Gov. Rounds and SD Science and Technology Authority Complete Land Closing with Homestake, Paves the way for the creation of an underground science laboratory at Lead, SD

PIERRE, S.D. – Gov. Mike Rounds along with Dave Bozied, Chairperson of the South Dakota Science and Technology Authority (Authority) and Patrick Garver, Executive Vice President and General Counsel of Barrick Gold Corporation are pleased to announce the completion of the land transfer agreement of the Homestake Gold Mine in Lead, S.D. to the Authority.

"The transfer culminates a long cooperative effort between Homestake Mining Company, the state and the Authority,” said the governor on the announcement. “It couldn’t have happened without the continued patience and support of the people of South Dakota."

The Authority will begin moving into the facilities as soon as office renovations are completed.

"By filing the signed documents with the Lawrence County Register of Deeds, we officially complete the land transfer agreement,” said the governor. “I am thankful for the encouragement and support of the Homestake Collaboration, our universities, and the entire scientific community. The transfer provides an opportunity for a new era for science and education in our state."

The Authority estimates that the budget for the Interim Laboratory, including capital requirements and operating expenses through the year 2012, will be approximately $32.1 million. The Authority controls, or has access to, approximately $44 million that could be committed to this purpose. Some of the immediate expenditures include $800,000 for the closure fund; $2.5 million in insurance premiums; and $10 million for the indemnification fund.