Barrick accelerates expenditure at the Nyanzaga Gold Project in Tanzania. As announced by Sub-Sahara 24th August 2005, Barrick Exploration Africa Limited (Barrick Gold Corporation) has elected to accelerate expenditure at the Nyanzaga Gold Project by spending a total of US$2.7million (A$3.5 million) over the next 12 months. Sub-Sahara has been informed by Barrick that it currently has 4 drills operating (two Reverse Circulation drills and two diamond core drills). At this stage, drilling is focussed on the Tusker/Kilimanjaro prospects where previous activity has identified significant gold mineralisation and there is strong potential for extensions to the known mineralisation. Under the terms of the joint venture, Barrick is currently in the initial “earn-in” phase of the venture, having already expended over US$1.5 million prior to this new budget period and they will have secured a total of 51% of Sub-Sahara’s interest by spending a total of US$3 million. At the current rate of drilling this expenditure hurdle could be reached by the end of 2005 and once this milestone has been reached, Barrick can elect to continue spending until they have completed a bankable feasibility study. The first results from this drilling are expected to flow to Sub-Sahara during October with the bulk of the results expected for the December quarter.
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