Gold-Ore Resources Ltd.
TSX VENTURE : GOZ

Gold-Ore Resources Ltd.

December 09, 2009 09:30 ET

Gold-Ore Reports Fourth Quarter and 2009 Year End Production Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2009) - Gold–Ore Resources Ltd. (TSX VENTURE:GOZ) is pleased to provide Fourth Quarter and 2009 Year End operational highlights for the 100% owned Bjorkdal Gold Mine in Sweden. Production of 10,194 ounces of gold at Bjorkdal in the Fourth Quarter was only slightly less than the record production achieved in the First Quarter 2009 of 10,361 ounces. Production of 37,032 ounces for the 2009 fiscal year was a 32% increase over the production for the 2008 fiscal year of 27,955 ounces, the year that the Company acquired the mine. Audited annual financial statements will be presented by the end of March 2010.

Fourth Quarter and 2009 Year End Operational Results

 Q4 2009YE 2009
Tonnes processed290,1651,061,438
Daily throughput – tonnes3,1882,990
Head grade – grams/tonne1.251.23
Gold recovered – ounces10,19437,032
– kilograms317.11,151.8
Average plant recovery87.1%88.4%

During November, 3,571 ounces of gold were produced, which equates to an annualized production rate of 42,852 ounces and represents a 17% increase over the average of the previous 11 months' production.

"The improved level of gold production and near record gold price, will have a very positive impacted on our fourth quarter cash flow," states Bob Wasylyshyn, Gold-Ore's president. "We are continually striving to improve head grade of the ore which we anticipate will result in not only increased annual gold production, but also lower operating costs."

2009 Operational Highlights

Operations during 2009 were highlighted by the following achievements:

  • Declared commercial production.
  • Completed a reserve estimate that provides for greater than 4 years mine life.
  • Completed an Open Pit Mine Design and commenced open pit mining in the Southeast Extension.
  • Developed 4,200 metres of underground workings on 4 levels.
  • Produced on average 1,300 tonnes of ore per day from underground.
  • Increased year over year gold production by 32 percent to 37,032 ounces.
  • Discontinued reliance on low grade stockpiles for plant feed.
  • Installed a 30 inch Knelson Concentrator and a new central control system in the plant to improve gold recovery.
  • Drilled 7,216 metres of diamond drill core in 66 holes.
  • Added key mine management personnel.

Gold production at Bjorkdal is achieved by processing ore mined from underground and open pit. In October 2009, Gold-Ore announced a reserve estimate sufficient for a 4 year mine life at current production levels. Underground drilling during 2009 successfully extended the mineralization and is anticipated to more than replace the reserves mined during the year. Plant throughput during the fourth quarter averaged 1,434 tonnes per day from the underground and 1,754 tonnes per day from the open pit. Gold-Ore is now focusing on optimising the head grade from both ore sources.

Quarterly Gold Production Chart

To view the chart, please click on the following link: http://media3.marketwire.com/docs/go128.pdf

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 unhedged, 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.

ON BEHALF OF THE BOARD

Robert S. Wasylyshyn, President

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.

News Release 09-17

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
    or
    Gold-Ore Resources Ltd.
    Bob Wasylyshyn
    (604) 687-8884
    or
    Gold-Ore Resources Ltd.
    Ron Ewing
    (604) 687-8884
    (604) 629-0400 (FAX)
    www.goldoreresources.com