Barrick Gold signs four gold exploration deals in Egypt

Barrick Gold has been awarded four exploration licenses for 19 blocks in the highly prospective Eastern Desert region of Egypt.
The Eastern Desert is part of the Proterozoic Arabian Nubian Shield, which hosts the giant Sukari gold deposit and numerous other gold occurrences, but which has seen no recent systematic exploration.
Barrick intends to work closely with the Egyptian Mineral Resource Authority (EMRA) and other participating exploration and mining companies, over a year, to finalise the terms of Egypt’s exploitation license agreement which will apply to the industry.
“The move into Egypt is an integral part of Barrick’s exploration strategy. Barrick is a global company and we evaluate opportunities anywhere we see the potential for world-class deposits capable of passing our investment filters,” said Barrick SVP exploration Joel Holliday.
“We believe that it is essential to move into prospective emerging and underexplored mineral belts to maintain the discovery rate as part of a balanced development strategy.” 
“The opportunity in Egypt is an exciting addition to our portfolio and we look forward to a long and successful partnership with the Egyptian government.”
Barrick has this year expanded its exploration portfolio with the addition of other prospective new property positions in Tanzania, Guyana, Japan and Nevada.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished