Barrick Gold Reached Key Gold Exploration Contracts in Egypt

The miner emerged as the winning bidder in the international tender launched last year.

SEATTLE (Scrap Monster): Barrick Gold Corporation announced that it has reached key gold exploration deals in Egypt. The total of four deals signed with the Ministry of Petroleum and Mineral Resources cover exploration of gold and related minerals in as many as 19 blocks in the highly prospective Eastern Desert region of Egypt.

The miner emerged as the winning bidder in the international tender launched last year. This will be Barrick’s first venture in Egypt. The move into Egypt is considered to be an integral part of the company’s exploration strategy. The exploration of prospective emerging and underexplored mineral belts will help the company to maintain the discovery rate, in line with its development strategy. Earlier during the year, the company had added new prospective positions in other regions in Tanzania, Guyana, Japan and Nevada.

In a press release, the company declared its intention to work closely with the Egyptian Mineral Resource Authority (EMRA) and other participating mining and exploration companies over a period of one year towards finalization of Egypt’s exploitation license agreement.

Mark Bristow, President and CEO, Barrick noted that the exploration licenses are an exciting addition to its portfolio. The company looks forward to a long and successful partnership with the Egyptian government, he added.

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