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Contango ORE, Inc. Provides an Update on Joint Sale Process of Peak Gold Project
HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today that the previously announced joint sale process for Peak G
About this update from Contango Silver & Gold Inc.
[{"type":"text","content":"HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today that the previously announced joint sale process for Peak Gold, LLC (the “Peak Gold” or “Joint Venture”) has concluded without entering into a definitive change of control transaction. The Company entered into the joint sale process with Royal Gold, Inc., the parent of CORE’s Joint Venture partner, for the sale directly or indirectly of all of the Peak Gold project’s properties in Alaska. During the process, the parties received indications of interest that did not meet value expectations. Although the formal joint sales process has ended, the Company is continuing to work with its advisors to evaluate strategic options while advancing the property through exploration and baseline data collection for project permitting requirements. Brad Juneau, President and CEO of the Company, commented, “As previously announced, we are continuing with our permitting activities for development of our defined resource areas in Peak and North Peak, as well as exploration activities to find new resources. These exploration activities include surface reconnaissance, acquiring new IP data, and drilling that will begin in the third quarter of this year. The approved Joint Venture budget is $6.9 million, of which our share is $4.1 million for a Phase I 2019 drilling program. We continue to believe that our large acreage position holds significant exploration upside, and we remain focused on maximizing the value of this project for our shareholders.” ABOUT PEAK GOLD Peak Gold is a joint venture between Royal Alaska, LLC a wholly-owned subsidiary of Royal Gold, Inc. and CORE Alaska, LLC, a wholly-owned subsidiary of CORE. Peak Gold holds a 675,000 acre lease with the Native Village of Tetlin and an additional 175,000 acres of State of Alaska mining claims, all located near Tok, Alaska, on which Peak Gold explores for minerals. CORE Alaska, LLC holds a 60% membership interest in Peak Gold and Royal Alaska, LLC holds a 40% membership interest in Peak Gold and is the manager of the joint venture. ABOUT CORE CORE is a Houston-based company that engages in the exploration in Alaska for gold and associated minerals through Peak Gold, its joint venture company with Royal Alaska, LLC. Additional information can be found on our web page at www.contangoore.com. F...