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

  • Revenues of $16.5 million
  • Cash on hand as of the end of the period of $6.5 million and working capital of $15.7 million
  • Operating cash flow of $5.7 million or $0.07 per share (before changes in working capital items) and $2.8 million or $0.03 per share (after changes in working capital items)
  • Earnings for the period of $3.0 million or $0.04 per share
  • EBITDA of $6.2 million or $0.07 per share
  • Gold production of 11,131 ounces (346.2 kilograms) and gold sales of 10,807 ounces (336.1 kilograms)
  • Average realized gold price of US$ 1,430 per ounce; production remains un-hedged

First Half 2011 Highlights

  • Revenues of $29.5 million
  • Operating cash flow of $8.7 million or $0.10 per share (before changes in working capital items) and $2.7 million or $0.03 per share (after changes in working capital items)
  • Earnings for the period of $4.0 million or $0.05 per share
  • EBITDA of $9.5 million or $0.11 per share
  • Gold production of 21,169 ounces (658.4 kilograms) and gold sales of 21,375 ounces (658.4 kilograms)
  • Average realized gold price of US$ 1,423 per ounce

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."

About Gold-Ore

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.
 
 

You can view the Next Pre-Merger Gold-Ore News Releases item: Wed Sep 14, 2011, Gold-Ore Announces Third Quarter Gold Production

You can view the Previous Pre-Merger Gold-Ore News Releases item: Thu Jun 9, 2011, Gold-Ore Announces Increased Gold Production in Second Quarter

You can return to the main Pre-Merger Gold-Ore News Releases page, or press the Back button on your browser.