Gold Terra Extends Option Agreement with Newmont to 2027

Gold Terra Resource Corp. announced a two-year extension of its option agreement with Newmont Canada FN Holdings ULC and Miramar Northern Mining Ltd., subsidiaries of Newmont Corporation. This extension prolongs the agreement to November 21, 2027, allowing Gold Terra to purchase 100% of the past-producing Con Mine properties in Yellowknife, Northwest Territories.

The Con Mine, a world-class deposit produced 6.1 Moz of gold, and formed part of the prolific Yellowknife Gold Belt. Gold Terra's current drilling programs aim to delineate more than 1.5 Moz of gold, with ongoing expenditures including C$10.9 million spent by the end of 2023 and over 31,947 meters drilled.

The company's CEO, Gerald Panneton, emphasized the continued collaboration with Newmont and highlighted the strategic importance of the Con Mine Property for Gold Terra. The assets cover mineral leases, surface rights, and infrastructure, including underground openings and a 2,000 tpd capacity shaft.

The new agreement includes Gold Terra's commitment to a minimum of C$8 million in exploration and completion of a pre-feasibility study. Newmont retains a 2% royalty on minerals, reducible by half with a $10 million payment from Gold Terra.