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Message: Gold-Ore Announces Earnings of C$1.0 Million in First Quarter, 2011
FSC / Press Release
Gold-Ore Announces Earnings of C$1.0 Million in First Quarter, 2011
Vancouver, British Columbia CANADA, April 15, 2011 /FSC/ - Gold-Ore Resources Ltd. (GOZ - TSX), announces that it has released financial results for the first quarter ended February 28, 2011. The Company's financial statements and management's discussion and analysis are available on the Company's website . These statements reflect the results of operations at Gold-Ore's 100%-owned Bjorkdal Gold Mine in Sweden.
2011 First Quarter Highlights (Canadian dollars unless otherwise stated)
* Revenues of $12.9 million
* Earnings for the quarter of $1.0 million or $0.01 per share
* Operating cash flow of $3.0 million ($0.04 per share) before changes in non-cash working capital items and operating cash flow of $0.5 million ($0.01 per share) after changes in non-cash working capital items
* EBITDA of $3.3 million or $0.04 per share
* Cash at quarter-end of $7.3 million and working capital of $12.4 million
* Gold production of 10,038 ounces (312.2 kilograms)
* Average realized gold price of US$1,355 per ounce; production remains un-hedged
Glen Dickson, Chairman, commented that, "Our Bjorkdal mine continues to provide free cash and increase working capital. Over the last quarter, our working capital increased by $3.1 million to $12.4 million. As our cost saving initiatives gain additional momentum the financial picture of the Company will improve quarter by quarter. We are on target to meet or exceed our gold production guidance of 44,000 to 46,000 ounces during 2011 and continue to investigate options to increase that target."
Gold-Ore Resources is a gold mining and exploration company focused in the low political risk jurisdiction of Sweden. The Company's primary asset is the Bjorkdal Gold Mine, which has produced 1,025,000 ounces in the last 23 years of operation. The mine contains 920,000 ounces of gold in measured and indicated resources, which continues to be expanded through drilling, indicating a long mine life at current gold prices. The Company has a strong balance sheet, continues to generate significant cash flow from gold sales, and its gold production remains un-hedged. As a result, Gold-Ore has been able to maintain a good capital structure, with only 84.8 million shares issued (89.0 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
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.
1140 - 625 Howe Street,
Vancouver, B.C. V6C 2T6
Ph. (604) 687-8884
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