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Message: Gold-Ore Releases Underground Drill Results at Bjorkdal Gold Mine
.May 26, 2011 (Business Wire) -- Gold-Ore Resources Ltd. (GOZ:TSX) is pleased to report results from the ongoing underground drilling at the 100%-owned Bjorkdal Gold Mine in Sweden. The mine has operated for 23 years and has produced over one million ounces of gold. The Company is targeting to produce between 44,000 and 46,000 ounces during 2011.
The drill results tabled below are from drilling conducted late in 2010 and early 2011, and are subdivided into two categories: off-section (exploration) drilling and development drilling. The off-section holes are considered very significant as they represent large step-outs from the underground workings and tested the continuity of the orebody in the on-strike and un-tested area east of the underground mine. The intersections below demonstrate the potential to dramatically extend mine life. A second underground drill will be added shortly to accelerate resource/reserve development as the mineralized system remains open to expansion in several directions.
Off-Section (Exploration) Holes
These holes were positioned at the extreme east end of the underground mine and fan out to test the on-strike potential of the approximately 50 gold-mineralized veins being mined. The five widely-spaced holes listed below tested an area 800 metres by 150 metres and infill drilling is planned to establish reserves in this area. None of the intersections from these drill holes were included in the most recently completed resource estimate.
|Drill Hole||From (m)||To (m)||Length||Au Grade (g/t)|
Development Drill Holes
The results tabled below are for holes drilled on systematic 20 metre spacing to guide mining and also to convert measured and indicated resources into mining blocks or reserves. The holes are drilled perpendicular to the vein orientation and the true widths of the intersections average 95% of the intervals stated below.
|Drill Hole||Section||From (m)||To (m)||Width (m)||Au Grade (g/t)|
Sample Protocol and Chain of Custody
In order to minimize the effects of the coarse nugget gold at Bjorkdal, the Company has elected to submit 100% of the core for analysis, rather than retaining half of the core for archive. This provides a much larger sample for gold analysis and theoretically a more representative result. The core is logged and photographed, and for the zones sampled, the entire core is shipped to ALS Chemex for gold analysis. A rigorous QA/QC program is employed that involves the insertion of blanks and certified standards.
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 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 continues to expanded the resources 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 85.0 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 at www.goldore.ca.
ON BEHALF OF THE BOARD
Robert S. Wasylyshyn, President
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.
Gold-Ore Resources Ltd.
Troy Winsor, 1-800-663-8072
Source: Business Wire (May 26, 2011 - 9:05 AM EDT)
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