Announces 2008 and Fourth Quarter Financial Results
posted on Apr 01, 2009 09:33AM
Edit this title from the Fast Facts Section
|April 1, 2009|
|Gold-Ore Announces 2008 and Fourth Quarter Financial Results|
|VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2009) - Gold-Ore Resources Ltd. ("Gold Ore" or the "Company") (TSX VENTURE:GOZ) announces that it has released its financial results for the year ended November 30, 2008. The Company's audited consolidated financial statements and management's discussion and analysis for the year ended November 30, 2008 are available at www.sedar.com or on the Company's website at www.goldoreresources.com.
As noted in the Company's audited consolidated financial statements, prior to declaration of commercial production revenue from gold sales at the Bjorkdal mine site is currently being credited against the Bjorkdal mineral property mine development costs.
In the year ended November 30, 2008, the Company:
(All amounts are in Canadian dollars unless otherwise stated.)
- Completed the purchase of 100% of Bjorkdalsgruvan AB and the Bjorkdal gold mine in Sweden as of January 1, 2008;
- Produced 27,955 ounces of gold at Bjorkdal during the fiscal year, a 52% increase over gold production at the mine site from the previous 12 months;
- Recorded gold sales of $21.0 million at the Bjorkdal mine site for the 11 months from the date of acquisition;
- Generated $2.5 million of cash flow from the Bjorkdal operations for the 11 months from the date of acquisition;
- Funded $3.8 million in underground development at Bjorkdal from internal cash flow;
- Strengthened the Company's balance sheet by increasing total assets to $28.3 million without adding debt - maintained working capital of $2.8 million.
During the fourth quarter of 2008, the Company:
- Produced 9,185 ounces of gold at Bjorkdal, with over half of the daily plant throughput coming from the new underground and open pit units of the mine;
- Recorded gold sales of $6.7 million at the Bjorkdal mine site;
- Generated $1.8 million of cash flow from the Bjorkdal operations.
Glen Dickson, Chairman, commented that, "2008 was a breakthrough year for Gold-Ore with the completion of the acquisition of the Bjorkdal gold mine and the development of underground and new open pit operations at the mine site. The mine is now positioned to declare commercial production in 2009, continue to increase production levels and reduce cash cost per ounce of gold produced over the course of the year."
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.
Bjorkdal property information is posted on the Company's web site at www.goldoreresources.com.
ON BEHALF OF THE BOARD
Glen Dickson, Chairman