Share Talk Ltd

Multi-million-ounce resource potential indicated at Garalo Gold Project in Mali Carl Esprey, Executive Director of Contango Holdings, said: "Garalo was acquired with the intention of bringing into production a small but highly profitable gold mine. The publication of this Report, which included both reinterpretation of historic data as well as information not previously incorporated in the historic 320,000-ounce figure, has made it clear that Garalo is significantly larger than first envisaged, with the potential to be a sizeable, multi-million-ounce standalone mine, rivalling some of our neighbours in this world class gold producing region. "The resource quantum now being contemplated at Garalo suggest the Company should bypass the previously reported initial 10,000oz per annum development scenario, instead bringing a larger +30,000oz per annum heap leach operation onstream from the shallow oxides and providing Contango cashflow from Garalo in late 2021. With an estimated profitability of circa US$1,0