Gold-Ore Resources Ltd.
TSX VENTURE : GOZ

Gold-Ore Resources Ltd.

March 12, 2008 09:30 ET

Gold-Ore Resources Ltd.: Gold Resources Increase at Bjorkdal Mine, Sweden

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2008) - Gold-Ore Resources Ltd. (the "Company") (TSX VENTURE:GOZ) is pleased to announce receipt of a new resource estimation for the Company's 100% owned Bjorkdal Gold Mine. The independent NI 43-101 compliant resource estimation was completed by Wardell Armstrong International Ltd. ("WAI") of Cornwall, UK under the direction of qualified person Dr. Phil Newall, BSc, PhD, FIMMM, CEng.

Bjorkdal currently produces gold from material sourced from underground (800 tonnes/day), open pit (1,300 tonnes/day) and surface stockpiles (1,200 tonnes/day). With the recent increases in gold prices, open pit mining has been re-activated. The Company is actively reviewing several areas with historic drilling that have demonstrated open pit potential to provide mill-feed at the rate of 1,300 to 1,700 tonnes per day. The corporate objective is to increase gold production to the 50,000 to 75,000 ounce per year level during 2008.

The Company has received two alternative resource estimates utilizing different assumptions for potential open pit mining and for underground extraction. WAI reported the open pit scenario resources using a 2.5 metre minimum mining width and 0.3 grams per tonne (g/t) gold cutoff grade. The underground mining scenario resources were reported using a 3.0 metre minimum mining width and a 1.5 g/t gold cutoff grade. Open pit and underground mining scenario resources are shown in Table 1 and Table 2 below. The open pit mining scenario resources are inclusive of the underground mining scenario resources and are proximal to the open pit.



Table 1 - Bjorkdal Open Pit Mining Scenario Mineral Resources
(0.3 g/t Au cutoff, 2.5 metres minimum mining width; WAI March 2008)
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Gold Grade
Resource Category Tonnes (g/t) Ounces Gold
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Measured 2,040,000 1.74 114,100
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Indicated 6,870,000 1.69 373,300
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Measured & Indicated 8,910,000 1.70 487,400
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Inferred 18,060,000 1.53 888,500
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Open pit scenario resources were estimated using multiple indicator kriging (MIK), utilizing similar parameters as were used to establish the 2005 resources (NI 43-101 Technical Report previously filed on SEDAR). A modified search ellipsoid which reflects anticipated pay shoot orientation was introduced into the 2008 model.

The underground mining scenario resource was estimated using conventional block modelling techniques, whereby wire-frames for the individual veins are established and evaluated separately. An inverse power of distance cubed estimation method was used to interpolate grades into the model. Resources external to the identified wire-frames were also estimated using an inverse power cubed estimator with 11 metre by 1.5 metre by 7 metre search radii (along-plunge by across-strike by dip).



Table 2 - Underground Mining Scenario Mineral Resources
(1.5 g/t cutoff grade, 3.0 minimum mining width WAI March 2008)
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Gold Grade
Resource Category Tonnes (g/t) Ounces Gold
--------------------------------------------------------------
Indicated 467,000 4.72 70,900
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Inferred 421,000 5.65 76,500
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Management is pleased with the results of these estimates as it confirms the potential to initially develop sufficient material for 3 years production from the underground development and indicates the potential for significant expansion of the mine life. Comparing the 2005 resource to the 2008 resource (using a 0.5 g/t cutoff grade), the measured and indicated categories increased from 214,950 to 442,300 ounces of gold and the inferred category increased from 791,400 to 801,350 ounces of gold.

Mineral resources which are not mineral reserves do not currently have demonstrated economic viability. The Bjorkdal Property is fully permitted with a modern operating mill. There are no known issues that materially affect the estimations of the mineral resources.

Gold Production Continues to Increase

Gold production at Bjorkdal during 2007 totalled 19,500 ounces. Production during January 2008 increased to an annualized rate of 23,000 ounces and in February to 24,000 ounces. The Company will steadily increase gold production by increasing underground mining from 800 to 1500 tonnes per day thereby increasing the blended grade of rock mined from underground and open pit.

A feasibility study has been commissioned and is progressing satisfactorily. Completion of the study is contingent on completion of test mining which involves stoping of four veins. One vein is 40% complete while a second is 10% complete.

Bjorkdal property information will continue to be 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

ROBERT S. WASYLYSHYN, President.

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 08-04

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