C:CC - Contact Gold Receives USD $175000 Anniversary Payment for Green Springs from Centerra Gold
(TheNewswire)
Vancouver, BC - TheNewswire - November 28, 2023 - Contact Gold Corp. (the “Company” or “Contact Gold”)(TSXV:C ) ( OTC:CGOLF) is pleased to confirm that asubsidiary of Centerra Gold Inc. (“Centerra”) (TSX:CG) (NYSE:CGAU)has paid the USD 175,000 anniversary payment due in connection withCenterra’s continued participation in the earn-in on the GreenSprings oxide gold project (“Green Springs”).
Located on Nevada’s Cortez Trend, the Green Springsproject is subject to a four-year, US$10 million earn-in (the“Earn-in”) whereby Centerra can, upon satisfaction of certainexpenditure and funding conditions, acquire a 70% interest in GreenSprings.
Contact Gold is the project manager at Green Springs,with exploration led by Contact Gold’s Vice President ofExploration, Vance Spalding.
Contact Gold will remain the 100% owner of GreenSprings until the completion of all Earn-in requirements.
The Company and Centerra are working to finalize andapprove the program and budget for 2024 at Green Springs.
Earn In Terms
Pursuant to the Earn-in, Centerra has an option toacquire a 70% interest in Green Springs for cumulative explorationexpenditures of US$10,000,000 and aggregate cash payments to theCompany of US$1,000,000 as follows:
Upon satisfaction of the US$10,000,00 explorationexpenditure commitment and payment to Contact Gold of the aggregateUS$1,000,000 cash payments, the parties will form a joint venture tohold and operate the property, and each party shall proportionatelyfund or dilute future activities at Green Springs. Should ContactGold's interest be diluted to less than 10%, then that interest willconvert to a 1.5% Net Smelter Returns Royalty interest.
For further details on the Earn -inwith Centerra see Contact Gold news releasedated December 9,2022 .
Green Springs is strategically located 7 km immediatelyeast of the Gold Rock project operated by Calibre Mining Corp. (TSX:CXB; OTCQX: CXBMF) and 20 km southeast of their Pan Mine.
Green Springs is an early-stage exploration propertyand does not contain any mineral resource estimates as defined by NI43-101 due to insufficient exploration to date. Additional informationabout Green Springs is summarized in the NI 43-101 Technical Reportentitled, “NI 43-101 Technical Report for the Green Springs Project,White Pine County, Nevada, USA” prepared for Contact Gold, with aneffective date of June 12, 2020, and dated August 5, 2020, by John J.Read, C.P.G; an independent consultant and qualified person under NI43-101, and can be viewed under Contact Gold’s issuer profile onSEDAR at www.sedar.com .
About Contact Gold Corp.
Contact Gold is an exploration company focused onmaking district scale gold discoveries in Nevada. Contact Gold’sextensive land holdings are on the prolific Carlin and Cortez goldtrends which host numerous gold deposits and mines. Contact Gold’sland position comprises approximately 117.4 km 2 of target richmineral tenure hosting numerous known gold occurrences, ranging fromearly- to advanced-exploration and current gold resources.
Additional information about the Company is availableat www.contactgold.com .
For more information, please contact: +1 (604)449-3361
Matthew Lennox-King – President & CEO
E-mail: info@ContactGold.com
Neither the TSXV nor its RegulationServices Provider (as that term is defined in the policies of theTSXV) accepts responsibility for the adequacy of this release. Nostock exchange, securities commission or other regulatory authorityhas approved or disapproved the information contained herein.
Cautionary Note RegardingForward-Looking Information
This news release contains"forward-looking information" and "forward-lookingstatements" (collectively, "forward-lookingstatements") within the meaning of the applicable Canadiansecurities legislation. All statements, other than statements ofhistorical fact, are forward-looking statements and are based onexpectations, estimates and projections as at the date of this newsrelease. Any statement that involves discussions with respect topredictions, expectations, beliefs, plans, projections, objectives,assumptions, future events or performance (often but not always usingphrases such as "expects", or "does not expect","is expected", "anticipates" or "does notanticipate", "plans", "budget","scheduled", "forecasts", "estimates","believes" or "intends" or variations of suchwords and phrases or stating that certain actions, events or results"may" or "could", "would","might" or "will" be taken to occur or beachieved) are not statements of historical fact and may beforward-looking statements. In this news release, forward-lookingstatements relate, among other things, to the anticipated explorationactivities of the Company at the Green Springs property, Centerra’sparticipation in and funding of year 2 of the Earn-in, and thecompletion of the Earn-in by Centerra at Green Springs.
These forward-looking statements arebased on reasonable assumptions and estimates of management of theCompany at the time such statements were made. Actual future resultsmay differ materially as forward-looking statements involve known andunknown risks, uncertainties and other factors which may cause theactual results, performance or achievements of the Company tomaterially differ from any future results, performance or achievementsexpressed or implied by such forward-looking statements. Such factors,among other things, include: fluctuations in general macroeconomicconditions; fluctuations in securities markets; fluctuations in spotand forward prices of gold, silver, base metals or certain othercommodities; fluctuations in currency markets (such as the Canadiandollar to United States dollar exchange rate); change in national andlocal government, legislation, taxation, controls, regulations andpolitical or economic developments; risks and hazards associated withthe business of mineral exploration, development and mining (includingenvironmental hazards, industrial accidents, unusual or unexpectedformations pressures, cave-ins and flooding); inability to obtainadequate insurance to cover risks and hazards; the presence of lawsand regulations that may impose restrictions on mining; employeerelations; relationships with and claims by local communities andindigenous populations; availability of increasing costs associatedwith mining inputs and labour; the speculative nature of mineralexploration and development (including the risks of obtainingnecessary licenses, permits and approvals from governmentauthorities); and title to properties. Although the forward-lookingstatements contained in this news release are based upon whatmanagement of the Company believes, or believed at the time, to bereasonable assumptions, the Company cannot assure shareholders thatactual results will be consistent with such forward-lookingstatements, as there may be other factors that cause results not to beas anticipated, estimated or intended. Readers should not place unduereliance on the forward-looking statements and information containedin this news release. The Company assumes no obligation to update theforward-looking statements of beliefs, opinions, projections, or otherfactors, should they change, except as required by law.
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