Gold major Barrick Gold has acquired an option to earn a 70% interest in the El Quevar project, Argentina, Colorado-based precious metals exploration and development company Golden Minerals announced on Monday.
Barrick will purchase $1-million of Golden Minerals shares pursuant to a private placement transaction at $0.21 a share.
In order to earn an undivided 70% interest in the El Quevar project, Barrick has to spend $10-million on exploration, deliver an NI 43-101-compliant pre-feasibility study describing a potentially profitable operation with mineral resources of not less than two-million gold equivalent ounces, and deliver a written notice of exercise to Golden within eight years.