Home / Business and Economy / Revival Gold Buys Mercur Gold Mine from Barrick
Revival Gold Buys Mercur Gold Mine from Barrick
23 Dec
Summary
- Revival Gold acquired 100% of Barrick's stake in Utah's Mercur gold project.
- The project is projected to produce 95,600 ounces of gold annually for ten years.
- Future payments to Barrick include $5 million at closing and $5 million annually post-production.
Revival Gold has exercised its option to acquire 100% of Barrick Mining's interest in the Mercur gold project located in Utah, USA. This significant acquisition could lead to the resumption of gold production at the site. The preliminary economic assessment indicates an average annual output of 95,600 ounces of gold over a decade, with an estimated after-tax net present value of $294 million.
The company has also completed a substantial 13,000-meter drill campaign to support future studies and the state mine permitting process, which is anticipated to take approximately two years. Revival Gold will pay Barrick $5 million upon the option closing, followed by an additional $5 million on each of the first three anniversaries of commercial production.
