Barrick has notified Coppermoly Limited that they have met the $20 million expenditure commitment under the farm-in agreement on Coppermoly’s tenements on New Britain Island (Simuku, Nakru and Talelumas). A joint venture for the exploration and evaluation and, if warranted, the development of the tenements will now be formed. Coppermoly will retain a 28% interest in all tenements and its cash contribution towards completion of a feasibility study will be delayed until after the commencement of production and will be repaid from Coppermoly’s share of any future production revenue.
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