Contango Ore, Inc. (CTGO: OTCQB) | Contango ORE, Inc. Announces Earnings for the Year Ended June 30, 2015

Contango ORE, Inc. Announces Earnings for the Year Ended June 30, 2015

Oct 09, 2015

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, 2015 with
the Securities and Exchange Commission.

The Company reported a net loss of $3.6 million or $0.94 per basic and
diluted share for the year ended June 30, 2015 compared to a loss of
$9.2 million or $2.43 per basic and diluted share for the same period
last year. The Company also reported that it determined to account for
its ownership of its joint venture company, Peak Gold, LLC, on the
equity method and made the determination to restate its results for the
three and nine month periods ended March 31, 2015 contained in the
Company’s Quarterly Report on Form 10-Q by filing an amendment to the
original filing.

While the Company substantially reduced its net loss in 2015 as compared
to 2014 because the Company did not carry out an exploration program in
2014, the Company incurred greater legal and professional expenses in
2015 related to the formation and stockholder approval in early January
2015 of a joint venture, Peak Gold, LLC, with Royal Alaska, LLC, (“Royal
Alaska”), a wholly-owned subsidiary of Royal Gold, Inc., for the
exploration and development of its Peak zone gold ore discovery as well
as other newly discovered gold bearing areas on its Tetlin properties
near Tok, Alaska.

In August 2015, the Management Committee of Peak Gold, LLC, approved a
budget of approximately $4 million for Phase II exploration work, which
will be funded by Royal Alaska following Royal Alaska’s initial
contribution of $5 million. Royal Alaska may earn up to 8% economic
ownership of the joint venture by contributing $9 million and a 40%
economic ownership by contributing $30 million to the joint venture
company. Brad Juneau, President and CEO of the Company, commented,
“Phase II of our Joint Venture’s 2015 exploration program is well
underway, and we expect to receive final assay data from Phase II core
holes drilled by year end. The Company’s Form 10-K for the year ended
June 30, 2015 contains the significant intercepts from Phase I as well
as base maps showing their locations.”

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.

Copyright © 2015 Businesswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/CTGO/news?id=116338

Leave a Reply

WP2Social Auto Publish Powered By : XYZScripts.com
Bunk Beds