ASX Release – 14 May 2008BARRICK FARMS IN TO HERON’S KANOWNA...

ASX Release – 14 May 2008
BARRICK FARMS IN TO HERON’S KANOWNA SOUTH PROJECT
Heron Resources Limited (Heron) is pleased to announce that Barrick (Kalgoorlie) Limited (Barrick), a wholly owned
subsidiary of Barrick Gold Corporation, has agreed to farm-in to Heron’s Kanowna South Project. The Kanowna South
Project comprises 12 granted Prospecting Licences and is three kilometres from Barrick’s Kanowna Gold operation and
some 16 kilometres north-east of Kalgoorlie.
Under the terms of the agreement that the parties have entered, Barrick has the right to earn an 80% interest in the gold rights within 4 years by spending a minimum of $150,000 in the first year and then $1,350,000 total during the next three years. Barrick has the right to withdraw after it has spent the minimum expenditure in the first year. Upon Barrick earning its interest, Heron has the right to contribute as a 20% joint venture partner or dilute to a net smelter royalty. Heron retains all
non-gold rights in the tenements.
Heron’s Managing Director Mat Longworth said “It is further evidence of Heron’s ability to generate prospective exploration projects that one of the world’s leading gold producers has committed to a farm-in agreement in these terms. Barrick has drill targets ready to go and we look forward to results of that drilling.”