#Barrick Purchases #Coral #Gold Robertson Property in #Nevada

Coral Gold Logo

Coral Gold has entered into a purchase and sale agreement with Barrick Cortez for the sale of the Robertson Property in Lander County, Nevada in the amount of US$15.75 million (Cdn $20.17 million). Barrick will return 4,150,000 shares of Coral held by them for cancellation by the company.

Coral will retain an NSR on the Robertson, payable quarterly, as well as a right of first refusal enabling Barrick to acquire the NSR in the event that the Company wishes to sell the NSR to any third party.

The sliding scale NSR rate will be determined based on the observed gold price each quarterly period based on the average LBMA Gold Price. In the event the Robertson Property is not placed into production by December 31, 2023, then beginning on January 1, 2024 and continuing on an annual basis thereafter until the earlier of (i) the commencement of commercial production and (ii) January 2, 2033, Barrick will make advance royalty payments of US$500,000, which will be non-refundable and fully credited against any future obligations of the NSR.

Annual General and Special Meeting

The Annual General and Special Meeting of the shareholders of Coral Gold is scheduled to be held at 11AM (PDT) on Friday, July 22, 2016 at The Metropolitan Hotel, Vancouver Room, 645 Howe Street, Vancouver, BC, V6C 2Y9.

Reasons and Benefits of the Transaction

  • Substantial immediate value creation for Coral shareholders. Based on Coral’s basic shares outstanding as of June 20, 2016 adjusted for the Share Reduction, the Immediate Cash Consideration alone, excluding the value of the NSR, on a per share basis is equal to approximately Cdn $0.46, as compared to the closing price of Coral’s common shares on June 20, 2016 on the TSX Venture Exchange of Cdn $0.195.
  • The potential for long term value for Coral shareholders through the NSR. With this continued commercial relationship with Barrick through the NSR, Coral shareholders will have the opportunity to participate and benefit from expected future gold production at Robertson, additional resource growth potential at the Robertson Property, and will also have economic returns that will substantially improve if gold prices increase over the Robertson Property’s mine life.
  • Strong financial position at closing. Upon closing of this Transaction, Coral will have a very strong balance sheet as compared to its very limited financial resources currently, which exposed its shareholders to significant dilution if the Robertson Property was to be advanced in any meaningful way.

Coral Announces Barrick Has Completed 2nd Hole of Drilling at Gold Ridge Property, Nevada

CLH logo

Barrick has now completed the second hole of the 2014 diamond core hole drill program on the Gold Ridge property located in Crescent Valley, Nevada. With the second hole now complete, the drill rig has been moved and has started on the third hole.

Barrick is targeting Carlin-type mineralization in the lower plate which hosts large mines on the Carlin Gold Belt as well as the nearby Pipeline, Cortez Hills, Gold Acres and Gold Rush projects on the Cortez trend.

The Gold Ridge claims are separate and adjacent to Coral’s core claims at Robertson which host an inferred gold resource of 2.7 million ounces, a portion of which was the subject of a PEA in 2012. To view a map of Coral’s claims and the Cortez trend, click here: Coral Gold Claims Map

www.coralgold.com

Nancy

Coral Gold “TSXV.CLH” Announces that Barrick has Completed the First Drill Hole on Gold Ridge, Nevada

Barrick has completed the first hole of the 2014 diamond core hole drill program on Coral Gold Resources Ltd.’s Gold Ridge property located in Crescent Valley, Nevada. With the first hole now complete, the drill rig has been moved and has started on the second hole.

The Gold Ridge claims are separate and adjacent to Coral’s core claims at Robertson which host an inferred gold resource of 2.7 million ounces, a portion of which was the subject of a preliminary economic assessment in 2012. The core claims are host to a near surface resource that shows typical characteristics of porphyry/hornfels mineralized system which has historically been an indication of a deeper feeder system hosted in the lower plate below.

Nancy

Coral Gold “CLH” Enters Into Option & JV Agreement & Private Placement with Barrick

Coral Gold Resources LogoCoral Gold (TSX.V-CLH) (OTCBB: CLHRF) entered into an agreement with Barrick Gold Exploration to earn up to an undivided 60% interest in Coral’s Gold Ridge property in Nevada in consideration for Barrick Gold incurring US$12million in exploration expenditures over a five year period.  Barrick’s 25-person Goldrush Discovery Team was recently received the Thayer Lindsay Award recognizing their team for the 14.1 million ounce world class Goldrush deposit in the Cortez District, Nevada located on an adjacent property.

