Gold-Ore Resources Ltd.
TSX VENTURE : GOZ

Gold-Ore Resources Ltd.

March 17, 2009 09:30 ET

Gold-Ore Announces Purchase of Bjorkdal Royalty

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2009) - Gold-Ore Resources Ltd. (TSX VENTURE:GOZ) is pleased to announce the purchase of the net smelter royalty on gold production from the Bjorkdal mine in Sweden. The royalty was granted Minmet plc as part of the purchase agreement when Gold-Ore acquired Bjorkdalsgruvan AB, the owner and operator of the Bjorkdal mine. Under the terms of the original agreement Gold-Ore had the right to purchase the royalty at any time for US$1,000,000 cash or by the issuance of an equivalent value of common shares of Gold-Ore.

Minmet subsequently sold the royalty to Achill Resources Limited. Gold-Ore negotiated the purchase of the royalty from Achill Resources for US$800,000 cash and all unpaid royalty accrued up to February 28, 2009.

Glen Dickson, CEO of Gold-Ore, commented that, "We are pleased to be able to purchase the Bjorkdal royalty outright at a 20% discount to the price first negotiated with Minmet. We believe that, with gold production levels at Bjorkdal now increasing and a positive long term outlook at the mine, a cash purchase of the royalty at this time is a prudent use of the Company's available funds. At current production levels and gold price, pay-back for the royalty purchase will be less than 16 months production."

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 and CEO

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 09-05

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
    Website: www.goldoreresources.com