Oct 22 2020
Contango ORE Inc. ("CORE", "Contango" or the "Company") is pleased to announce that it will participate in the virtual Red Cloud Securities Inc. Oktoberfest Fall Mining Showcase 2020 (October 21-23, 2020), with a live presentation at 4:20 pm EDT on October 22, 2020. Interested parties can register at: https://www.runtheworld.today/app/c/redcloud
The Company is pleased that Rick Van Nieuwenhuyse, its President and CEO, will provide an update to investors and those interested in learning more about Contango and its recently announced agreement with Kinross regarding Peak Gold, LLC ("Peak Gold") - see link https://rb.gy/fbncmt.
A Peak Gold feasibility study is expected to be completed by the end of 2022 and production is expected to begin in 2024. By partnering with Kinross, a Tier 1 mining operator that has nearly 25 years of operating experience in Alaska, and utilizing its existing milling and tailings infrastructure at the Fort Knox operation, Peak Gold can more quickly advance to a production decision, which Kinross estimates at 1 million ounces of gold equivalent to be produced over a 4.5 year mine life beginning in 2024 and based on current resources, and with estimated all-in sustaining costs ("AISC") of $750/oz Au Eq. and estimated capital costs of $110 million.
Peak Gold would greatly reduce its capital outlay, environmental footprint, permitting and construction risks, and reduce the timeline to potential production, by not having to permit and construct a mill and tailings facility on site. The Company's management believes that trucking high-quality ore from the Peak Gold deposit to Kinross' Fort Knox mill is an ideal solution to fast track the project to a production decision. CORE stockholders can now see a clearer and accelerated path to potential production of the Peak Gold deposit.
CORE looks forward to working with Kinross and the Tetlin Tribe to develop Alaska's next gold mine. Meanwhile, the Company's management believes that it has a great opportunity to find additional gold, silver and copper resources on our 100% owned State mining claims that cover approximately 170,000 acres adjacent to Peak Gold's 675,000 acre Tetlin Lease, both of which have significant exploration upside with numerous high-quality exploration targets.
CORE has less than 6 million shares outstanding, approximately $35 million in cash and is well financed to meet our funding obligations to make a construction decision for the Peak Gold deposit over the next two years, and to explore for new resources on the Peak Gold JV Tetlin lands as well as on our 100% State of Alaska mining claims.
Source: http://www.contangoore.com/