PAPUA NEW GUINEA – Toronto’s BARRICK GOLD has boosted its stakeholding in the Porgera gold mine to 95% from 75%. The additional 20% was acquired from EMPEROR MINES in consideration of US$250 million in cash (plus adjustments).
Porgera produced approximately 542,000 oz of gold in 2006 and has proven and probable reserves of 9.42 million oz (100% basis). Barrick acquired its original 75% interest in Porgera through its acquisition of Placer Dome in January 2006.
More information about Porgera is available at www.Barrick.com.