Contango ORE Announces Joint Venture to Fund Exploration of Its Tetlin Properties

HOUSTON, Sep 30, 2014 (BUSINESS WIRE) Contango ORE, Inc. (OTCBB:CTGO.PK) (the Company ) announced today that it has entered into a Master Agreement with Royal Gold, Inc. ( Royal Gold ) for the formation of a joint venture to advance exploration and development of its Tetlin properties, subject to the approval of the Company s stockholders to be held later this year and the satisfaction of other conditions. The Master Agreement provides for the contribution by the Company to the joint venture of its Tetlin lease and State of Alaska mining claims near Tok, Alaska prospective for gold and associated minerals, together with other personal property, which are collectively valued at $45.7 million by the joint venture. Upon closing of the Master Agreement, the parties will form a limited liability company to hold the joint venture assets, and the joint venture will be managed according to a Joint Venture Agreement. Royal Gold will invest $5 million initially to fund exploration activity, and
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