Newcrest needs to invest at least $15mn in Gorbea gold project in Chile

Newcrest has exercised its option to enter the farm-in phase of its joint venture to develop the Gorbea gold project in Chile by making a $500,000 payment to Mirasol. To complete the first farm-in phase and vest an initial 51% in the Gorbea project, Newcrest is now required to complete at least $15 million in exploration expenditures over 4.5 years and drill a minimum of 8,000m.