Coppermoly Limited (Coppermoly), an Australia-based mineral exploration company has agreed with Barrick Gold Limited (Barrick) to amend the terms of its agreement for the acquisition of Barrick’s interests in the three exploration licences, EL1043 – Nakru, EL 1077 – Simuku and EL 1445 – Talelumas
Under the terms of the amended Reacquisition Agreement, Coppermoly may, prior to 31 July 2014, elect to satisfy the second payment due to Barrick, of $1,331,836 in whole or part by issuing fully paid ordinary shares in Coppermoly to Barrick or its nominee.
This was revealed by Maurice Gannon, the managing director of Coppermoly in a statement.
“This is an extremely valuable agreement. We are pleased with Barrick’s co-operation in agreeing to this variation, which enables us to satisfy the Second Purchase Price without drawing upon cash and to focus our efforts on exploration.
“Our recent work has proven that we have truly excellent exploration assets and this has really put the reacquisition strategy into perspective.
“In recent months we’ve brought together a great team. We have so many exciting prospects and we have carefully planned how we will go about proving them.
“Now and for the next few years at least any funds raised can be finally be dedicated to the fullest extent possible to ‘in-the-ground’, high quality exploration. We have been working tirelessly to bring this to fruition for a long time” Mr Gannon said.
Mr Gannon said that Coppermoly will in August acquire an additional 21% interest from Barrick, taking Coppermoly to a 72% interest in the three Exploration Licences (EL1043 – Nakru, EL 1077 – Simuku and EL 1445 – Talelumas), on the satisfaction of requirements of the First Election.