FAIRBANKS, AK, Nov. 7, 2024
/PRNewswire/ - Contango ORE, Inc. ("Contango" or the "Company")
(NYSE American: CTGO) is pleased to announce that the Peak
Gold JV paid a cash distribution of $12.0
million on October 24, 2024.
These proceeds relate to Contango's 30% of profits from the
processing of Manh Choh ore from Campaign #2. In total, Contango
has received $31.5 million in cash
distributions from the Peak Gold JV since commencing the processing
of Manh Choh ore in July 2024.
The Peak Gold JV has completed two campaigns with a third
campaign currently underway. Contango's 30% share of production
from Campaigns #1 and #2 totals approximately 30,000 ounces of gold
with a further 8,500 ounces of gold expected from Campaign #3 for
total production in 2024 of approximately 38,500 ounces of
gold.
ABOUT CONTANGO
Contango is a NYSE American listed company that engages in
exploration for gold and associated minerals in Alaska. Contango holds a 30% interest in the
Peak Gold JV, which leases approximately 675,000 acres of land for
exploration and development on the Manh Choh project, with the
remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of
Kinross, operator of the Peak Gold
JV. The Company also has a lease on the Johnson Tract project from
the underlying owner, CIRI Native Corporation, a lease on Lucky
Shot project from the underlying owner, Alaska Hardrock Inc. and,
through its subsidiary, 100% ownership of approximately 8,600 acres
of peripheral State of Alaska
mining claims. In addition, Contango also owns a 100%
interest in an additional approximately 145,000 acres of
State of Alaska mining claims
through its wholly owned subsidiary, which gives Contango the
exclusive right to explore and develop minerals on these lands.
Additional information can be found on our web page at
www.contangoore.com.
FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements regarding
Contango that are intended to be covered by the safe harbor for
"forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995, based on Contango's current
expectations and includes statements regarding future results of
operations, quality and nature of the asset base, the assumptions
upon which estimates are based and other expectations, beliefs,
plans, objectives, assumptions, strategies or statements about
future events or performance (often, but not always, using words
such as "expects", "projects", "anticipates", "plans", "estimates",
"potential", "possible", "probable", or "intends", or stating that
certain actions, events or results "may", "will", "should", or
"could" be taken, occur or be achieved). Forward-looking statements
are based on current expectations, estimates and projections that
involve a number of risks and uncertainties, which could cause
actual results to differ materially from those, reflected in the
statements. These risks include, but are not limited to: the risks
of the exploration and the mining industry (for example,
operational risks in exploring for and developing mineral reserves;
risks and uncertainties involving geology; the speculative nature
of the mining industry; the uncertainty of estimates and
projections relating to future production, costs and expenses; the
volatility of natural resources prices, including prices of gold
and associated minerals; the existence and extent of commercially
exploitable minerals in properties acquired by Contango or the Peak
Gold JV; ability to realize the anticipated benefits of the Peak
Gold JV; potential delays or changes in plans with respect to
exploration or development projects or capital expenditures; the
interpretation of exploration results and the estimation of mineral
resources; the loss of key employees or consultants; health, safety
and environmental risks and risks related to weather and other
natural disasters); uncertainties as to the availability and cost
of financing; Contango's inability to retain or maintain its
relative ownership interest in the Peak Gold JV; inability to
realize expected value from acquisitions; inability of our
management team to execute its plans to meet its goals; the extent
of disruptions caused by an outbreak of disease, such as the
COVID-19 pandemic; and the possibility that government policies may
change, political developments may occur or governmental approvals
may be delayed or withheld, including as a result of presidential
and congressional elections in the U.S. or the inability to obtain
mining permits. Additional information on these and other factors
which could affect Contango's exploration program or financial
results are included in Contango's other reports on file with the
U.S. Securities and Exchange Commission. Investors are cautioned
that any forward-looking statements are not guarantees of future
performance and actual results or developments may differ
materially from the projections in the forward-looking statements.
Forward-looking statements are based on the estimates and opinions
of management at the time the statements are made. Contango does
not assume any obligation to update forward-looking statements
should circumstances or management's estimates or opinions
change.
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SOURCE Contango Ore
