Gold-Ore Resources Ltd.
TSX VENTURE : GOZ

Gold-Ore Resources Ltd.

March 05, 2010 11:32 ET

Gold-Ore Reports Increased Underground Resources at Bjorkdal Gold Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2010) - Gold-Ore Resources Ltd. (the "Company") (TSX VENTURE:GOZ) is pleased to report the results of a recently completed resource estimate for the 100% owned Bjorkdal Gold Mine in Sweden. The Company released a resource estimate in October, 2009, however, the incorporation of underground chip sampling triggered the current update. The new estimate resulted in a significant increase in measured and indicated underground resources that are available for conversion to proven and probable reserves thus extending mine life.

Resources

In 2009, Wardell Armstrong International Ltd. (WAI) was commissioned to provide Gold-Ore with a resource estimate, which separated the deposit into resources amenable to open pit mining and those that would be mined underground. WAI used Datamine software and Indicator Kriging, incorporating all drill data up to March 2009, a total of 4,475 drill holes with a nominal spacing of 30 metres. In January 2010, WAI completed a revised estimate that included all of the chip samples from underground faces. The resource estimate complies with JORC 2004. Table 1 lists the tonnage and grade for the open pit and underground resources, and Table 2 lists the corresponding ounces of gold for each category.

Table 1: Open Pit & Underground Mineral Resource Estimate – Tonnages and Grade

Resource
Type
Cut-off Measured Indicated Measured + Indicated Inferred
  Au
(g/t)
Tonnage
(000's t)
Au (g/t) Tonnage
(000's t)
Au (g/t) Tonnage
(000's t)
Au (g/t) Tonnage
(000's t)
Au (g/t)
Open Pit 0.60 225 2.27 4,234 1.81 4,459 1.83 3,787 1.68
Underground 1.00 972 3.18 2,802 2.75 3,774 2.86 1,705 2.84

Evaluation (2.5 m Selectivity) Adjusted for a 91% Mining Recovery and 30% Mining Dilution

Table 2: Open Pit & Underground Mineral Resource Estimate – Ounces

Resource
Type
Cut-off Measured Indicated Measured + Indicated Inferred
  Au
(g/t)
Au
(Ounces)
Au
(Ounces)
Au
(Ounces)
Au
(Ounces)
Open Pit 0.60 16,423 246,416 262,839 204,571
Underground 1.00 99,388 247,765 347,153 155,698

Evaluation (2.5 m Selectivity) Adjusted for a 91% Mining Recovery and 30% Mining Dilution

The revised estimate resulted in a 55% increase in underground measured and indicated resource tonnes and a 48% increase in measured and indicated ounces of gold. Gold-Ore continues to conduct drilling to confirm and expand the resources and will provide annual resource/reserve estimates to coincide with filing of Company's annual financial statements.

Detailed information on the Bjorkdal Project and the mineral resource estimate contained in this release will be filed as a NI 43-101 Technical Report on SEDAR (www.sedar.com) within 45 days. Authors of this report are independent Qualified Persons with the consulting firm of Wardell-Armstrong International Ltd. of Cornwall, England.

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.

Gold-Ore's project information is posted on the Company's web site at www.goldoreresources.com.

ON BEHALF OF THE BOARD

Glen Dickson, Chairman and CEO

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 10-03

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