Here is information on Barricks acquisition option involving Quest International. Some comparison can be made with MIQ/Kinross deal.
Tuesday, January 13, 1998
Quest International/Barrick Joint Venture in Nevada
Quest International Resources Corp. announced today that a definitive agreement has been signed with Barrick Gold Corp. (NYSE:ABX - news) defining the terms of a joint venture on Quest's Pony
Creek property located 26 miles south-southeast of the town of Carlin, Nevada at the southern end of Nevada's Carlin Trend. Barrick has an option to fund US$5 million over a five-year period to earn a 70
percent interest in the Pony Creek property, located near other Barrick holdings on the Carlin Trend. In accordance with the agreement, Quest received a payment of $50,000 after Barrick completed a thorough due diligence on this property. Previous drilling on this property delineated a geologic resource of 1,124,000 tons grading 0.057 oz/ton Au with numerous intercepts, indicating strong gold
mineralization, including up to 145 feet averaging 0.124 oz/ton Au.
''Quest International is extremely pleased to be involved in a joint venture with Barrick, one of the world's premier gold mining companies,'' stated Thomas J. Menning, Quest's Chairman and CEO.
''This joint venture, which was initiated in August 1997, represents Quest's ongoing strategy to optimize the potential profitability of its extensive portfolio of properties. Barrick's knowledge and
experience in Nevada is well known and we are looking forward to a successful and rewarding partnership on our Pony Creek property.''
Quest International Resources Corp., traded on the NASDAQ and TSE exchanges, is an exploration and development company with holdings and interests in the United States, Canada, Honduras,
Mexico and Africa.
Lennard D. Glogauer, Vice President
Corporate Communication and Investor Relations |
