CORE Reports Third Quarter Results
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HOUSTON--May 20, 2011: Contango ORE, Inc. (“CORE”) (OTCBB:CTGO) reported a loss for the three months ended March 31, 2011 of $140,394 or $.09 per basic and diluted share, compared to a loss of $306,134, or $0.20 per basic and diluted share, for the same period last year.
“Our airborne magnetic and electromagnetic geophysical program over our Tetlin Reservation properties in Alaska was completed on May 17, with data now being processed to guide us in our on-ground drilling and exploration program. Our on-ground surveillance program of our prospective rare earth properties is also underway.”
For the nine months ended March 31, 2011, the Company reported a loss of approximately $1.3 million, or $0.83 per basic and diluted share, compared to $573,569, or $0.37 per basic and diluted share, for the same period last year.
Kenneth R. Peak, the Company’s Chairman and Chief Executive Officer, said “Our airborne magnetic and electromagnetic geophysical program over our Tetlin Reservation properties in Alaska was completed on May 17, with data now being processed to guide us in our on-ground drilling and exploration program. Our on-ground surveillance program of our prospective rare earth properties is also underway.”
Below are the Company’s results of operations for the three and nine months ended March 31, 2011 and 2010, and for the period from inception (October 15, 2009) through March 31, 2011:
| Period from | |||||||||||||||||
| Three Months Ended | Nine Months Ended | Inception | |||||||||||||||
| March 31, | March 31, |
(October 15, 2009) to |
|||||||||||||||
| 2011 | 2010 | 2011 | 2010 | March 31, 2011 | |||||||||||||
| EXPENSES: | |||||||||||||||||
|
Delay Rentals |
$ | 29,277 | $ | 64,238 | $ | 101,939 | $ | 128,475 | $ | 294,651 | |||||||
| Exploration expenses | 15,139 | 241,896 | 940,601 | 428,340 | 1,818,363 | ||||||||||||
| Other operating expenses | - | - | 82,355 | 15,077 | 112,840 | ||||||||||||
| Stock-based compensation expense | 36,389 | - | 48,519 | - | 48,519 | ||||||||||||
| General and administrative expenses | 59,589 | - | 125,345 | 1,677 | 127,022 | ||||||||||||
| Total expenses | 140,394 | 306,134 | 1,298,759 | 573,569 | 2,401,395 | ||||||||||||
| NET LOSS | $ | 140,394 | $ | 306,134 | $ | 1,298,759 | $ | 573,569 | $ | 2,401,395 | |||||||
| LOSS PER SHARE | |||||||||||||||||
| Basic and diluted | $ | 0.09 | $ | 0.20 | $ | 0.83 | $ | 0.37 | $ | 1.53 | |||||||
| WEIGHTED AVERAGE COMMON | |||||||||||||||||
| SHARES OUTSTANDING | |||||||||||||||||
| Basic and diluted | 1,566,467 | 1,566,467 | 1,566,467 | 1,566,467 | 1,566,467 | ||||||||||||