| | Publié le 05 mars 2012 | Reports Increase in Gold Resource Estimates at Bjorkdal Gold Mine |
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Re: News Release - Monday, March 05, 2012 Title: Gold-Ore Reports Increase in Gold Resource Estimates at Bjorkdal Gold Mine
Vancouver, BC, Canada - Gold-Ore Resources Ltd. is pleased to report the results of an updated, independent mineral resource estimate for the 100%-owned Bjorkdal Gold Mine in Sweden. The new measured and indicated resource estimate for the open pit and underground totals 974,000 ounces, an increase of 6% from the resources reported in January 2011.
Wardell Armstrong International Ltd. calculated the updated mineral resource estimate, incorporating all drill data up to December 18, 2011 and all chip samples from underground. The revised estimate used Datamine software and Ordinary Kriging, and includes the results of 2,147 drill holes. The estimate is National Instrument Policy 43-101 compliant.
February 2012 Open Pit & Underground Mineral Resource Estimate
Tonnages and Grades |
Resource Type |
Cut-off |
Measured |
Indicated |
Measured + Indicated |
Inferred |
|
Au (g/t) |
Tonnage (000's t) |
Au (g/t) |
Tonnage (000's t) |
Au (g/t) |
Tonnage (000's t) |
Au (g/t) |
Tonnage (000's t) |
Au (g/t) |
Open Pit |
0.30 |
50 |
2.37 |
8,703 |
1.19 |
8,754 |
1.19 |
8,336 |
1.19 |
Underground |
0.60 |
509 |
3.07 |
8,275 |
2.21 |
8,784 |
2.26 |
7,376 |
2.45 |
Totals* |
|
559 |
3.01 |
16,978 |
1.69 |
17,538 |
1.73 |
15,712 |
1.78 |
Ounces |
|
Cut-off |
Measured (ounces) |
Indicated (ounces) |
Measured + Indicated (ounces) |
Inferred (ounces) |
Open Pit |
0.30 |
3,800 |
332,200 |
336,000 |
318,700 |
Underground |
0.60 |
50,200 |
587,400 |
638,000 |
581,400 |
Totals* |
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54,000 |
919,700 |
974,000 |
900,100 | Evaluation (4.0 m Selectivity) * Totals may differ due to rounding
Bob Wasylyshyn, Gold-Ore's President, commented, "The exploration drilling continues to replace the ounces of gold mined and expands the resource base. A new reserve estimate is expected shortly and we are confident that it will show a material increase in reserves confirming additional years of mine life."
To reflect current mining practices at Bjorkdal, the resource estimate for the underground reported above uses a 0.60 gram per tonne gold cut-off, compared to the totals reported in January 2011 using a 1.0 g/t cut-off. The underground measured and indicated resource estimate increased 8.5 % over the January 2011 estimate when compared using the same 0.60 g/t cut-off parameter. Both underground and open pit estimates used a 4.0 metre selectivity parameter, compared to a 2.5 metre selectivity and 30% mining dilution previously reported with the January 2011 resource estimate. Surface and underground drilling is ongoing to develop additional resources and explore for new mineralization on the company's mining leases and exploration concessions.
About Gold-Ore
Gold-Ore Resources is a gold producing company focused in the low political risk jurisdiction of Sweden. Gold production during 2011 was 40,358 ounces. The Company has a strong balance sheet, generates significant cash flow from gold sales, and remains un-hedged. Gold-Ore has maintained a good capital structure, with only 85.5 million shares issued (90.9 million fully diluted).
On February 1, 2012 (see News Release of that date), the Company announced that it had signed an arrangement agreement with Elgin Mining Inc, whereby Elgin would acquire all of the issued shares of the Company by way of a plan of arrangement. Under the terms of the arrangement agreement, Gold-Ore shareholders are to receive one Elgin common share and one half of one common share purchase warrant of Elgin exercisable at a strike price of $1.30 per Elgin share with a two year term. The transaction is expected to close in April, 2012.
For more information please contact the Company at (604) 687-8884 or Troy Winsor at 1-800-663-8072. Bjorkdal property information is posted on the Company's web site at www.goldore.ca
ON BEHALF OF THE BOARD
Glen Dickson, Chairman and CEO
The TSX 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.
Copyright � 2012 GOLD ORE RESOURCES LTD. (GOZ) All rights reserved. For more information visit our website at http://www.goldoreresources.com/ or send email to info@goldoreresources.com ..
Données et statistiques pour les pays mentionnés : Canada | Tous Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous
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Gold-Ore Resources Ltd.
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PRODUCTEUR |
CODE : GOZ.TO |
ISIN : CA3809811001 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Gold-Ore Res. est une société de production minière d'or basée au Canada. Gold-Ore Res. est en développement de projets d'or, d'argent, de cuivre, de plomb et de zinc en Suede, et détient divers projets d'exploration en Suede. Son principal projet en production est BJÖRKDAL en Suede, son principal projet en développement est NORRLIDEN en Suede et ses principaux projets en exploration sont VALLBERGET et RONNBERGET en Suede. Gold-Ore Res. est cotée au Canada. Sa capitalisation boursière aujourd'hui est 69,2 millions CA$ (67,3 millions US$, 51,1 millions €). La valeur de son action a atteint son plus bas niveau récent le 23 novembre 2001 à 0,04 CA$, et son plus haut niveau récent le 31 décembre 2010 à 1,14 CA$. Gold-Ore Res. possède 85 467 000 actions en circulation. |
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