THE Ministry of Natural Resources has announced that the world’s largest gold-mining company – Barrick Gold Corporation – is partnering with StrataGold Guyana Inc. to fund the exploration of the Arakaka Gold Project in Guyana. A statement from the ministry noted that Barrick Gold is a Canadian entity with operations in several continents. It was noted that since early 2013, StrataGold Guyana has consistently progressed exploration activity of the Arakaka Gold Project with the aim of defining economically viable gold resources suitable for large-scale mining operations.
“The investment by Barrick allows for StrataGold Guyana to enhance this activity, and for further staged advancement of the Arakaka Gold Project over a period of up to four years,” the statement revealed.
It was further noted that the earn-in agreement will ensure that drilling begins as soon as practicable, with Barrick required to spend a minimum of approximately GYD$370 million (USD$1.8 million) in 2016.
“While StrataGold Guyana will continue to be the operator of the project, the ministry considers it a positive comment on the investment potential in Guyana by having a global company like Barrick Gold Corporation partner in the country’s exploration, and looks forward to a long and mutually rewarding relationship between the investors and the people of Guyana,” the statement concluded.