration
Joel Holliday.
In 2021, Barrick expanded its exploration
portfolio with the addition of other prospective new property
positions in Tanzania, Guyana, Japan and Nevada.
“The opportunity in Egypt is an exciting
addition to our portfolio and we look forward to a long and
successful partnership with the Egyptian government,” said Barrick
president and CEO Mark Bristow.
Enquiries
Investor and Media RelationsKathy du Plessis+44
20 7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking
Information Certain information contained or
incorporated by reference in this press release, including any
information as to our strategy, projects, plans, or future
financial or operating performance, constitutes “forward-looking
statements”. All statements, other than statements of historical
fact, are forward-looking statements. The words ”secure”, “intend”,
“prospective”, “finalize”, “strategy”, “evaluate”, “potential”,
“believe”, “will”, “expand”, “partnership and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to Barrick’s exploration licenses and
planned exploration activities in the Eastern Desert region of
Egypt, Barrick’s intention to work closely with the EMRA and other
exploration and mining companies to finalize the terms of Egypt’s
exploitation license agreement for the mining industry, the
inclusion of Egypt in Barrick’s global exploration strategy, and
Barrick’s future partnership with the Egyptian government.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic, and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements, and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper, or certain other commodities
(such as silver, diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation, and exploration
successes; risk of loss due to acts of war, terrorism, sabotage and
civil disturbances; risks associated with projects in the early
stages of evaluation, and for which additional engineering and
other analysis is required; failure to comply with environmental
and health and safety laws and regulations; timing of receipt of,
or failure to comply with, necessary exploration permits and other
permits approvals; uncertainty whether some or all of targeted
investments and projects will meet the Company’s capital allocation
objectives and internal hurdle rate; changes in national and local
government legislation, taxation, controls or regulations and/or
changes in the administration of laws, policies and practices,
expropriation or nationalization of property and political or
economic developments in Egypt and other jurisdictions in which the
Company or its affiliates do or may carry on business in the
future; damage to the Company’s reputation due to the actual or
perceived occurrence of any number of events, including negative
publicity with respect to the Company’s handling of environmental
matters or dealings with community groups, whether true or not;
risks associated with artisanal and illegal mining; risks
associated with new diseases, epidemics and pandemics, including
the effects and potential effects of the global Covid-19 pandemic;
litigation and legal and administrative proceedings; employee
relations including loss of key employees; increased costs and
physical risks, including extreme weather events and resource
shortages, related to climate change; and availability and
increased costs associated with mining inputs and labor. Barrick
also cautions that its guidance may be impacted by the
unprecedented business and social disruption caused by the spread
of Covid-19. In addition, there are risks and hazards associated
with the business of mineral exploration, development and mining,
including environmental hazards, industrial accidents, unusual or
unexpected formations, pressures, cave-ins, flooding and gold
bullion, copper cathode or gold or copper concentrate losses (and
the risk of inadequate insurance, or inability to obtain insurance,
to cover these risks).
Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
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.
Barrick Gold (TSX:ABX)
Historical Stock Chart
From Feb 2024 to Mar 2024
Barrick Gold (TSX:ABX)
Historical Stock Chart
From Mar 2023 to Mar 2024