ROHSTOFF INTERNATIONAL

0:06 | 11.11.2017
Contango ORE, Inc. Announces Operations Update, Private Placement Results and Quarterly Earnings

Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced
today that Peak Gold, LLC, the Company’s joint venture with Royal
Alaska, a wholly-owned subsidiary of Royal Gold, Inc. has funded $28.7
million to date of their optional $30 million capital investment in the
joint venture with the Phase III 2017 limited drilling program,
approximately a year ahead of the original deadline. As per the joint
venture agreement, once Royal Alaska has contributed it’s $30 million,
the Company will resume paying capital expenditures at its 60% ownership
rate and Royal Alaska will pay its 40% share.

This press release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20171110005757/en/
Peak Gold project map (Graphic: Business Wire)
The Company also announced today that certain holders of outstanding
warrants issued in 2013 have exercised 124,999 warrants resulting in
$1.2 million in cash net to the company. The holders of these warrants
were offered a 5% discount to early exercise the warrants for cash to
provide the company with additional financial flexibility. In unrelated
transactions, 260,000 warrants were exercised in a cashless exercise at
their original $10 exercise price leaving 196,000 warrants of the
Company outstanding. The company has $16.0 million in cash with no debt,
which should be sufficient to cover its share of joint venture capital
and the Company’s overhead expenses for the foreseeable future.

The Phase III program, completed in mid-October, drilled 8 holes
offsetting the previously announced West Peak Extension area, and while
5 of these holes intersected gold bearing intervals, the thickness was
not comparable to the Phase II program hole that originally generated
the interest in the zone, and future drilling in this immediate area
will depend upon final interpretation of the data by the joint venture’s
exploration team. Two holes were also drilled near the North Peak area,
but assay results have not yet been received for these holes.

The Peak Gold exploration team discovered the North Peak zone in
2015-2016, and followed up with expansion of the Main Peak zone and
location of 75,400 acres of State of Alaska mining claims east of the
Chief Danny area, referred to as the Noah block . A map depicting the
location of the Noah claim block is attached.

As part of our summer exploration program the joint venture conducted a
systematic stream sediment sampling program in the Noah block. The
sampling identified three areas with anomalous gold or gold/copper
stream sediments.

Brad Juneau, the Company’s president said, “The exploration team will
continue to focus on identifying additional mineral resources that can
add to our already defined mineral resources at Main Peak and North
Peak, while advancing our understanding of these gold and gold/copper
anomalies in the Noah block. We are encouraged by the Noah block stream
sediment sampling results and will see our understanding of this
exciting area advancing in the 2018 exploration season.”

The Company also announced that it filed its Form 10-Q for the quarter
ended September 30, 2017 with the Securities and Exchange Commission.

The Company reported a net loss of $0.7 million or $0.14 per basic and
diluted share for the quarter ended September 30, 2017 compared to a
loss of $0.9 million or $0.24 per basic and diluted share for the same
period last year.
About CORE
CORE is a Houston-based company that engages in the exploration in
Alaska for gold and associated minerals through Peak Gold, LLC, its
joint venture company with Royal Gold, Inc. Additional information can
be found on our web page at www.contangoore.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements regarding CORE
that are intended to be covered by the safe harbor “forward-looking
statements” provided by the Private Securities Litigation Reform Act of
1995, based on CORE’s current expectations and includes statements
regarding future results of operations, quality and nature of the asset
base, the assumptions upon which estimates are based and other
expectations, beliefs, plans, objectives, assumptions, strategies or
statements about future events or performance (often, but not always,
using words such as “expects”, “projects”, “anticipates”, “plans”,
“estimates”, “potential”, “possible”, “probable”, or “intends”, or
stating that certain actions, events or results “may”, “will”, “should”,
or “could” be taken, occur or be achieved). Forward-looking statements
are based on current expectations, estimates and projections that
involve a number of risks and uncertainties, which could cause actual
results to differ materially from those, reflected in the statements.
These risks include, but are not limited to: the risks of the
exploration and the mining industry (for example, operational risks in
exploring for, developing mineral reserves; risks and uncertainties
involving geology; the speculative nature of the mining industry; the
uncertainty of estimates and projections relating to future production,
costs and expenses; the volatility of natural resources prices,
including prices of gold and associated minerals; the existence and
extent of commercially exploitable minerals in properties acquired by
CORE; potential delays or changes in plans with respect to exploration
or development projects or capital expenditures; the interpretation of
exploration results and the estimation of mineral resources; the loss of
key employees or consultants; health, safety and environmental risks and
risks related to weather and other natural disasters); uncertainties as
to the availability and cost of financing; inability to realize expected
value from acquisitions; inability of our management team to execute its
plans to meet its goals; and the possibility that government policies
may change or governmental approvals may be delayed or withheld,
including the inability to obtain any mining permits. Additional
information on these and other factors which could affect CORE’s
exploration program or financial results are included in CORE’s other
reports on file with the Securities and Exchange Commission. Investors
are cautioned that any forward-looking statements are not guarantees of
future performance and actual results or developments may differ
materially from the projections in the forward-looking statements.
Forward-looking statements are based on the estimates and opinions of
management at the time the statements are made. CORE does not assume any
obligation to update forward-looking statements should circumstances or
management’s estimates or opinions change.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171110005757/en/


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