Contango Ore, Inc. (CTGO: OTCQB) | Contango ORE, Inc. Announces Earnings and Updated Operations For the Year Ended June 30, 2016

OTC

Contango ORE, Inc. Announces Earnings and Updated Operations For the Year Ended June 30, 2016

Aug 25, 2016

OTC Disclosure News Service

Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced
today that it filed its Form 10-K for the year ended June 30, 2016 with
the Securities and Exchange Commission.

This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20160825006377/en/

Core Holes Drilled on Tetlin Project (Graphic: Business Wire)

Core Holes Drilled on Tetlin Project (Graphic: Business Wire)

The Company reported a net loss of $1.2 million or $0.31 per basic and
diluted share for the year ended June 30, 2016 compared to a loss of
$3.6 million or $0.94 per basic and diluted share for the same period
last year.

The Company substantially reduced its net loss in 2016 as compared to
2015, because in 2016, all exploration expenses were incurred by its
joint venture, Peak Gold, LLC, with Royal Alaska, LLC, a wholly-owned
subsidiary of Royal Gold, Inc., for the exploration and development of
its Peak Zone gold ore deposit as well as other new delineated gold
bearing areas on its Tetlin properties, near Tok, Alaska.

The following table shows the most recent significant intercepts drilled
on the project for which assay results have not been previously
released. Sample intervals are calculated using 0.5 grams per tonne
(gpt) lower cut off for gold with no internal waste less than cutoff
grade that is greater than 3 meters in thickness. Intercepts shown are
drill intercept lengths. True width of mineralization is unknown. The
data below includes 8 new drill holes from TET16242 and TET1248 and
their locations are shown on the accompanying base map:

 

Zone

 

 

 

 

 

 

Drill Hole

 

 

 

From

(meters)

 

 

 

To

(meters)

 

 

 

Interval

(meters)

 

 

 

Au_gpt

 

 

 

Au_gpt x Interval

North Peak

 

 

 

 

 

 

TET16242

 

 

 

19.38

 

 

 

25.45

 

 

 

6.07

 

 

 

2.72

 

 

 

16.51

North Peak

 

 

 

 

 

 

TET16242

 

 

 

31.04

 

 

 

34.41

 

 

 

3.37

 

 

 

5.72

 

 

 

19.28

North Peak

 

 

 

 

 

 

TET16242

 

 

 

37.58

 

 

 

63.93

 

 

 

26.35

 

 

 

5.55

 

 

 

146.24

North Peak

 

 

 

 

 

 

TET16242

 

 

 

151.88

 

 

 

152.58

 

 

 

0.70

 

 

 

3.86

 

 

 

2.70

North Peak

 

 

 

 

 

 

TET16242

 

 

 

156.00

 

 

 

157.25

 

 

 

1.25

 

 

 

3.17

 

 

 

3.96

North Peak

 

 

 

 

 

 

TET16243

 

 

 

10.93

 

 

 

12.30

 

 

 

1.37

 

 

 

14.95

 

 

 

20.48

North Peak

 

 

 

 

 

 

TET16243

 

 

 

15.85

 

 

 

21.55

 

 

 

5.70

 

 

 

4.30

 

 

 

24.51

North Peak

 

 

 

 

 

 

TET16243

 

 

 

25.82

 

 

 

34.29

 

 

 

8.47

 

 

 

3.99

 

 

 

33.80

North Peak

 

 

 

 

 

 

TET16243

 

 

 

39.68

 

 

 

57.19

 

 

 

17.51

 

 

 

4.97

 

 

 

87.02

North Peak

 

 

 

 

 

 

TET16243

 

 

 

99.42

 

 

 

104.70

 

 

 

5.28

 

 

 

2.60

 

 

 

13.73

North Peak

 

 

 

 

 

 

TET16244

 

 

 

35.08

 

 

 

51.00

 

 

 

15.92

 

 

 

11.74

 

 

 

186.90

North Peak

 

 

 

 

 

 

TET16244

 

 

 

62.14

 

 

 

67.55

 

 

 

5.41

 

 

 

2.05

 

 

 

11.09

North Peak

 

 

 

 

 

 

TET16244

 

 

 

76.60

 

 

 

87.06

 

 

 

10.46

 

 

 

2.58

 

 

 

26.99

North Peak

 

 

 

 

 

 

TET16245

 

 

 

43.11

 

 

 

46.02

 

 

 

2.91

 

 

 

0.63

 

 

 

1.83

North Peak

 

 

 

 

 

 

TET16245

 

 

 

50.36

 

 

 

52.65

 

 

 

2.29

 

 

 

1.21

 

 

 

2.77

North Peak

 

 

 

 

 

 

TET16245

 

 

 

63.55

 

 

 

71.74

 

 

 

8.19

 

 

 

2.16

 

 

 

17.69

North Peak

 

 

 

 

 

 

TET16245

 

 

 

83.27

 

 

 

86.11

 

 

 

2.84

 

 

 

2.60

 

 

 

7.38

North Peak

 

 

 

 

 

 

TET16246

 

 

 

90.80

 

 

 

92.49

 

 

 

1.69

 

 

 

2.18

 

 

 

3.68

North Peak

 

 

 

 

 

 

TET16246

 

 

 

126.39

 

 

 

128.51

 

 

 

2.12

 

 

 

0.90

 

 

 

1.91

North Peak

 

 

 

 

 

 

TET16247

 

 

 

14.31

 

 

 

16.56

 

 

 

2.25

 

 

 

1.56

 

 

 

3.51

North Peak

 

 

 

 

 

 

TET16247

 

 

 

61.30

 

 

 

66.74

 

 

 

5.44

 

 

 

3.97

 

 

 

21.60

North Peak

 

 

 

 

 

 

TET16247

 

 

 

71.78

 

 

 

74.18

 

 

 

2.40

 

 

 

0.67

 

 

 

1.61

North Peak

 

 

 

 

 

 

TET16247

 

 

 

77.39

 

 

 

83.97

 

 

 

6.58

 

 

 

1.22

 

 

 

8.03

North Peak

 

 

 

 

 

 

TET16247

 

 

 

107.49

 

 

 

108.58

 

 

 

1.09

 

 

 

3.18

 

 

 

3.47

North Peak

 

 

 

 

 

 

TET16247

 

 

 

137.78

 

 

 

145.02

 

 

 

7.24

 

 

 

1.96

 

 

 

14.19

North Peak

 

 

 

 

 

 

TET16248

 

 

 

9.38

 

 

 

10.75

 

 

 

1.37

 

 

 

9.29

 

 

 

12.73

North Peak

 

 

 

 

 

 

TET16248

 

 

 

13.83

 

 

 

22.89

 

 

 

9.06

 

 

 

5.02

 

 

 

45.48

North Peak

 

 

 

 

 

 

TET16248

 

 

 

30.78

 

 

 

36.56

 

 

 

5.78

 

 

 

1.79

 

 

 

10.35

North Peak

 

 

 

 

 

 

TET16248

 

 

 

43.22

 

 

 

45.96

 

 

 

2.74

 

 

 

10.62

 

 

 

29.10

North Peak

 

 

 

 

 

 

TET16248

 

 

 

52.75

 

 

 

57.73

 

 

 

4.98

 

 

 

5.53

 

 

 

27.54

North Peak

 

 

 

 

 

 

TET16248

 

 

 

61.23

 

 

 

72.02

 

 

 

10.79

 

 

 

4.05

 

 

 

43.70

 

Brad Juneau, CEO, commented, “Drilling operations are ongoing and we
expect to receive more assays in the next few weeks. The Company will
present at the Denver Gold Forum on September 19, 2016.”

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.

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