Bullfrog Gold Signs Agreement With Barrick, Augusta
“We are delighted to announce the signing of the definitive agreements and are encouraged by the positive market reaction to the announcement of the binding term sheet in respect of the transaction,” Bullfrog CEO and President David Beling said. “Bullfrog will be well-funded to expedite the exploration and development of the Bullfrog project, and we are excited to welcome our new cornerstone shareholders, Barrick and Augusta.”
Bullfrog Gold Corp. is a U.S.-based gold and silver exploration company with a commanding land and mineral position in the Bullfrog mine area 4 miles west of Beatty, Nevada. The Bullfrog Gold Project is located in the Walker Trend about 120 miles NW of Las Vegas and has access to infrastructure. Barrick Gold produced 2.1 million ounces of gold during the 1990’s from the main Bullfrog open pit, the northern one third of which is controlled by Bullfrog.
Upon completion of the transaction, Barrick and Augusta will become signifi- cant shareholders in Bullfrog. Additionally, the board of directors and management of the company will be reconstituted upon closing such that Maryse Bélanger will be appointed president, CEO and director of the company along with the appointment of Donald Taylor, Daniel Earle and a Barrick nominee to the company’s board of directors. David Beling will remain on the board.
The mineral lease and option to purchase agreement between a subsidiary of BFGC and Barrick dated March 23, 2015, has been terminated and the Barrick back-in right has been eliminated. A 2% net smelter return (NSR) royalty granted to Barrick also decreases to a minimum 0.5% NSR royalty on certain Barrick lands already subject to royalties. The transaction is expected to close during the fourth quarter of 2020. said.