Gold-Ore Resources Ltd.

Gold-Ore Resources Ltd.

March 08, 2010 09:30 ET

Gold-Ore Announces 2009 and Fourth Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2010) - 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, 2009. The Company's audited consolidated financial statements and management's discussion and analysis for the year ended November 30, 2009 are available at or on the Company's website at

These statements reflect the first year of commercial production for Gold-Ore and mark the successful transition from explorer to profitable gold producer. The 100%-owned Bjorkdal Gold Mine in Sweden has now produced 980,000 ounces of gold since it began production in 1988 and will hit the million-ounce mark this summer.

2009 Year End Highlights (Canadian dollars)

- Revenues of $39.7 million

- Operating cash flow of $11.9 million or $0.14 per share

- Earnings for the year of $5.0 million or $0.06 per share

- Cash on hand as of the end of the year of $3.4 million and working capital of $5.2 million

- No debt

- Gold production of 37,032 ounces (1,151.8 kilograms) and gold sales of 36,963 ounces (1,149.7 kilograms)

- Average realized gold price of US$ 975 per ounce; production remains un-hedged

- Total cash costs of US$ 677 per ounce

- Capital investments of $9.7 million dollars for underground development ($6.0 million), exploration drilling ($1.5 million), plant and tailings upgrades ($2.2 million)

Fourth Quarter 2009 Highlights (Canadian dollars)

- Revenues of $10.4 million

- Operating cash flow of $3.4 million or $0.04 per share

- Loss for the period of $26.9 thousand or $0.00 per share

- Gold production of 10,194 ounces (317.1 kilograms) and gold sales of 9,045 ounces (281.3 kilograms)

- Realized gold price of US$ 1,127 per ounce

Glen Dickson, Chairman, commented that, "Gold-Ore has completed a successful first year of commercial production at Bjorkdal. Looking forward, our operating team has identified several major objectives that will potentially increase production and reduce costs and are working diligently to achieve those goals. Management is optimistic that operations will continue to improve in 2010 and the Company will continue to add to its treasury."

Objectives for 2010

- Continue to increase reserves/resources through drilling to demonstrate a minimum
5 to 8 year mine life

- Aggressively work on initiatives to increase gold production by mining higher grades and reducing dilution

- Lower cash costs of production

- Explore for satellite ore bodies outside of the pit area within a radius of 5 km of the plant

- Investigate potential merger and acquisition opportunities

About Gold-Ore

Gold-Ore Resources is a gold mining and exploration company focused in Sweden. The Company is generating positive cash flow, is debt-free and un-hedged, and remains focused on increasing gold production from the 100%-owned Bjorkdal Gold Mine. In addition to Bjorkdal, the Company also has other assets in the country; the Ronnberget Gold Property (adjacent to Bjorkdal) and the Norrliden Polymetallic Deposit.

Bjorkdal property information is posted on the Company's web site at


Glen Dickson, Chairman

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Gold-Ore Resources Ltd.
    Glen Dickson
    (604) 687-8884
    Gold-Ore Resources Ltd.
    Bob Wasylyshyn
    (604) 687-8884
    Gold-Ore Resources Ltd.
    Ron Ewing
    (604) 687-8884