Contango ORE, Inc. Provides an Update on Joint Sale Process of Peak Gold Project

HOUSTON–(BUSINESS WIRE)–Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced
today that the previously announced joint sale process for Peak Gold,
LLC (the “Peak Gold” or “Joint Venture”) has concluded without entering
into a definitive change of control transaction. The Company entered
into the joint sale process with Royal Gold, Inc., the parent of CORE’s
Joint Venture partner, for the sale directly or indirectly of all of the
Peak Gold project’s properties in Alaska. During the process, the
parties received indications of interest that did not meet value
expectations. Although the formal joint sales process has ended, the
Company is continuing to work with its advisors to evaluate strategic
options while advancing the property through exploration and baseline
data collection for project permitting requirements.

Brad Juneau, President and CEO of the Company, commented, “As previously
announced, we are continuing with our permitting activities for
development of our defined resource areas in Peak and North Peak, as
well as exploration activities to find new resources. These exploration
activities include surface reconnaissance, acquiring new IP data, and
drilling that will begin in the third quarter of this year. The approved
Joint Venture budget is $6.9 million, of which our share is $4.1 million
for a Phase I 2019 drilling program. We continue to believe that our
large acreage position holds significant exploration upside, and we
remain focused on maximizing the value of this project for our
shareholders.”

ABOUT PEAK GOLD

Peak Gold is a joint venture between Royal Alaska, LLC a wholly-owned
subsidiary of Royal Gold, Inc. and CORE Alaska, LLC, a wholly-owned
subsidiary of CORE. Peak Gold holds a 675,000 acre lease with the Native
Village of Tetlin and an additional 175,000 acres of State of Alaska
mining claims, all located near Tok, Alaska, on which Peak Gold explores
for minerals. CORE Alaska, LLC holds a 60% membership interest in Peak
Gold and Royal Alaska, LLC holds a 40% membership interest in Peak Gold
and is the manager of the joint venture.

ABOUT CORE

CORE is a Houston-based company that engages in the exploration in
Alaska for gold and associated minerals through Peak Gold, its joint
venture company with Royal Alaska, LLC. 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
Peak Gold; 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 Peak Gold’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.

Contacts

Contango ORE, Inc.
Brad Juneau, (713) 877-1311
www.contangoore.com