As stated in their April 30, 2014 announcement, Barrick Reports First Quarter 2014 Results1:
"Barrick has earned a 70 percent interest in the Spring Valley project approximately 60 miles west of Cortez by conducting exploration drilling and scoping activities. The project has advanced to the pre-feasibility stage and could potentially be a new stand-alone gold mine."
Ken Brunk, President and CEO of Midway states, "We are pleased that Barrick has completed their 70% earn-in well in advance of the required timeline and doubly pleased by this decision to further develop the project toward production. We expect 2014 will be a productive year for the project and look forward to continuing this partnership at Spring Valley."
Barrick achieved their earn-in by spending $38M to earn a 70% interest in the project (see February 24, 2014 press release). Midway has the option to be carried to production, at which point Midway would retain a 25% interest in Spring Valley.
Spring Valley Project, Nevada:
Spring Valley is a large porphyry-hosted gold system located about 20 miles northeast of Lovelock in Pershing County, Nevada.
