November 9, 2022

Barrick Gold (NYSE:GOLD) CEO Mark Bristow on Tembo Gold (CVE:TEM) Partnership in Tanzania

Midas Letter
Midas Letter
Barrick Gold (NYSE:GOLD) CEO Mark Bristow on Tembo Gold (CVE:TEM) Partnership in Tanzania
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Today, we sit down with Barrick Gold Corporation (TSX:ABX; NYSE:GOLD) CEO Mark Bristow to discuss the company’s partnership with Tanzania neighbours Tembo Gold Corp (TSX-V:TEM).

Tembo Gold entered into a binding agreement with Barrick Gold in respect of the sale of certain non-core prospecting licenses.

The consideration payable is for: (i) US$6,000,000; (ii) contingent payments to be based on the inferred, indicated and measured gold mineral resources identified in the areas of land which are covered by the Licenses up to an aggregate amount of US$45,000,000; and (iii) a requirement to invest a minimum of US$9,000,000 in the Licence Area over the course of the four years.

Tembo retains its core licence on which all exploration activities over the past two drilling campaigns have been conducted, and on which there remains a significant number of untested new targets, as well as the three prime targets on which the bulk of the drilling was carried out.

Barrick president and chief executive Mark Bristow said the acquisition was a significant step forward in the company’s strategy of increasing its investment in new growth opportunities in Tanzania and a further demonstration of the value-creation potential.

Tembo president and CEO David Scott stated “This agreement is a key milestone in the advance of Tembo’s exploration on the Licence Area that the Company has long considered some the most prospective in the Lake Victoria Goldfield and a very significant confirmation of the stated potential for a significant gold discovery on this ground. We do not underestimate the significance of Barrick’s interest and the conclusion of this Purchase Agreement that will enable a serious advance of our exploration strategy, and our expectation and hope is that a number of significant new discoveries will be made, benefitting both the companies that are making the investment, the surrounding communities and this mining friendly country of Tanzania.”

Transcript

⛏ Barrick Gold Corporation CEO Mark Bristow (00:00)

🐘 Tembo Gold Partnership (00:12)

🤝 Barrick partnering with Junior Explorers (03:06)

💰 “There is no currency in the world like gold” (05:32)

📈 “Gold is absolutely the best insurance one can buy” (06:28)

Disclosure: Global Financial Network Ltd, (GFN) and its affiliate MidasLetter.com, (ML) have been compensated for the production of this landing page and other content production and distribution services as to a monthly fee of CA$15,000, as well as an option to purchase 150,000 common shares of Tembo Gold.
The information herein presented here is based on publicly available information, and may contain forward looking information as defined by the Ontario Securities Commission in Staff Notice 51-721. (https://www.osc.ca/sites/default/files/pdfs/irps/sn_20130613_51-721_forward-looking.pdf)
This content is presented as an advertisement to assist Tembo Gold Corp in the presentation of its corporate activities to interested parties, and as such, should not be relied on to make any investment decision in regard to Tembo Gold Corp or any publicly traded security.
Investing in junior mining stocks is risky and you could lose all of your invested capital. Always consult an appropriately accredited financial advisor in your jurisdiction prior to making any investment decision.

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