Levon Resources Ltd.

Levon Resources Ltd.

October 21, 2008 05:00 ET

Levon Announces Exploration Agreement With Barrick Gold on Norma Sass Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2008) - Levon Resources Ltd. ("Levon") (TSX VENTURE:LVN)(BERLIN:LO9)(FRANKFURT:LO9) and Coral Gold Resources Ltd.'s wholly-owned U.S. subsidiary, Coral Resources, Inc. ("CRI") have entered into an exploration, development and mine operating agreement (the "Agreement") with Barrick Gold Exploration Inc. ("Barrick"), wherein Barrick is granted the option to acquire up to a 75% interest in CRI's and Levon's interests in the Norma Sass Property, Nevada, consisting of 36 unpatented mining claims.

Barrick may earn a 60% interest by incurring total exploration expenditures of at least US $3 million in annual installments by December 31, 2014. Barrick may earn an additional 10% (for an aggregate interest of 70%) by incurring an additional US $1.5 million by December 31, 2015. Barrick may earn an additional 5% (for an aggregate interest of 75%) by carrying CRI and Levon through to commercial production.

Alternatively, at the time of earning either its 60% or 70% interest, Barrick may be given the option to buy-out CRI's and Levon's joint interest by paying US $6 million and granting them a 2% net smelter returns royalty.

Levon is a Junior Gold Exploration Company with key land positions at Congress, BRX, and Wayside in the productive Bralorne Gold camp of British Columbia, Canada, and the Norma Sass and Ruf claims near the Pipeline gold deposit being mined and explored by Barrick Gold Corporation in the heart of the Cortez Gold Trend in Lander County, Nevada, USA.


Ron Tremblay, President

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the accuracy or adequacy of this release.

Contact Information

  • Levon Resources Ltd.
    Ron Tremblay
    (604) 682-3701
    (604) 682-3600 (FAX)
    Website: www.levon.com