Malbex Resources Inc. Provides Update on Earn-in Arrangements With Barrick Gold Corporation
13 June 2014 - 6:37AM
Marketwired
Malbex Resources Inc. Provides Update on Earn-in Arrangements With
Barrick Gold Corporation
TORONTO, ONTARIO--(Marketwired - Jun 12, 2014) - Malbex
Resources Inc. ("Malbex") (TSX-VENTURE:MBG) provided an update
today on its previously announced agreement with Barrick Gold
Corporation ("Barrick") relating to Malbex's Del Carmen project in
San Juan Province, Argentina (the "Del Carmen Project") whereby
Barrick will have the option to earn in to a 51%, and then a 75%,
interest in the Del Carmen Project based on meeting certain
expenditure requirements. In conjunction with the earn-in
arrangements, Barrick has agreed to subscribe for an aggregate of
14,285,714 common shares of Malbex for an aggregate subscription
price of C$1,000,000 (the "Private Placement").
The closing of the Private Placement and the earn-in
arrangements is conditional on, among other things, Malbex causing
the exploration agreement covering the Del Carmen Project to be
transferred to a newly-formed entity jointly-owned by wholly-owned
subsidiaries of Barrick and Malbex, the extension of such
exploration agreement, the delivery of required work and
environmental permits for the Del Carmen Project and the approval
of the TSX Venture Exchange. Malbex and Barrick are continuing to
work towards satisfying all the conditions necessary to close the
Private Placement and the earn-in arrangements. All of the terms
and conditions of the Private Placement and the earn-in
arrangements remain the same since they were announced on April 22,
2014.
About Malbex
Malbex is a gold exploration company led by experienced
management and directors with projects in Argentina. In April 2010,
Malbex made a near-surface, gold-silver oxide discovery at the Del
Carmen Project, its lead project in Argentina.
The Del Carmen Project is located in the El Indio Gold Belt,
which contains more than 35 million ounces of gold in current
reserves and past production, including Barrick's Veladero mine and
Pascua-Lama project. For more information, please visit
www.malbex.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This
news release includes certain information that may constitute
"forward-looking information" under applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements about closing of the Private Placement and
the earn-in arrangements, as there can be no assurance that the
Private Placement and the earn-in arrangements will be completed as
proposed or at all. Forward-looking information is necessarily
based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking information, including the risks
identified in the Malbex's annual information form under the
heading "Risk Factors". There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance
on forward-looking information. All forward-looking information
contained in this press release is given as of the date hereof and
is based upon the opinions and estimates of management and
information available to management as at the date hereof. Malbex
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
Neither the 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.
Malbex Resources Inc.Joe HamiltonPresident and Chief Executive
Officer(416) 628-0215ir@malbex.cawww.malbex.ca
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