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Drill Hole Location Map For The Peak Zone, Chief Danny Prospect, Tetlin Project, Alaska (Graphic: Business Wire)

Contango ORE, Inc. (“CORE”) (OTCBB:CTGO.PK) The Company is engaged in the exploration of gold and other minerals in Alaska, and has completed its exploration program for 2013 with a total of 14,349 meters of core taken in 69 drill holes during this drilling season. The focus of this year’s drilling program was to more fully define the previously discovered “Peak Zone”. This was accomplished with several new core holes containing significant gold, silver, and copper concentrations as shown below in Table 1. The Peak Zone was further delineated in 3 directions, with mineralization of primarily copper and silver still open to the southeast. According to the Company’s CEO, Brad Juneau, “Our drilling results clearly add a material amount of gold resources to the Peak Zone. We look forward to releasing our first third party resource report which we expect in December 2013.”

Table 1

Significant 2013 gold drill results from drill holes at the Peak Zone, Chief Danny prospect, Tetlin project, Alaska. Results for holes 13062 through 13094 were previously released in 2013. 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. With the exception of holes Tet13017, Tet13122 and Tet13125, all holes reported below were completed at -60 degree inclination along azimuth 225 degrees to intercept mineralization at approximately right angles. Holes Tet13017, Tet13122 and Tet13125 were completed at -60 to -70 degree inclination along azimuth 045 degrees approximately parallel to the average dip of mineralization. The grade cutoff for gold (Au) is 0.5 gpt; for silver (Ag) is 10 gpt; and for copper (Cu) is 0.1%.

  From  

To

  Interval        
Hole # meters

meters

meters Au gpt Au opt Ag gpt Cu %
TET13062 88.90 153.70 64.80 13.101 0.382 21.0 0.482
TET13063 131.11 171.60 40.49 16.550 0.483 36.1 0.732
TET13064 147.20 191.40 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
TET13067 114.80 125.10 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 54.60 162.63 108.03 0.026 0.001 11.0 0.406
TET13070 116.80 154.92 38.12 1.815 0.053 1.8 0.040
TET13071 129.90 186.50 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 78.90 105.80 26.90 0.079 0.002 17.9 0.336
TET13075 83.70 134.50 50.80 0.057 0.002 8.1 0.354
TET13076 107.80 163.50 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 77.06 105.00 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
TET13089 2.74 101.60 98.86 2.500 0.073 3.5 0.093
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
TET13092 77.90 87.63 9.73 0.004 0.000 3.5 0.157
TET13093 141.70 146.56 4.86 1.184 0.035 9.7 0.092
TET13094 129.90 153.60 23.70 0.415 0.012 106.6 0.716
TET13095 146.00 191.35 45.35 0.193 0.006 12.3 0.151
TET13096 85.04 86.70 1.66 1.968 0.057 0.9 0.013
TET13097 171.53 196.00 24.47 0.726 0.021 8.5 0.156
TET13098 9.75 94.18 84.43 4.988 0.145 16.7 0.167
TET13100 10.98 106.90 95.92 5.748 0.168 6.9 0.140
TET13102 6.35 30.90 24.55 0.758 0.022 5.9 0.223
TET13103 150.40 186.95 36.55 0.145 0.004 88.3 0.340
TET13104 0.00 142.60 142.60 2.529 0.074 2.4 0.082
TET13105 50.30 52.74 2.44 1.081 0.032 1.8 0.008
TET13106 57.45 103.33 45.88 0.016 0.000 35.1 0.070
TET13107 0.00 159.25 159.25 7.010 0.204 6.6 0.102
TET13108 14.33 73.25 58.92 1.058 0.031 10.8 0.130
TET13109 81.52 114.20 32.68 0.089 0.003 3.2 0.181
TET13110 2.13 99.06 96.93 9.060 0.264 4.3 0.093
TET13111 169.77 172.82 3.05 0.175 0.005 7.6 0.232
TET13113 82.60 97.50 14.90 0.946 0.028 66.3 0.086
TET13117 0.00 134.82 134.82 4.848 0.141 2.9 0.084
TET13119 6.10 80.70 74.60 1.303 0.038 2.9 0.130
TET13120 196.10 202.39 6.29 0.186 0.005 2.9 0.130
TET13121 46.70 55.26 8.56 5.671 0.165 10.8 0.121
TET13122 81.38 84.09 2.71 2.255 0.066 3.9 0.010
TET13124 33.22 168.72 135.50 3.240 0.095 3.6 0.115
TET13125 65.17 121.92 56.75 0.284 0.008 15.3 0.523
TET13128 116.12 119.17 3.05 0.489 0.014 2.5 0.157
TET13129 9.60 75.90 66.30 1.450 0.042 3.7 0.250
TET13130 9.14 31.39 22.25 2.348 0.068 1.1 0.082
 

As an exploration stage company, we have no revenues and have conducted our exploration program with funds from previous capital raises. The Company expects to finish the calendar year with cash in excess of $3 million, no debt, and an overhead of approximately $600,000 per year. The Company has a total of approximately 768,000 acres of private and state lands under lease or public claims in the Eastern Interior of Alaska with multiple exploration leads defined by proprietary airborne magnetic/resistivity data, stream/surface sample data, and previously defined mineral occurrences.

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