Barrick cuts ties on Nevada project due to budget constraints

Barrick Gold Corp. has ended its partnership with a junior explorer after drilling for new gold on the small company's property in Nevada.

Barrick, the world's biggest gold producer, had used the same exploration team that discovered one of the decade's biggest gold deposits in Nevada.

But after drilling for gold on Coral Gold Resources Ltd.'s property, Barrick decided to call it quits.

Coral said Barrick ended their partnership due to budgetary constraints. Barrick had no comment.

Barrick is positioning itself to be an Americas focused gold miner and is in the process of whittling down its giant portfolio of operations around the world.