07:33 AM EDT, 03/27/2024 (MT Newswires) -- Golden Minerals Co. ( AUMN ) said Wednesday that Barrick Gold Corp. ( GOLD ) is withdrawing from an earn-in agreement on the El Quevar silver project in Argentina.

The termination will be effective on April 20, Golden Minerals ( AUMN ) said.

According to Golden Minerals ( AUMN ), Barrick has spent more than $6.0 million of work expenditures at El Quevar and has completed a 1,300-meter drill program that identified a potential gold prospect in the central eastern part of the land package.

Golden Minerals ( AUMN ) said it views the return of the El Quevar project positively, and plans to further advance the project and update its resource, subject to the availability of capital.

"The timing of the return of the El Quevar project is fortuitous and quite favorable to the company as we pivot from production to exploration and development," said Warren Rehn, president and CEO of Golden Minerals ( AUMN ).

Golden Minerals ( AUMN ) gained 2.4% yesterday.