MMTEC Inc V.MTC

Barrick's Force Majeure

[Dibah420]

MetalCorp Receives Notice of Force Majeure from Barrick Gold on Hemlo East Property

 

26 Nov 202108:14 ET

 

08:14 AM EST, 11/26/2021 (MT Newswires) -- MetalCorp (MTC.V) on Friday said Barrick Gold (ABX.TO, GOLD) declared force majuere on its option agreement to acquire up to an 80% interest in MetalCorp's Hemlo East property because of claims to the project lands by indigenous First Nations in the area.

MetalCorp said Barrick notified it on Thursday of the force majeure claim, which would make the world's No.2 gold producer unable to meet the terms of the the option agreement.

"Barrick gave notice to MetalCorp of the occurrence of a 'force majeure' based on those claims, including a claim of Aboriginal title, which claims prevent and make unattainable, on a practical basis in circumstances which are reasonably beyond Barrick's control, delaying the performance by Barrick of its obligations under the Earn-In Agreement," the company said.

The declaration may extend the time Barrick has to meet its spending obligations under the option agreement.

MetalCorp shares last traded Nov.24, closing at C$0.035 on the TSX Venture Exchange.