Contact Gold Receives USD $175,000 Anniversary Payment for Green Springs from Centerra Gold

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[{"type":"text","content":"Contact Gold Receives USD $175,000 Anniversary Payment for Green Springs from Centerra Gold\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire\n \n \n - November 28, 2023 -\n \n \n Contact Gold Corp.\n \n \n (the “Company” or “Contact Gold”)\n(TSXV:C\n \n \n )\n \n \n (\n \n \n OTC:CGOLF)\n \n \n is pleased to confirm that a\nsubsidiary of Centerra Gold Inc. (“Centerra”) (TSX:CG) (NYSE:CGAU)\nhas paid the USD 175,000 anniversary payment due in connection with\nCenterra’s continued participation in the earn-in on the Green\nSprings oxide gold project (“Green Springs”).\n \n \n \n \n Located on Nevada’s Cortez Trend, the Green Springs\nproject is subject to a four-year, US$10 million earn-in (the\n“Earn-in”) whereby Centerra can, upon satisfaction of certain\nexpenditure and funding conditions, acquire a 70% interest in Green\nSprings.\n \n \n \n \n Contact Gold is the project manager at Green Springs,\nwith exploration led by Contact Gold’s Vice President of\nExploration, Vance Spalding.\n \n \n \n \n Contact Gold will remain the 100% owner of Green\nSprings until the completion of all Earn-in requirements.\n \n \n \n \n The Company and Centerra are working to finalize and\napprove the program and budget for 2024 at Green Springs.\n \n \n \n \n Earn In Terms\n \n \n \n \n \n Pursuant to the Earn-in, Centerra has an option to\nacquire a 70% interest in Green Springs for cumulative exploration\nexpenditures of US$10,000,000 and aggregate cash payments to the\nCompany of US$1,000,000 as follows:\n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n \n Upon satisfaction of the US$10,000,00 exploration\nexpenditure commitment and payment to Contact Gold of the aggregate\nUS$1,000,000 cash payments, the parties will form a joint venture to\nhold and operate the property, and each party shall proportionately\nfund or dilute future activities at Green Springs. Should Contact\nGold's interest be diluted to less than 10%, then that interest will\nconvert to a 1.5% Net Smelter Returns Royalty interest.\n \n \n \n \n For further\n \n \n details\n \n \n on the\n \n \n Earn\n \n \n -in\nwith Centerra see\n \n \n Contact Gold news...

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