Contango ORE Announces Filing of Form 10-K and Updates Operations

HOUSTON -- (BUSINESS WIRE) -- Contango ORE, Inc. (CTGO.PK) announced today that it has filed its Form 10-K for the fiscal year ended June 30, 2013 with the Securities and Exchange Commission.

The Company is actively drilling under its Tetlin exploration project in Alaska, and the table below summarizes the results of the 2013 drilling program with assay data received to date. This data covers 34 holes out of a total of 60 holes completed, and we expect to drill an additional 20-25 exploration holes before the end of the drilling season in early October.

Based on the data we have received to date, it is our interpretation that the Peak zone is a gold-enriched skarn deposit associated with a nearby intrusive system. We intend to continue drilling to find the limits of the Peak zone as well as explore for similar deposits using our airborne data and results of our extensive surface sampling program.

We expect to finish our 2013 drilling program in early October, and should end the year with a significant cash balance. The company expects to have all assay data in hand by the end of November 2013, and will incorporate all of the data collected into a resource estimate during the first quarter of calendar 2014.

Significant 2013 gold drill results from initial drill holes at the Peak zone, Chief Danny prospect, Tetlin project, Alaska. Results for holes 13062 through 13069 were previously released in our July 16, 2013 press release. Sample intervals are calculated using a 0.5 gpt lower cut off for gold with no internal waste greater than 3 meters less than cutoff grade. Intercepts shown are drill intercept lengths. All holes reported were completed at -60 degree inclination along azimuth 225 degrees to intercept mineralization at approximately right angles. The grade cutoff for gold (Au) is 0.5 gpt; for silver (Ag) is 10 gpt; and for copper (Cu) is 0.1 gpt.

Hole No.     From      To     Interval   Au_gpt   Au_opt    Ag_gpt    Cu 
          (meters)  (meters)  (meters)                                 %
TET13062     88.9    153.7     64.80     13.101    0.382     21.0    0.482 
TET13063   131.11    171.6     40.49     16.550    0.483     36.1    0.732 
TET13064    147.2    191.4     44.20      8.464    0.247      5.5    0.169
TET13065   184.45   206.93     22.48      1.160    0.034     10.5    0.403
TET13066                        0.00      0.000    0.000      0.0    0.000
TET13067    114.8    125.1     10.30      0.180    0.005     18.2    0.215
TET13068     0.00   112.80    112.80      0.196    0.006     13.5    0.267
TET13069     54.6   162.63    108.03      0.026    0.001     11.0    0.406 
TET13070    116.8   154.92     38.12      1.815    0.053      1.8    0.040 
TET13071    129.9    186.5     56.60      1.182    0.034      1.9    0.048 
TET13072   170.99   199.82     28.83      1.173    0.034      6.4    0.133 
TET13073   170.23   192.64     22.41      0.708    0.021      5.5    0.103 
TET13074     78.9    105.8     26.90      0.079    0.002     17.9    0.336
TET13075     83.7    134.5     50.80      0.057    0.002      8.1    0.354
TET13076    107.8    163.5     55.70      0.044    0.001     17.0    0.661 
TET13077   135.48   162.12     26.64      0.022    0.001     34.6    1.110 
TET13078    77.06      105     27.94      2.648    0.077      3.1    0.123
TET13079   120.04   157.89     37.85      4.366    0.127      3.7    0.203
TET13080   135.41   157.38     21.97      5.378    0.157      2.7    0.070
TET13081   146.53   179.73     33.20      2.550    0.074     52.4    0.491
TET13082     5.79    93.38     87.59      4.025    0.117     19.3    0.300
TET13083   112.46   143.65     31.19      1.350    0.039      5.5    0.163 
TET13084   134.95   160.33     25.38      5.086    0.148      9.0    0.244
TET13085   130.13   175.16     45.03      2.740    0.080     69.5    1.401
TET13088    19.18   157.20    138.02      3.626    0.106     11.4    0.113 
TET13090   127.60   159.20     31.60      0.087    0.003     24.3    0.882
TET13091    45.11    98.78     53.67      1.111    0.032     10.5    0.249
TET13094   129.90   153.60     23.70      0.415    0.012     106.6   0.716

Contango ORE, Inc. (CORE) is a Houston-based company that engages in the exploration in Alaska for gold and associated minerals and rare earth elements. Additional information can be found on our web page at www.contangoore.com.


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 rare earth elements; 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.



Contacts

Contango ORE, Inc.
Brad Juneau
(713) 805-4086
www.contangoore.com