Gold-Ore Resources Ltd.
TSX VENTURE : GOZ

Gold-Ore Resources Ltd.

October 01, 2007 09:30 ET

Gold-Ore Resources Ltd.: Swedish Property Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2007) - Gold-Ore Resources Ltd. (the "Company") (TSX VENTURE:GOZ) announces that it has purchased 100% interest in 9 exploration permits covering 35 square kilometres from North Atlantic Natural Resources AB, a Swedish company owned by Lundin Mining Corporation. The permits are contiguous with the east and south boundaries of the Company's Bjorkdal Gold Project. The Bjorkdal Project together with this new acquisition totals 78 square kilometres covering most of the Bjorkdal granodiorite intrusive complex. Gold-Ore has an option to purchase 100% of the Bjorkdal Project from Minmet plc.

Exploration programs conducted in the 1990's on the permits included soil and base of till geochemical sampling, prospecting, trenching, geological mapping and 96 widely spaced shallow diamond drill holes. The programs discovered several locations where gold grains were recovered from the till. Diamond drilling intersected Bjorkdal style quartz veining containing gold associated with bismuth and tellurium hosted by granodiorite. The most significant drill intersections are reported in the following table.



Significant Reported Intersections

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Core Interval
Hole Number From (m) To (m) (m) Gold grade g/t
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94008 40.15 42.15 2.0 2.61
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95050 18.87 19.87 1.0 3.86
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95055 71.0 74.2 3.2 13.7
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and 75.2 78.2 3.0 3.35
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95059 47.0 53.0 6.0 179.8
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including 48.0 49.0 1.0 1017.5
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96001 55.74 57.74 3.0 8.57
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96002 61.1 62.1 1.0 23.71
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96005 81.2 82.2 1.0 3.83
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96006 80.0 81.0 1.0 7.66
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96012 58.0 59.0 1.0 5.18
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96028 36.8 38.8 2.0 18.9
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96035 17.5 18.14 1.0 6.76
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"This is a strategic acquisition for Gold-Ore and illustrates our confidence in the Bjorkdal Project," states Glen Dickson, Gold-Ore's Chairman. "It expands our exploration portfolio and provides us with excellent targets in close proximity to our operating plant. Any new resources discovered could be rapidly developed and trucked to the Bjorkdal plant thereby increasing our production profile."

Results of a GEOTEM airborne geophysical survey conducted by North Atlantic covering the entire area of the permits including the Bjorkdal property are also included in the purchase.

Under terms of the purchase agreement, Gold-Ore issued 250,000 units to North Atlantic. Each unit consists of a common share and a share purchase warrant. Each warrant can be exercised to purchase an additional common share of Gold-Ore at $1.10 until September 28th, 2008. In addition, North Atlantic retains a 2% net smelter royalty on any metal produced from the permits. Gold-Ore has a right of first refusal to purchase the royalty should North Atlantic wish to sell it.

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 of Directors

Glen Dickson, Chairman

GOLD-ORE RESOURCES LTD.

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