Contango ORE Announces Completion of S-K 1300 Technical Report Summary for Its Manh Choh Project in Alaska
26 Mai 2023 - 1:00PM
Business Wire
Contango ORE, Inc. (“CORE,” “Contango” or the “Company”) (NYSE
American: CTGO) is pleased to announce that it has completed the
Technical Report Summary (“TRS”) on the Manh Choh Project (the
“Project” or “Manh Choh”), located near Tok, Alaska, U.S.A.
Rick Van Nieuwenhuyse, the Company’s President and Chief
Executive Officer said: “With the completion of the tolling
agreement with the Fort Knox Mine, we were able to complete the
TRS. I am pleased to report that the results of the report are
consistent with prior guidance including the estimated All-In
Sustaining Cost (“AISC”) of $1,116 per gold equivalent ounce and
the initial capital costs of $64.6 million for Contango’s 30%
portion. With the major contracts signed and permitting concluded,
we remain on track and on budget to bring our 30% interest in Manh
Choh into production in the second half of 2024.”
With all the news flow expected throughout the month of May, we
will be hosting a corporate update to go over all our recent news
at the end of the month. Please use this link to register to our
live event: https://my.6ix.com/STEXS5np
The TRS summarizes the results of a Feasibility Study (“FS”) and
subsequent FS economic update prepared by KG Mining (Alaska), Inc.
(“KGMA”), Contango’s joint venture partner for the Project and an
indirect subsidiary of Kinross Gold Corporation (“Kinross”). CORE
holds a 30% interest in Peak Gold, LLC (“Peak Gold JV”), which
leases approximately 675,000 acres of exploration and development,
with the remaining 70% owned by KGMA, operator and manager of the
Project. Contango also owns a 100% interest in approximately
167,000 acres of State of Alaska mining claims through Contango
Mineral Alaska, LLC, its wholly owned subsidiary, which gives
Contango the exclusive right to explore and develop minerals on
these lands.
A copy of the S-K 1300 Feasibility Study for the Manh Choh
project can be found on our website:
https://www.contangoore.com/investors/overview.
Background:
- As a U.S. domestic and domiciled company, CORE is required to
report its mineral resources in accordance with Item 1302 of
Regulation S-K ("S-K 1300");
- S-K 1300 was adopted by the Securities and Exchange Commission
(the "SEC") to modernize mineral property disclosure requirements
for mining registrants and to align U.S. disclosure requirements
more closely for mineral properties with current industry and
global regulatory standards; and
- The mineral resource estimate set forth in this TRS for the
Manh Choh Project has not previously been reported under the S-K
1300 format.The TRS was prepared in accordance with S-K 1300 and
was filed on May 26, 2023 with the SEC through EDGAR on Form
8-K.
Qualified Person Disclosure
The TRS was prepared in accordance with S-K 1300 and was filed
on May 26, 2023 with the SEC through EDGAR on Form 8-K. The
technical information in this news release has been reviewed by
John Sims, AIPG Certified Professional Geologist, President of Sims
Resources LLC (“SIMS”), being a Qualified Person under Item 1302 of
Regulation S-K. SIMS prepared the TRS on behalf of the Company.
ABOUT CORE
CORE is a company that engages in the exploration in Alaska for
gold and associated minerals through a 30% interest in PGJV, which
leases approximately 675,000 acres for exploration and development,
and through a 100% owned subsidiary, Contango Minerals Alaska, LLC,
which leases approximately 200,000 acres for exploration. The
Company also owns the rights to the Lucky Shot, Coleman and War
Baby mines, and approximately 16,600 acres of surrounding mining
claims located in the Willow Mining District about 75 miles north
of Anchorage, Alaska. Additional information can be found on our
web page at www.contangoore.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements regarding
CORE 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 CORE’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, 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 CORE or PGJV;
ability to realize the anticipated benefits of PGJV; 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; CORE’s inability to retain or maintain its relative
ownership interest in PGJV; 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 the 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 CORE’s exploration program or financial results are included
in CORE’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. CORE does not assume any
obligation to update forward-looking statements should
circumstances or management’s estimates or opinions change.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230525005927/en/
Contango ORE, Inc. Rick Van Nieuwenhuyse (713) 877-1311
www.contangoore.com
Contango Ore (AMEX:CTGO)
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