Petaquilla Minerals Ltd. (fka PTQMF)

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This is what should happen when the players on the "TEAM" get along........


Coral Gold Resources (TSX-V:CLH, StockForum), a Vancouver-based firm engaged in the exploration and development of mineral properties with claims in Nevada and California, announced today that the company’s wholly-owned subsidiary, Coral Resources had signed a JV agreement with Barrick Exploration and Barrick Gold (TSX:ABX, StockForum).

According to the news release, “Barrick Gold has been granted an option to earn up to an undivided 60% interest on the Company's Gold Ridge Property in Nevada (consisting of a portion of the Robertson Property) in consideration for Barrick Gold incurring US$12,000,000 in exploration expenditures over a five year period.”

It then added,” Barrick Gold has the option to increase its interest by an additional 15% for an aggregate undivided 75% interest by preparing and delivering to the Company a scoping study. The Option Agreement also provides that upon Barrick Gold exercising its option, a 60%/40% or a 75%/25% joint venture between the parties will be established in order to further explore the Gold Ridge Property.”

Coral also announced that Barrick Gold had subscribed for 4.15 million common shares in the company at $0.17 per share for gross proceeds of $705,500 with the proceeds directed toward exploration and general working capital.

Coral president and CEO, David Wolfin, commented, “I am extremely pleased to have this new agreement in place for the Gold Ridge Property which will be explored by an award winning exploration team.”

He then added, “I would like to congratulate Barrick's 25-person Goldrush Discovery Team for their recent 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.”

Then finally summed up, “We now feel we have the best possible team to explore our Gold Ridge Property. I would also like to welcome Barrick as a major stakeholder in Coral Gold representing 9.9% of Coral Gold's share capital.”

Coral Gold Resources was in the news recently when the company received approval on an amended plan of operation for its Robertson Property.

Shares jumped 51.52% on the news to $0.25 per share.

Currently there are 37.8m outstanding shares with a market cap of $8.3 million.

Tags: GOLD

Read more at http://www.stockhouse.com/news/natural-resources/2014/03/05/coral-gold-resources-(v-clh)-jumps-48-on-barrick-g#UxlCqPiFIg0FYi5o.99