Malbex Resources Inc. (TSX-V:MBG) is pleased to announce that it has closed its previously announced private placement with Barrick Gold Corporation pursuant to which Malbex issued to Barrick 14,285,714 common shares of Malbex for an aggregate subscription price of C$1,000,000.
 

The proceeds from the Private Placement will be used for general corporate and working capital purposes. The Common Shares issued to Barrick under the Private Placement are subject to a hold period under applicable Canadian securities laws which will expire on December 29, 2014. The Private Placement is subject to final acceptance by the TSX Venture Exchange.
 

In connection with the closing of the Private Placement, Malbex has entered into a previously announced earn-in arrangement with Barrick relating to Malbex’s Del Carmen project in San Juan Province, Argentina. Malbex’s interest in the Del Carmen Project has been transferred to a newly formed entity jointly owned by wholly owned subsidiaries of Malbex and Barrick. While the Joint Venture Company is initially 5% owned by Barrick and 95% owned by Malbex, Barrick has the option, but not the obligation, to earn in to a 51%, and then a 75%, interest in the Del Carmen Project by meeting certain expenditure requirements contained in the shareholders’ agreement governing the Joint Venture Company. Effective as of the closing of the Private Placement, Barrick is also the operator of the Del Carmen Project responsible for managing, directing and controlling operations at the project. For further information regarding the earn in arrangement please refer to Malbex’s news release dated April 22, 2014.
 

About Malbex

Malbex is a gold exploration company led by experienced management and directors with projects in Argentina. In April 2010, Malbex made a near-surface, gold-silver oxide discovery at the Del Carmen Project, its lead project in Argentina.
 

The Del Carmen Project is located in the El Indio Gold Belt, which contains more than 35 million ounces of gold in current reserves and past production, including Barrick’s Veladero mine and Pascua-Lama project.