Tetlin Phase III 2016 Core Holes Drilled (Graphic: Business Wire)

Contango ORE, Inc. ("CORE" or the "Company") (OTCQB: CTGO) announced that certain holders of outstanding warrants issued in 2013 have exercised 587,500 warrants resulting in $5.3 million in cash net to the Company (including $0.8 million exercised by entities controlled by the Company's President, Brad Juneau). The holders of these warrants were offered a 10% discount to early exercise the warrants for cash to provide the Company with financial flexibility. In addition, in an unrelated transaction, 62,500 warrants were exercised in a cashless exercise at their original $10 exercise price, leaving 580,999 warrants of the Company outstanding.

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Tetlin Phase III 2016 Core Holes Drilled (Graphic: Business Wire)

Tetlin Phase III 2016 Core Holes Drilled (Graphic: Business Wire)

The drilling conducted by Peak Gold, LLC, a joint venture between the Company and Royal Alaska, LLC ("Royal"), a wholly owned subsidiary of Royal Gold, Inc. managed by Royal (the "Joint Venture") in the North Peak resource area of the Joint Venture's gold exploration project in Tetlin, Alaska is wrapping up for the season, with 19 core holes drilled in the 2016 Phase I, 62 holes in Phase II and 37 holes in Phase III. Total meters drilled in 2016 was 20,522.8 (67,335 ft). The North Peak area remains open to expansion on the northwest and southeast portions, as the last holes drilled were still in gold bearing skarn.

The following table shows the most recent significant intercepts drilled on the project for which assay results have not been previously released and there are 9 core holes drilled for which assay results are still pending. 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.

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