Gold-Ore Resources Ltd.
TSX VENTURE : GOZ

Gold-Ore Resources Ltd.

April 30, 2009 09:30 ET

Gold-Ore Announces First Quarter Profit of $4.43 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2009) - Gold-Ore Resources Ltd. (the "Company" or "Gold-Ore") (TSX VENTURE:GOZ) is pleased to report a profit of $4.43 million for the first quarter 2009 (the period ending February 28, 2009) as a result of the inclusion of $4.64 million in earnings from the operation of Bjorkdal Mine in the Company's consolidated statements of operations. The earnings from the Bjorkdal Mine have been included in the consolidated statements for the first time since the mine was acquired, as the development of the Bjorkdal mining operation is now considered to be substantially complete and in commercial production. The Company's unaudited consolidated financial statements and management's discussion and analysis for the quarter ended February 28, 2009 are available at www.sedar.com or on the Company's website at www.goldoreresources.com. All figures are in Canadian dollars unless otherwise specified.

First Quarter Highlights

- Revenues of $12.00 million

- Operating cash flow of $5.21 million or $ 0.06 per share

- Earnings for the period of $4.43 million or $0.05 per share

- Cash on hand as of the end of the quarter of $5.23 million and working capital of $6.54 million

- Gold production of 10,361 ounces (322.3 kilograms)

- 70% of plant feed supplied from newly mined open pit and underground material

- Realized gold price of US$922 per ounce

- Total cash costs of US$484 per ounce

"The mine has been going through a transition for the last two years from a depleted mine suffering from a lack of capital investment to a functioning mine with growing resources/reserves and a strong positive cash flow," states Chairman Glen Dickson, "and the declaration of commercial production is a reflection of the transformation taking place at Bjorkdal."

First Quarter Production Summary



Q1 2009
--------
Tonnes processed 258,296
Daily throughput - tonnes 2,870
Head Grade grams/tonne 1.38
Gold recovered - ounces 10,361
- kilograms 322.3
Average plant recovery 90.5%


The Company has been successful in increasing gold production over the last year and is currently producing at the annualized rate of 41,444 ounces per year. The increased productivity and consistency in production in the quarter is directly related to increased grades and tonnages achieved from the underground and open pit mining units, and the suspension of low-grade stockpile processing in early January.

During the quarter the plant was fed 35% from underground, 35% from open pit and 30% from stockpiles. During the second quarter all of the ore feed for the Bjorkdal plant will come from the underground and open pit units. The Company has implemented an expansion both open pit and underground and has targeted an annualized rate of 50,000 ounces per year during 2009.

To view the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/gold_graph.pdf.

About Gold-Ore

Gold-Ore Resources is a gold mining and exploration company focused in Sweden. The Company is cash flow positive, debt-free and unhedged, and remains focused on increasing gold production from the 100%-owned Bjorkdal Mine. In addition to Bjorkdal, the Company also has other assets in the country; the Ronnberget Gold Property (adjacent to Bjorkdal), the Norrliden Polymetallic Deposit and the Vallberget Polymetallic Property.

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 09-08

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