Gold-Ore Resources Ltd.
TSX VENTURE : GOZ

Gold-Ore Resources Ltd.

May 29, 2006 09:30 ET

Gold-Ore Resources Ltd.: Bjorkdal Exploration and Operational Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 29, 2006) - Gold-Ore Resources Ltd. (TSX VENTURE:GOZ) is pleased to report on the latest developments at the Bjorkdal Gold Mine in Sweden. The Company has been active on-site now for the last three months with an aggressive exploration program designed to confirm and expand the current mineral resource. Gold-Ore has entered into an option to purchase the mine and related assets from Minmet plc of Dublin, Ireland (see NR dated Nov. 15, 2005).

Exploration Progress

Gold-Ore mobilized an exploration team to Bjorkdal in February and physical exploration work commenced in March. The exploration plan is to evaluate the gold-bearing quartz vein systems on the north side of the open pit. This will be accomplished through a series of underground tunnels that will provide access for diamond drilling.

A 5 metre high by 5 metre wide horizontal ramp was started on March 20 in the deepest part of the open pit and it has now advanced 160 metres. The ramp crosscuts the gold-bearing quartz vein systems and will be approximately 350 metres long. Underground diamond drilling will be conducted from stations in drive headings extending out perpendicular from the ramp. The first drive is 96 metres long and is ready for drilling which is expected to start within the next two weeks. The second drive, 70 metres further along the ramp, has advanced 50 metres.

Gold is recovered from the rock removed from the tunnels by processing bulk campaigns through the Bjorkdal plant. The first three campaigns yielded the following results.



Campaign Tonnes Gold Recovered
Processed Kilograms Ounces
--------------------------------------------------
Ramp 1 6,227 1.66 53
Ramp 2 7,658 5.32 171
Drive 1 8,593 15.12 486
--------- --------- ------
Totals 22,478 22.10 710



The revenue generated from these campaigns is approximately US$427,000. This estimate is based on a spot gold price of USD$650 per ounce net of refining costs and will vary with settlement date. The revenue will be credited to the exploration budget thereby off setting expenditures.

Gold Production from Stockpiles

Plant feed comes from surface stockpiles that were placed around the open pit during mining operations in 1980's and 1990's. At least two or three more years of stockpile material are available at current gold prices.

During the period January 1 to April 30, 2006 the Bjorkdal plant processed 395,000 tonnes of material and produced 5,734 ounces of gold. The plant continues to run efficiently and has positive cash flow. It is estimated that gold sales during 2006 will be in the range 17,000 to 20,000 ounces from the stock piles.

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

The TSX Venture Exchange has not viewed 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)
    www.goldoreresources.com