Contango ORE and Joint Venture Partner Royal Gold Drill 13 Meters of 48.59 g/t Gold at Tetlin Project

HOUSTON - Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) is pleased to provide an update of recent drilling results obtained during the Phase II 2016 drilling program being 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, on the joint venture’s gold exploration project in Tetlin, 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 19 new drill holes from TET16251 and TET16273 and their locations are shown on the accompanying base map:

Brad Juneau, CEO, commented, “The primary goal of the 2016 Phase II drilling was to expand the known resource areas and to confirm the continuity of high grade gold mineralization between previously drilled fences in North Peak resource areas. The results exceeded our expectations and established continuity between previously drilled holes at Main Peak and the new infill holes at North Peak. The results also show excellent grade x thickness near the previously known limits in the eastern and southeastern portions of North Peak and in the western and northwestern margins of West Peak. Further drilling in Phase III which began in early October, will further define and possibly expand the known limits of what appears to be one common resource area at North Peak/Connector. The 2 holes drilled in Main Peak were designed to confirm predictability of the skarn geometry, grade, and thickness of gold mineralization, and the results were successful. The results of Phases II and III will be used in the upcoming comprehensive resource estimate that will include the Main Peak, North Peak, and Connector areas, expected to be completed near the end of the first quarter of calendar year 2017.”

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.