Barrick buys into Carlin gold property

Barrick Gold (TSE) has acquired privately owned High Desert Mineral Resources, which holds a 40% interest in the High Desert property in Nevada’s Carlin Trend.

Newmont Gold (NYSE), operator of the property, holds 60%.

High Desert, which is fewer than 2 miles from Barrick’s Goldstrike property, is estimated to contain several million ounces of gold, with grades ranging from 0.3 to 0.6 oz. per ton.

It has undergone only limited exploration.

Barrick issued to the vendors 2.9 million common shares and a 1% net smelter royalty on the SJ claims at the Betze-Poste mine, which occupies part of the Goldstrike property.

The vendors also acquired a 2% production interest from the High Desert property.

In a separate development, Barrick arranged for a US$1 billion revolving line of credit with a syndicate of international banks. The line of credit has a term of five years and can be renewed for a further three years.