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Contango ORE Announces Initial Results of 2013 Exploration Program

HOUSTON--()--Contango ORE, Inc. (CTGO.PK) announced today the initial drilling results in its 2013 exploration program at its 765,000 acres near Tetlin, AK. The initial results are part of a $10 million 2013 exploration program that includes drilling 55-67 holes over a five-month period from June through the end of October. Results to date reflect 8 holes drilled and analyzed that are summarized in Table 1 below. Analytical results are pending from an additional 19 holes.

In general, all of the 2013 holes intercepted a 100 to 125 foot wide zone of mineralization. The drill intervals in holes 13062-064 represent infill drilling while those from holes 13066 to 069 represent infill and expansion drilling. See map below for drilling locations. The early results of our 2013 drilling program indicate that the previously identified Peak zone will be extended along both strike and dip relative to the known limits from previous drilling.

Mr. Brad Juneau, President of the Company, said, “The preliminary results of our 2013 exploration program at our Tetlin project continue to meet our expectations in terms of gold, silver, and copper grade as well as thickness. Our goal is to identify sufficient mineral resources by the end of 2013 to justify initial reviews of economic and engineering parameters on the project. We expect to be drilling continuously with a two-rig program throughout the rest of the summer and early fall in an attempt to delineate the limits of the Peak Zone as well as test additional exploration prospects. We are awaiting final interpretations of new airborne geophysical data we acquired earlier this summer before selecting our exploratory drilling sites, anticipated to be in late July.”

Contango ORE has taken additional mining claims this spring in the vicinity of Tok, AK covering 40,200 acres. These claims were selected based on proximity to known mineral occurrence, access to existing infrastructure, and which complement our existing exploration program in terms of leveraging our local knowledge based on our exploration results to date. We have initiated exploration activities on these new claims.

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.

Table 1

Significant 2013 gold drill results from initial drill holes at the Peak zone, Chief Danny prospect, Tetlin project, Alaska. 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.

Num       Drill Hole       From_m       To_m       Int_m       Au_opt       Au_gpt       Ag_gpt       Cu_pct
1       TET13062       6.10       9.10       3.00       0.037       1.265       6.9       0.106
2       TET13062       79.40       80.80       1.40       0.052       1.783       1.1       0.031
3       TET13062       83.20       85.10       1.90       0.024       0.822       0.9       0.026
4       TET13062       88.90       153.70       64.80       0.382       13.101       21.0       0.482
5       including       109.70       118.90       9.20       0.923       31.640       28.5       0.711
6       including       115.40       116.20       0.80       2.013       69.000       72.5       1.785
7       and       125.80       126.50       0.70       1.286       44.100       52.1       0.836
8       and       128.10       133.70       5.60       0.985       33.774       56.5       0.833
9       including       132.80       133.70       0.90       1.394       47.800       172.0       3.260
10       TET13063       131.11       171.60       40.49       0.483       16.550       36.1       0.732
11       including       146.00       148.65       2.65       2.365       81.100       178.0       3.920
12       and       153.35       155.14       1.79       1.671       57.300       121.0       0.762
13       TET13064       89.10       95.10       6.00       0.007       0.257       26.5       0.325
14       including       91.00       93.20       2.20       0.017       0.591       59.9       0.691
15       TET13064       120.50       122.90       2.40       0.016       0.549       9.2       0.202
16       TET13064       147.20       152.20       5.00       0.043       1.487       1.9       0.052
17       TET13064       156.60       189.40       32.80       0.310       10.638       6.4       0.198
18       including       163.00       166.50       3.50       1.213       41.586       15.3       0.461
19       including       163.70       164.80       1.10       2.225       76.300       19.2       0.499
20       and       171.00       173.60       2.60       0.712       24.400       13.4       0.494
21       and       174.30       177.70       3.40       0.590       20.212       7.5       0.323
22       and       181.50       183.50       2.00       0.680       23.300       8.4       0.295
23       TET13065       157.60       159.10       1.50       0.039       1.325       3.4       0.110
24       TET13065       184.45       206.93       22.48       0.034       1.160       10.5       0.403
25       including       186.55       188.47       1.92       0.125       4.270       15.6       0.705
26       and       203.00       204.50       1.50       0.153       5.240       40.7       1.290
27       TET13067       104.60       110.30       5.70       0.001       0.037       5.9       0.263
28       TET13067       114.80       125.10       10.30       0.005       0.180       18.2       0.215
29       TET13068       0.00       48.80       48.80       0.011       0.365       23.1       0.269
30       including       6.10       21.00       14.90       0.031       1.062       47.6       0.212
31       TET13068       54.90       79.20       24.30       0.004       0.148       10.0       0.312
32       TET13068       82.30       91.40       9.10       0.001       0.029       9.7       0.644
33       including       88.80       91.40       2.60       0.002       0.057       25.9       1.450
34       TET13068       94.50       98.30       3.80       0.000       0.002       2.6       0.224
35       TET13068       103.70       112.80       9.10       0.001       0.033       4.0       0.160
36       TET13068       128.40       132.30       3.90       0.000       0.002       1.2       0.120
37       TET13068       137.20       140.20       3.00       0.001       0.030       7.6       0.234
38       TET13069       54.60       63.70       9.10       0.000       0.000       3.6       0.106
39       TET13069       72.90       122.60       49.70       0.001       0.032       10.9       0.538
40       including       86.60       94.80       8.20       0.002       0.074       23.8       1.373
41       TET13069       136.70       141.35       4.65       0.000       0.004       4.5       0.133
42       TET13069       158.60       162.63       4.03       0.006       0.214       124.1       3.055
43       including       160.60       161.09       0.49       0.026       0.882       343.0       7.260

 

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