Coral Enters Into Option and Joint Venture Agreement and Private Placement of $705,500 With Barrick
06 March 2014 - 3:23AM
Marketwired
Coral Enters Into Option and Joint Venture Agreement and Private
Placement of $705,500 With Barrick
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 5, 2014) - Coral
Gold Resources Ltd.
(TSX-VENTURE:CLH)(OTCBB:CLHRF)(BERLIN:GV8)(FRANKFURT:GV8); ("Coral"
or the "Company") is pleased to announce that the Company has
entered into an exploration and option to joint venture agreement
(the "Option Agreement") with Coral Resources, Inc., the Company's
wholly owned subsidiary, Barrick Gold Exploration Inc. ("Barrick
Gold"), and Barrick Gold Corporation ("Barrick"), pursuant to which
Barrick Gold has been granted an option to earn up to an undivided
60% interest on the Company's Gold Ridge Property in Nevada
(consisting of a portion of the Robertson Property) in
consideration for Barrick Gold incurring US$12,000,000 in
exploration expenditures over a five year period. In addition,
Barrick Gold has the option to increase its interest by an
additional 15% for an aggregate undivided 75% interest by preparing
and delivering to the Company a scoping study. The Option Agreement
also provides that upon Barrick Gold exercising its option, a
60%/40% or a 75%/25% joint venture between the parties will be
established in order to further explore the Gold Ridge
Property.
The Company also announces that, pursuant to a non-brokered
private placement (the "Private Placement"), Barrick has subscribed
for 4,150,000 common shares of the Company at a price of CAD$0.17
per common share for gross proceeds of CAD$705,500. The proceeds of
the Private Placement will be used for exploration and for general
working capital.
"I am extremely pleased to have this new agreement in place for
the Gold Ridge Property which will be explored by an award winning
exploration team", stated David Wolfin, President and CEO. "I would
like to congratulate Barrick's 25-person Goldrush Discovery Team
for their recent Thayer Lindsay Award recognizing their team for
the 14.1 million ounce world class Goldrush deposit in the Cortez
District, Nevada located on an adjacent property. We now feel we
have the best possible team to explore our Gold Ridge Property. I
would also like to welcome Barrick as a major stakeholder in Coral
Gold representing 9.9% of Coral Gold's share capital."
The Company's Gold Ridge Property consists of 107 claims
covering approximately 2.5 mi2 and is adjacent to the western side
of the Robertson claim block located in North Central Nevada on the
Cortez Gold Trend. The Cortez gold mine is one of the world's
largest and lowest cost gold mines, and the surrounding area hosts
excellent upside exploration potential. In 2007, Coral drilled two
deep holes on the northern most area of the Gold Ridge Property and
encountered lower plate Carlin type formation with anomalous gold
intercepts.
The Option Agreement and Private Placement are subject to the
approval of the TSX Venture Exchange.
Qualified Person
Coral's projects are under the supervision of Chris Sampson,
P.Eng, Coral VP and a Director, who is a qualified person within
the context of National Instrument 43-101. Mr. Sampson has reviewed
and approved the technical data herein.
ON BEHALF OF THE BOARD
David Wolfin, President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This release contains statements that are
forward-looking statements and are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's periodic
filings with Canadian securities regulators. Such information
contained herein represents management's best judgment as of the
date hereof based on information currently available. Except as
required by law, the Company does not assume the obligation to
update any forward-looking statement.
Coral Gold Resources Ltd.David WolfinPresident & Chief
Executive
Officer604.682.3701604.682.3600info@coralgold.comwww.coralgold.com
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