Gold-Ore Resources Ltd.
TSX VENTURE : GOZ

Gold-Ore Resources Ltd.

July 31, 2008 13:42 ET

Gold-Ore Reports Operational Results for the Second Quarter 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2008) - Gold-Ore Resources Ltd. (the "Company") (TSX VENTURE:GOZ) is pleased to report operational results for the second quarter ended May 31, 2008. The Company's Financial Statements and Management Discussion and Analysis are filed on www.sedar.com and are posted on the Company's website www.goldoreresources.com.

The Company continued to advance the Bjorkdal Gold Mine in Sweden. Operational highlights include the following:



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Second Quarter From January 1, 2008(1)
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Tonnes processed 298,500 497,000
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Daily throughput - tonnes 3,245 3,270
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Gold recovered - ounces 7,049 11,087
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Gold sold - ounces 6,593 10,911
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Average plant recovery 87% 87%
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Net earnings(2) $578,430 $1,054,700
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Revenue from gold sales(3) $5,706,000 $9,478,500
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(1) reflects the five months since purchase of the mine
(2) see MD&A for full analysis
(3) net of smelter charges


Gold production at Bjorkdal is achieved by processing material from three sources: surface stockpiles, open pit, and from underground. The Company's objective is to increase gold production and cash flow by producing higher gold grades from underground and open pit. The Bjorkdal gravity gold plant continues to efficiently process up to 3,400 tonnes/day without cyanide, acid drainage or other deleterious metals thus mitigating the environmental impact.

The Company continues to assess the underground mining where technical issues related to the long-hole stoping have delayed the test mining. This delay has impacted gold production and completion of the feasibility study. Recent improvements in the mining method by the contract miner have been achieved and should allow for increased gold production. Notwithstanding these concerns, the Company is optimistic that gold production levels will continue to increase during 2008 and 2009.

About Gold-Ore:

Gold-Ore Resources is a mineral exploration and development company focused in Sweden. In addition to the Bjorkdal Gold Mine, the Company also has other assets in the country; the Ronnberget Gold Property (adjacent to Bjorkdal), Norrliden Polymetallic Deposit and the Vallberget Polymetallic Property. The Company is actively seeking to add other quality projects to its portfolio in Sweden.

For more information please contact Glen Dickson, Bob Wasylyshyn or Ron Ewing at (604) 687-8884. Bjorkdal property information is posted on the Company's web site at www.goldoreresources.com.

ON BEHALF OF THE BOARD

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.

News Release 08-12

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
    Chairman
    (604) 687-8884
    or
    Gold-Ore Resources Ltd.
    Bob Wasylyshyn
    (604) 687-8884
    or
    Gold-Ore Resources Ltd.
    Ron Ewing
    (604) 687-8884
    Website: www.goldoreresources.com