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Topics News & Markets

Auriga Gold to acquire the Prosperity North gold property in B.C. from Barrick unit

By The Canadian Press | February 01, 2012

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TORONTO - Junior explorer Auriga Gold Corp. (TSXV:AIA) says it has struck a deal to buy full control of the Prosperity North gold property in British Columbia from Pioneer Metals, a subsidiary of Barrick Gold Corp. (TSX:ABX).

Under the deal, announced Wednesday, Barrick will get five-year warrants to buy 1.5 million Auriga Gold common shares for $1 each. As well, Barrick will keep a 2.5 per cent royalty on any gold or copper production from the property.

The Prosperity North property is beside the Taseko Mines Prosperity copper-gold deposit in the Williams Lake area of B.C.

"We are very pleased to have the opportunity to purchase the Prosperity North property from Pioneer Metals, with Barrick being our largest shareholder," said Richard Sutcliffe, Auriga's president and CEO.

"Prosperity North is a significant property both in size and geological profile and offers a large regional gold-copper . . . target. While we intend to focus on the development of the Maverick Gold Project in Manitoba, our team has the necessary experience to develop a drill program to selectively test the existing anomalies and we anticipate drilling Prosperity North this summer."

Auriga Gold Corp. is focused on developing its Maverick gold project in the Flin Flon mineral belt of central Manitoba.

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