Barrick Gold invests $8.3M in Yukon gold project, with potential for more

The world's largest gold mining company is investing $8.3 million into a Yukon gold project, AtacResources announced Monday.

B.C.-based Atac Resources, which owns the Rackla Gold project about 55-kilometres east of Keno City,said it signed a property earn-in agreement with Barrick Gold. That means Barrick can acquire aninterest in Atac'sRackla Gold property.

The potential total investment could reach $63.3 million, Atac said. That money would be spent on additional exploration investment by Barrickas the Rackla project progresses.

Under the agreement,Barrickcan increase its shares inAtacto 19.9 per cent up from the 9.2 per cent it currently owns.

Atacannounced in January it would spend $10 million on exploring the 1,742-square-kilometresite this year.

RanjPillai, Yukon's minister of Energy, Mines and Resources, first spoke about the investment on CBC Radio'sA New Day program at about 7:20a.m. PT.

"There's some big news coming down this morning," he said."There'san investment byBarrickinto a Yukon company,Atac. I'll leave it at that.

"Now withBarrickwe have all the major players that are working in Canada... in the Yukon," he said. "It should be a very exciting exploration season."

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