Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today that it has completed the sale of 523,809 shares of its Common Stock, par value US$0.01 per share, at a price of US$21 per share in a private placement to a strategic investor, the Alaska Future Fund (or “AFF”), and to Rick Van Nieuwenhuyse, the Company’s President and Chief Executive Officer. The Company will use the net proceeds of approximately US$ 10.9 million ($10 million from AFF, $1 million from Mr. Van Nieuwenhuyse and $0.1 million in expenses) from this offering to fund its proportionate share of the future exploration and development programs for Peak Gold, LLC, our joint venture with a subsidiary of Kinross Gold Corporation (“Kinross”); for exploration of the Company’s 100%-owned property; and for the Company's general corporate purposes