Contango ORE Announces Acquisition of HighGold Mining
Contango has the ability to progress the Johnson Tract Project with enhanced financial capacity underpinned by organic cash flow to be generated at Manh Choh and a track-record of successful project development and execution in Alaska. HighGold has a lease agreement with Cook Inlet Regional Inc. (CIRI), a regional corporation established by the Alaska Native Claims Settlement Act of 1971, authorizing the exploration and development of the Johnson Tract Project while Contango, through its joint venture with Kinross, has an existing partnership with the Tetlin Tribe authorizing mining and exploration activities at Manh Choh. Rick Van Nieuwenhuyse, President and CEO of Contango said, “Darwin Green and his team have done an excellent job adding value to the Johnson Tract Project in a very tough market. The combination of HighGold and Contango makes a tremendous amount of strategic sense for both sets of shareholders – it is a true win-win for all. “With the cash flow expected in the second half of
BUILDING ALASKA ONE OUNCE AT A TIME Our firm understanding of Alaska’s unique challenges and commitment to HSSE and planning have translated into Consistent with the development of Manh Choh, which is on schedule and on budget, Contango expects to unlock value from the Johnson Tract Project without the burden of large upfront capital requirements. The Johnson Tract Project’s strategic seaside location expands opportunities for applying the DSO model. Manh Choh is Alaska’s next gold mine with the first gold pour expected in the second half of 2024. With an expected 100,000 ounces of annual gold production. Adding a third high-quality deposit with long term upside potential immediately increases Contango’s current resources threefold by adding more than one million ounces of gold equivalent Contango ORE, Inc. has announced an agreement to acquire all of the issued and outstanding shares of HighGold. Existing Contango shareholders will own approximately 85 percent and HighGold shareholders will own approximately 15 percent of the combined company.
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May 2024 I The Alaska Miner I www.alaskaminers.org
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