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X-Ore Resources Inc
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X-Ore, First Gold's Croinor at 238,414 oz Au M+I


2009-08-11 07:31 MT - News Release

Also News Release (C-EFG) First Gold Exploration Inc


Mr. Leon Methot of X-Ore reports

X-ORE RESOURCES AND FIRST GOLD EXPLORATION COMPLETE A NEW RESOURCE ESTIMATE ON CROINOR

Managements of joint venture partners X-Ore Resources Inc. and First Gold Exploration Inc. have released a new National Instrument 43-101-compliant resource estimate for the Croinor property, located east of the town of Val d'Or, Abitibi, Que.

This new resource estimate follows two years of intensive exploration drilling (approximately 13,000 metres) along the down-dip and lateral extensions of the Croinor gold deposit. All results have been compiled and a reinterpretation of the entire deposit was performed. It is now believed that the deposit consists of numerous east-west elongated, shallowly north-dipping and plunging mineralized shoots. This is a significant change from previous interpretations which indicated a series of discontinuous tabular structures. Individual mineralized shoot extends laterally from 50 metres up to 250 metres.

The tables show the indicated resource and the measured resource for each vein and finally a summary of the indicated and measured resources at cut-off grades of five grams per tonne (g/t) Au (base case for the resource estimate) and seven g/t Au.

                          INDICATED RESOURCES

                         Cut-off 5.00 g/t Au        Cut-off 7.00 g/t Au
Zone                  Tonnes      g/t   Ounces   Tonnes      g/t   Ounces

A2                    41,007    8.685   11,450   20,705   11.566    7,699
A4                    17,469   10.468    5,879   11,136   13.316    4,767
A5                    78,439   10.985   27,703   51,546   13.655   22,629
A6                    74,650    9.346   22,432   39,922   12.447   15,975
A11                    2,978   10.753    1,030    2,978   10.753    1,030
B1                    15,346    7.451    3,676    7,247    8.660    2,018
C1                    61,496    9.225   18,239   39,073   11.236   14,115
C2                    52,895    6.632   11,279    8,955   11.093    3,194
C3                     8,679    5.530    1,543
C4                    64,868    9.223   19,234   33,591   12.676   13,689
C5                    35,044    6.628    7,468   11,515    8.482    3,140
C6                    13,384   13.550    5,830    5,914   23.483    4,465
C7                    15,507    9.342    4,658   15,049    9.434    4,565
C8                    33,315     8.37    8,962   16,081    11.35    5,869
C9                     9,305    6.181    1,849    2,836    7.223      659
C10                    8,261    5.694    1,512
C11                   18,877    6.833    4,147    5,750    8.880    1,642
C12                    1,105    9.260      329    1,105    9.260      329
C13                    1,144   10.950      403    1,144   10.950      403
D1                    13,046    5.475    2,296
D2                    73,574   10.402   24,605   30,540   17.038   16,729
D3                    79,023    9.928   25,223   40,394   14.136   18,358
D5                    63,624    9.802   20,050   40,154   12.502   16,140
Total indicated      783,036     9.13  229,799  385,636    12.70  157,416



                          MEASURED RESOURCES

                         Cut-off 5.00 g/t Au        Cut-off 7.00 g/t Au
Zone                  Tonnes      g/t   Ounces   Tonnes      g/t   Ounces

A2                     1,029     7.47      247    1,029     7.47      247
A4                     3,729    11.45    1,373    1,211    22.23      865
A5                    13,037     9.27    3,883    8,551    11.04    3,035
A6                     9,038     7.47    2,171    1,816    13.00      759
C2                     1,393     7.16      321    1,393     7.16      321
C4                     1,881     7.22      437    1,211    22.23      865
C5                     1,085     5.27      184
Total measured        31,192     8.59    8,615   15,210    12.46    6,092



                        MEASURED and INDICATED RESOURCES

                        Cut-off 5.00 g/t Au        Cut-off 7.00 g/t Au
Category             Tonnes      g/t   Ounces   Tonnes      g/t   Ounces

Total measured       31,192     8.59    8,615   15,210    12.46    6,092
Total indicated     783,036     9.13  229,799  385,636    12.70  157,416
                    -------     ----  -------  -------    -----  -------
Total               814,228     9.11  238,414  400,847    12.69  163,507
                    =======     ====  =======  =======    =====  =======

This new NI 43-101-compliant resource estimate was performed by Pierre O'Dowd, PGeo, independent consulting geologist and qualified person under NI 43-101, based on the review of 832 diamond drill holes and all available technical information and previous report. The latter used the same geological parameters as the ones used by the firm InnovExplo for its 2005 estimate. The main parameters are:


Minimum mining width of 1.8 metres;
Polygons drawn on cross-sections;
Polygons extend vertically and laterally to half the distance in between intercepts to a maximum of 20 metres;
Grade capped at 65 g/t Au;
Specific gravity of 2.8;
Five g/t Au cut-off as base case.

This current estimate shows a 15-per-cent increase in the number of ounces of gold over the 2005 estimate (from 206,792 ounces Au to 238,414 ounces Au). As noted above, the average grade of the deposit, using five g/t Au cut-off grade, was established at 9.11 g/t Au. A technical report presenting all information pertaining to the resource estimate, in conformity to Appendix NI43-101A1, will be filed shortly on SEDAR within the prescribed time frame.

In recent news, it was announced that a scoping study was completed based on the 2005 resource estimate (July 15, 2009). The scoping study, performed by Golder and Associates of Val d'Or, indicates that approximately 80,000 ounces of gold could potentially be extracted economically at Croinor. It is believed that, based on the new resource estimate and the new geological model for the mineralization, the economics of the deposit can be further improved. The partners, X-Ore and First Gold, have now started the procedures to obtain necessary permits to initiate the rehabilitation of the underground workings. Note that this scoping study is preliminary in nature and includes mineral resources that are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the preliminary assessment will be realized as presented since certain engineering parameters related to construction, environment and rocks mechanics will have to be validated at the preproduction phase.

The revised model for the deposit opens a significant area of prospective ground which will hopefully increase resources while the development of the deposit is continuing. Previous programs targeted the up- and down-dip extensions of known auriferous intercepts. Future drilling programs will target lateral extensions which exhibit a much better continuity.

Mr. O'Dowd (OGQ No. 668), a qualified person under NI 43-101, has revised and approved the technical content of this release. Mr. O'Dowd has accumulated more than 30 years in exploration experience in Canada and worldwide having worked with companies such as Falconbridge, Noranda, Cambior (Doyon mine) before starting his consulting firm in 1995.

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