Gold-Ore Resources Ltd.
TSX VENTURE : GOZ

Gold-Ore Resources Ltd.

January 24, 2007 09:30 ET

Gold-Ore Resources Ltd.: Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 24, 2007) - Gold-Ore Resources Ltd. (the "Company") (TSX VENTURE:GOZ) announces that further to the Company's news release of January 16, 2007 it has closed the non-brokered equity financing at the maximum of $6,776,000 gross proceeds. Twelve million, one hundred thousand units were sold under private placement at $0.56 ("Unit"). Each Unit consists of one common share and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to purchase an additional common share at a price of $1.00 per share for a period of 18 months from the closing of the financing. Units sold under the private placement have a 4 month hold period expiring May 20, 2007.

The Company will pay to arm's length third parties or registered dealers a finders' fee totaling $227,707 and brokers' warrants to acquire 338,850 common shares of the Company. Each brokers' warrant may be exercised for one common share at a price of $0.56 for a period of 12 months from closing.

The proceeds from the placement will be used to conduct exploration work including test mining/bulk sampling, underground tunneling, geological mapping, geophysical surveys and surface and underground drilling on the Company's Bjorkdal Gold project in Sweden. For further detail on the use of proceeds, please see News Release 07-02 dated January 16, 2007.

Bjorkdal property information is posted on the Company's web site at www.goldoreresources.com. Robert S. Wasylyshyn, P. Geo. is the Company's Qualified Person for the Bjorkdal Project.

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.

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
    (604) 629-0400 (FAX)
    Website: www.goldoreresources.com