Midland enters binding term sheet to option Patris property to Barrick Gold

Midland Exploration announced the signing of a binding term sheet with a wholly-owned subsidiary of Barrick Gold whereby Barrick will have the right to earn into Midland’s wholly-owned Patris gold property, located approximately 30 kilometres to the northeast of the town of Rouyn-Noranda, Quebec. Pursuant to the Transaction, Barrick has the right to acquire up to a 75% interest in the Patris property in consideration for cash payments totalling C$1,017,500 and exploration work totalling C$16,575,000, over an eight-year period, including a guaranteed amount of C$3,000,000, over a four-year period. Barrick will be the operator of the work carried out under the Transaction. Midland and Barrick have agreed to negotiate a definitive earn-in and joint venture agreement, which is subject to customary terms and conditions as set forth in the term sheet, including the successful negotiation and execution of a definitive agreement for the Transaction, the satisfactory completion of due diligence by Barrick and the receipt of any required regulatory approvals.