Avidian Gold closes sale of Alaskan subsidiary to Contango Ore

Avidian Gold announced, further to its press release of May 2, 2024, that it has closed the sale of its 100% owned Alaskan subsidiary, Avidian Gold Alaska to Contango ORE for initial consideration of $2.4 million, plus potential future upside consideration of $1.0 million, for total consideration of up to $3.4 million. The Initial Consideration is comprised of $400,000 in cash and $2,000,000 in shares of Contango common stock. Avidian Alaska owns and controls the Golden Zone and Amanita NE gold properties and has an option agreement to purchase 100% of the Amanita gold property. Golden Zone is a large, prospective property in between Anchorage and Fairbanks near rail and highway infrastructure. The Amanita and Amanita NE gold properties border Kinross Gold Corporation’s Fort Knox operation near Fairbanks.