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Barrick sells Bullant Mine to Argent Minerals $5.3 million

Published: 18:50 07 Jul 2010 BST

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Argent Minerals (ASX: ARG) has agreed to acquire the the Bullant mine and tenements from Barrick Australia Limited, a wholly owned subsidiary of Barrick Gold (TSX:ABX, NYSE:ABX).

The Bullant Tenement Package (M16/44 and M16/45) includes the historic underground gold mine located approximately 65kms from Kalgoorlie. Site facilities and equipment are to be included in the purchase.

Barrick ceased mining in December 2009 following underground production of 1.95 million tonnes at 5.1g/t for 322,700 ounces of gold between 2002 and December 2009. Production in 2009 was 144,750 tonnes at 5.9g/t gold for 27,400 ounces of gold.

Consideration for the acquisition is a cash payment of $5,276,000 and 350,000 Argent shares. Argent will seek the necessary shareholder and regulatory approvals to conduct the capital raising and consents for the proposed transaction.

A non-refundable deposit has been paid to Barrick to secure exclusivity.

CPS Securities has agreed to underwrite the proposed capital raising on normal terms and conditions. Argent intends to proceed to execute the formal sale agreement during the 21 day exclusivity period and seek the necessary shareholder and other approvals as soon as possible.

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