Georgetown: The Government of Guyana through the Ministry of Natural Resources announced that StrataGold Guyana Inc. has partnered with Barrick Gold Corporation to fund the exploration of the Arakaka Gold Project in Guyana.
Barrick Gold, a Canadian entity is the world’s largest gold company with operations on several continents. Since early 2013, StrataGold Guyana has consistently progressed exploration activity of the Arakaka Gold Project with the aim of defining economically viable gold resources suitable for large scale mining operations. The investment by Barrick allows for StrataGold Guyana to enhance this activity, and for further staged advancement of the Arakaka Gold Project over a period of up to four years. In particular, the earn-in agreement will ensure that drilling begins as soon as practicable with Barrick required to spend a minimum of approximately GYD$370 million (USD$1.8 million) in 2016. While StrataGold Guyana will continue to be the operator of the project, the Ministry considers it a positive comment on the investment potential in Guyana by having a global company like Barrick Gold Corporation partner in the country’s exploration, and looks forward to a long and mutually rewarding relationship between the investors and the people of Guyana.
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