Coral Gold Resources Ltd. Logo

The Company also announced that Barrick has subscribed for 4,150,000 shares at a price of CAD$0.17 for gross proceeds of CAD$705.500. Barrick is now a major stakeholder in Coral Gold representing 9.9% of Coral Gold’s share capital.

Coral “CLH” Announces Initial Results from Spring Drill Program

Coral was permitted to drill 13 holes on the Porphyry gold zone at the Robertson property, Nevada.  Holes CC12-2 and 3 were the first holes received, both with significantly higher gold values than the corresponding twinned Amax RC holes.  CC12-2 intersected 395 feet grading 0.836 g/t gold and CC12-3 intersected 465 feet grading 0.441 g/t gold.

Coral would like to drill a further 27 core holes as recommended by the PEA is 2012 however the Bureau of Land Management will not allow any further drilling until the plant and animal reports are completed and reviewed.  The reports are anticipated to be completed in August.

 

Coral Gold “CLH” Prepares for Spring Drilling at Robertson

Coral Gold “TSX.V-CLH” “OTC.BB:-CLHRF” has commenced drill pad and road construction for its spring drill program at Coral’s Robertson property, Crescent Valley, Nevada.  Coral has a permit to drill on the porphyry gold zone.  The program will consist of diamond core drill holes that will twin original reverse circulation holes and provide core for leach tests at McLelland Labs in Reno, Nevada.  They are part of the phase one drill program as proposed in January 2012, PEA and are designed to determine if historic Amax drilling data can be used with certainty to upgrade the level of confidence in resources contained in the oxidized zones.  The phase one drill program represents Coral’s first step toward prefeasibility as defined by the PEA.

Coral Gold “CLH” Receives Positive PEA/NPV $358-Million for Robertson Project, Nevada

Coral Gold “TSX.V-CLH” has received a Preliminary Economic Assessment “PEA” on three of its gold deposits located on the Robertson Property located 60 miles south of Elko, Nevada.  The results of the evaluation are as follows:

Est. inferred resources at a cut-off of 0.005 oz Au/t:  78.2 million tons grading 0.0138 oz Au/t

In situ gold:  1,080,900 ounces

Development period to construction decision:  5 years

Mine Life:  10.5 years

Average production rate:  21,300 tpd

Ore to waste Strip Ratio:  0.6:1

Leach recovery HG cut off 0.0147 oz Au/t:  67%

Leach recovery LG cut off 0.0147 oz Au/t:  45%

Saleable gold:  608,000 ounces

See news release dated January 18, 2012 for complete details.

Coral Gold and Others Stand to Gain from Barrick Win

Matthew Zylstra, Analyst at Northern Securities did a Research Note which included Coral Gold (TSX.V-CLH) – below is an excerpt.

Read more

Coral Gold “CLH” Drills 1.52M of 6.24 g/t Gold at Robertson

Coral announced the results from the final five diamond core holes drilled at Coral’s Robertson property in Crescent Valley, Nevada.  These holes were part of a 15-hole diamond core program.  Highlights of these were 5 feet grading 6.24 g/t gold and 15 feet grading 3.63 g/t gold.

The program was designed to twin 2008 reverse-circulation holes in order to provide material for metallurgical testwork.   The company is pleased to see grade improvement from historic RC to current diamond core holes.  They are also excited to be working toward having a new preliminary economic assessment (PEA) by the middle of this year.

Coral Gold “CLH” to Complete Robertson Testwork, PEA

Coral Gold (TSX.V-CLH) (OTC:BB-CLHRF) remains focused on the following key objectives:

1. Move Robertson towards production

2. Upgrade the property’s inferred gold resource

3. Produce a Preliminary Economic Assessment (PEA)

4. Acquire permitting for further exploration on Robertson from the BLM

With historically high gold prices many producers are looking at developing large bulk-tonnage deposits like the Robertson project to capitalize on current market conditions.

Sufficiently funded for 2011, Coral is determined to take an aggressive approach in the coming year to maximize growth through adding value to the Robertson Project.  We feel that this is best achieved by moving the project towards production.

In January, after all assay results from the Gold Pan and Altenburg Hill core drilling have been received, selected samples will be sent to McClelland Labs for metallurgical testing, The results of the test work will be incorporated in a new PEA to be prepared by Beacon Hill Consultants.  We expect the completed report late in the second or early in the third quarter.