Barrick Sells Pinson Mine Interest To Atna Resources Ltd.
TORONTO, ON - Barrick Gold Corporation sold its 70% interest in the Pinson Mine (the "Pinson Mine"), located in Humboldt County, Nevada, to Atna Resources Ltd. In consideration for Barrick's interest in the Pinson Mine, Atna paid Barrick $15 million and issued Barrick 15 million common shares. Atna also granted Barrick a 10% net profits royalty that will be triggered after the first 120,000 ounces of gold are produced from the property. In addition, Barrick and Atna each received certain property interests and entered into a non-exclusive agreement allowing for the processing of Pinson Mine ore at Barrick's Goldstrike processing facilities. Based on the closing market price at the time of announcement of the transaction of C$0.76 per common share, the value of the Atna Shares is approximately C$11.4 million. Barrick now owns 15 million common shares of Atna, representing approximately 12.8% of the issued and outstanding common shares of Atna. Barrick intends to hold the Atna shares for investment purposes and may acquire additional common shares of Atna in the future.