Gold-Ore Resources Ltd.

Gold-Ore Resources Ltd.

May 15, 2008 12:06 ET

Gold-Ore Acquires Norrliden Poly-Metallic Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2008) - Gold-Ore Resources Ltd. ("Gold-Ore") (TSX VENTURE:GOZ) is pleased to announce that it has entered into an agreement to purchase a 90% interest in the Norrliden poly-metallic deposit from North Atlantic Natural Resources AB ("NAN"), a subsidiary of Lundin Mining Corp. The agreement is subject to the exchange of closing documentation and TSX Venture Exchange approval. Norrliden is a near-term production, base and precious metals deposit, located approximately 45 kilometres west of Gold-Ore's Bjorkdal gold mine in the prolific Skelleftea greenstone belt in Sweden. The concessions that cover the deposit are approximately 650 hectares in area.

Gold-Ore will make a one time payment of three million common shares for the 90% interest in Norrliden and will be operator of all work programs. If a production decision is made, Gold-Ore will pay an additional consideration of CDN$2.5 million and issue $2.0 million equivalent in common shares based on the average closing price of Gold-Ore common shares for 20 days prior to the date of the production decision.

The remaining 10% ownership in the Norrliden Project is held by IGE Nordic AB ("IGE Nordic") a Stockholm-based public company that trades on the Oslo Axess Stock Exchange. IGE Nordic is a well-funded exploration company with a quality portfolio of nickel, gold and copper prospects in Norway and Sweden. Gold-Ore looks forward to working closely with its new partner.

The Norrliden deposit consists of two near-surface lenses of massive sulphide mineralization containing copper, zinc, lead, gold and silver hosted by a volcanic package of rocks. This is the classic setting for poly-metallic mines in the Skelleftea camp. The mineralized horizon remains open to depth. The deeper of the two lenses has been drilled to 300 metres below surface. Mineralization in the camp commonly extends to below 1000 metres.

Highlights of the project are as follows:

- Mine Plan study completed in March 2007 for NAN by GijimaAst Americas Inc. of Calgary, Canada; a NI 43 101 compliant report has been commissioned and work on a feasibility study to verify the Mine Plan will begin in the fourth quarter of this year

- Resource is defined by over 100 diamond drill holes and remains open for expansion

- Measured and indicated resource of 1.48 million tonnes grading 0.63 g/t gold, 50.8 g/t silver, 0.74% copper and 3.54% zinc and inferred resources of 0.87 million tonnes grading 0.40 g/t gold, 30.9 g/t silver, 0.72% copper and 1.87% zinc. Resources were prepared for NAN by Adam Wheeler (this estimate will be verified by Gold-Ore)

- Initial starter pit permitted for extraction of 63,000 tonnes of mineralized material

- Excellent infrastructure including roads and hydropower

- Low capital expenditures required for production

"The Norrliden Project fits well with Gold-Ore's strategy of expanding its activities in Sweden with potential additional near-term production and near-term cash flow" said Glen Dickson, Gold-Ore's Chairman. "An initial open cut planned for this summer will provide a bulk sample for test milling and underground access. Revenue generated from the sample will help to offset development costs. The availability of infrastructure and third-party processing facilities will facilitate development."

Gold-Ore Resources is a mineral exploration development company with operations currently focussed in the country of Sweden. In addition to the recently purchased Bjorkdal gold mine, Gold-Ore also has two other exploration properties in the country, the Ronnberget Property (adjacent to Bjorkdal) and the Vallberget Property.

Robert S. Wasylyshyn; P. Geo. is the Company's Qualified Person for the Norrliden 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.

News Release 08-08

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
    Gold-Ore Resources Ltd.
    Robert Wasylyshyn
    (604) 687-8884
    Gold-Ore Resources Ltd.
    Ron Ewing
    (604) 687-8884