Contango Ore, Inc. announced that its Chairman and CEO, Kenneth R. Peak, would be taking a medical leave of absence from his responsibilities at the company for up to six months. The Board of Directors of the company has elected Mr. Brad Juneau as President and Acting CEO of the company. Mr. Juneau is the sole manager of the general partner of Juneau Exploration, L.P. Mr. Juneau was also elected on August 14, 2012 as the President and Acting CEO of Contango Oil and Gas Company.

While Mr. Peak's condition has not been fully diagnosed, Mr. Peak will enter a hospital this week for exploratory tests for a brain tumor and is unlikely to return to active duty with the Company for at least several weeks.