Pre-Merger Gold-Ore News Releases
|March 09, 2009|
Gold-Ore Announces Bjorkdal First Quarter Operational Results
|Gold-Ore Resources Ltd. is pleased to provide operational highlights for the first quarter (three month period ending February 28, 2009) at the 100%-owned Bjorkdal Gold Mine in Sweden. During the first quarter a total of 10,361 ounces of gold were recovered, for an annualized rate of production of 41,444 ounces. This compares to a total of 6,026 ounces recovered in the same quarter of 2008 and a total of 27,955 ounces for the fiscal year ending November 30, 2008. |
During the first quarter gold production exceeded 3,300 ounces per month for all three of the months in the quarter for the first time since Gold-Ore purchased the mine. The increased productivity and consistency in production in the quarter is directly related to increased grades and tonnages achieved from the underground and open pit mining units, and the suspension of low-grade stockpile processing in early January. It is expected that in the second quarter all of the ore feed for the Bjorkdal plant will come from the underground and open pit units.
In order to maximize recovery, the current target plant throughput is 3,000 tonnes per day. However, during the quarter throughput was lower than normal due to colder winter temperatures in January and February. Production has now returned to normal. Also, the new Knelson concentrator is currently being installed and should be fully operational by late March. The concentrator is expected to enhance gold recovery.
Gold prices in the Swedish currency (Krona) are at an all time high and the devaluation of the Krona is having a very positive impact on the cash cost for gold produced at Bjorkdal. Gold-Ore's year-end financials for 2008 will be released before the end of March, 2009, and the Company's first quarter financials (which will reflect the financial impact of the first quarter operational results) will be released before the end of April, 2009.
Gold-Ore Resources is a gold mining and exploration company focused in Sweden. The Company is cash flow positive, debt-free and unhedged, and remains focused on increasing gold production from the 100%-owned Bjorkdal Mine. In addition to Bjorkdal, the Company also has other assets in the country; the Ronnberget Gold Property (adjacent to Bjorkdal), the Norrliden Polymetallic Deposit and the Vallberget Polymetallic Property.
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
ON BEHALF OF THE BOARD
Robert Wasylyshyn, President
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.
You can view the Next Pre-Merger Gold-Ore News Releases item: Tue Mar 17, 2009, Gold-Ore Announces Purchase of Bjorkdal Royalty
You can view the Previous Pre-Merger Gold-Ore News Releases item: Wed Feb 4, 2009, Gold-Ore Announces Expansion Plans at Bjorkdal Gold Mine
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