Pre-Merger Gold-Ore News Releases
|July 14, 2011|
Gold-Ore Announces Earnings of C$3.0 million in Second Quarter, 2011
|Vancouver, BC, Canada - Gold-Ore Resources Ltd. announces that it has released financial results for the second quarter ended May 31, 2011. The Company's financial statements and management's discussion and analysis are available at www.sedar.com and on the Company's website at www.goldore.ca. These statements reflect the results of operations at Gold-Ore's 100%-owned Bjorkdal Gold Mine in Sweden. |
Second Quarter 2011 Highlights
First Half 2011 Highlights
Glen Dickson, Chairman, commented that, "Annualized, we are on track to generate $0.20 per share in cash flow and $0.10 per share in earnings for 2011. The Company has a strong balance sheet as working capital continues to grow. We are committed to reducing our costs against increasing inflation pressures. However, with no gold hedge, Gold-Ore is benefiting directly from a rising gold price."
Gold-Ore Resources is a gold producing company focused in the low political risk jurisdiction of Sweden. The Company's primary asset is the Bjorkdal Gold Mine, which has produced 1,030,000 ounces in the last 23 years of operation. The estimated gold resources from underground and open pit at Bjorkdal are; measured 188,000 ounces (2.3 million tonnes grading 2.56 g/t); and indicated 732,000 ounce (14.2 million tonnes grading 1.6 g/t). Drilling is expanding the resources indicating a long mine life at current gold prices. 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 85.2 million shares issued (90.9 million fully diluted).
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
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.
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