Coppermoly (ASX: COY) has been granted a trading halt pending an announcement regarding a significant milestone in the company’s farm in agreement with a subsidiary of Barrick Gold Corporation (NYSE: ABX, TSE: ABX).
The West New Britain Project Farm-In agreement, signed in 2009, allows for Barrick Gold’s wholly owned subsidiary Barrick Exploration to take up a 72% interest in Coppermoly’s three tenements on New Britain Island in Papua New Guinea; the Nakru, Simiku and Taleumas projects.
Barrick agreed to fund up to $20 million through the farm in and joint venture agreement over eight years, including minimum expenditure of $3 million within the first three years.
Coppermoly expects to make an announcement concerning the agreement on the morning of Monday January 9.
Shares in Coppermoly will remain in pre-open until an announcement is released to the market or the beginning of trading on Tuesday January 10.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23877/coppermoly-in-pre-open-pending-barrick-farm-in-milestone-announcement-23877.html
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