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Re: News Release - Tuesday, May 06, 2008
Gold-Ore Resources Reports Operational Results for the First
Quarter of 2008
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Gold-Ore Resources Ltd. (the "Company") is pleased to report
operational results for its first quarter, which ended February 29,
2008. The Company's First Quarter Financial Statements and MD&A are
filed on www.sedar.com and are posted on the Company's website
www.goldoreresources.com.
The First Quarter 2008 was significant for the Company since, as a
result of the acquisition of the Bjorkdal Gold Mine in Sweden, it
marked the first time in its history that the Company has been able to
report gold production from operations. The results reflect 2 months of
operations from Bjorkdal as the purchase of Bjorkdalsgruvan AB, the
Swedish operating company, was not formally completed until December
31, 2007. The operational highlights are as follows:
.. Tonnes processed: 198,417 -- averaging 3,307 tonnes per day
.. Gold recovered: 4,038 ounces
.. Gold sales: 4,318 ounces (includes gold from inventory)
.. Average plant recovery: 87.0%
Gold was produced at the mine by processing gold mineralized material
from three sources: existing surface stockpiles, open pit, and from
underground development operations. The Company's objective is to
source 1,500 tonnes/day from underground, and supplement that
production with material sourced primarily from the open pits, as well
as some stockpiled material, to sustain production of the Bjorkdal
plant at 3,400 tonnes/day.
In addition to the gold production, the following key development
activities were also completed during the quarter:
.. 380 metres of 5 metres by 5 metres underground access development
.. 200 metres of 3 metres by 4 metres on vein-drives completed
.. Two stopes fully developed and actively being mined
.. One 3 metres by 3 metres ventilation raise completed
For accounting purposes, the Company has elected to maintain its status
as a mineral exploration and development company during the First
Quarter 2008, as the underground development is not substantively
complete and the feasibility study for the underground operation is
still in progress. As a result, the net revenues and expenses
associated with the mining activities and the operation of the plant at
Bjorkdal have been credited to the Bjorkdal mineral property
acquisition and exploration costs. For the two month period between the
date of the acquisition of Bjorkdalsgruvan AB and the end of the First
Quarter 2008, a total of $476,269 was credited to the mineral property
acquisition and exploration costs. The Company is targeting the Third
Quarter 2008 to reach a consistent production rate from underground of
1,500 tonnes/day and achieve commercial production.
Gold production for the month of April was 2,350 ounces which equates
to an annualized production rate of approximately 28,000 ounces. This
represents a 50% increase from the level of production attained in
2007. The Company is on track to achieve its goal of 70,000 ounces per
year.
Gold-Ore Resources is a mineral exploration development company with
operations currently focussed in the country of Sweden. In addition to
the recently purchased Bjorkdal gold mine, the Company also has two
other exploration properties in the country, the Ronnberget Property
(adjacent to Bjorkdal) and the Vallberget Property. The Company is
actively seeking to add other quality projects to its portfolio in
Sweden.
For more information please contact Glen Dickson, Bob Wasylyshyn or Ron
Ewing at (604) 687-8884. Bjorkdal property information is posted on the
Company's web site at www.goldoreresources.com. Robert S. Wasylyshyn;
P. Geo. is the Company's Qualified Person for the Bjorkdal Project.
On Behalf of Board
Glen Dickson
Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This news
release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work
programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements.
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Copyright (c) 2008 GOLD ORE RESOURCES LTD. (GOZ) All rights reserved.
For more information visit our website at
http://www.goldoreresources.com/ or send mailto:info@goldore.ca
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