 |
| | Tue Dec 9, 2008
Gold-Ore Announces Best Gold Production Month Yet at Bjorkdal
|
| |
Gold--Ore Resources Ltd is pleased to provide November, Fourth Quarter and Year End operational highlights for the 100% owned Bjorkdal Gold Mine in Sweden. The Company completed the 2008 fiscal year with the largest monthly and quarterly gold production at Bjorkdal to date since acquiring the mine at the start of the year. Audited annual financial statements will be presented by the end of March 2009. Gold production reached 3,577 ounces in November, for total production in the fourth quarter of 9,185 ounces and 27,955 ounces for the 2008 fiscal year.
|
November, 2008 |
Q4 2008 |
YE 2008 |
Tonnes processed |
88,289 |
279,711 |
1,181,094 |
Daily throughput - tonnes |
2,943 |
3,074 |
3,227 |
Gold recovered - ounces |
3,577 |
9,185 |
27,955 |
- kilograms |
111.3 |
260.4 |
869.5 |
Average plant recovery |
90% |
89% |
87% |
During November, 3,577 ounces of gold were produced, which equates to an annualized production rate of 42,924 ounces and represents a 23% increase over October's production. Despite the negative impact of a scheduled two day plant shutdown for routine maintenance, the mine still produced significantly more gold during the month of November than any other month in 2008.
During the Company's fiscal fourth quarter, the Bjorkdal Mine produced 9,185 ounces of gold, which equates to an annualized production rate of 36,740 ounces and represents a 61% increase over the previous quarter's production. Gold production at Bjorkdal is achieved by processing material from three sources: underground, open pit and surface stockpiles. Plant throughput during the quarter averaged 988 tonnes per day from the underground unit, 800 tonnes per day from the open pit and 1,286 tonnes per day from the surface stockpiles. Since acquiring the mine, Gold-Ore has been focusing on the underground development at the mine. The fourth quarter production is significant as approximately 60% of the gold production came from the underground unit of the mine.
For the 2008 fiscal year, the Bjorkdal Mine produced 27,955 ounces, which represents a 52% increase over gold production from the previous 12 month period. Consistent with the fourth quarter results, the increased grades and tonnages achieved from stopes and on-vein drives in the underground unit of the mine resulted in the dramatic increase in gold production throughout the year.
2009 Operational Objectives
During the next few months the Company will continue to evaluate or complete the following objectives:
Complete test mining of stopes -- currently three completed and three underway
- Complete on-going feasibility study utilizing stope mining results
- Declare commercial production
- Develop the Central Tunnel area where historic mining and diamond drilling demonstrate higher gold grades
- Evaluate development of decline to access a lower level (cost CDN$1.1 million, SEK$7.0 million) to provide sufficient plant feed from the underground unit for 2009
- Increase open pit production to decrease reliance on stockpiles
- Plant upgrade - install a second Knelson Concentrator in 2009 (ordered in Sept.) to improve gold recovery
Stock Options Granted
The Company has extended its Engagement Agreement with the public relation firm of Harbour Financial and has granted Harbour incentive stock options to purchase 200,000 common shares at a price of $0.15 for a period of 3 years.
Gold-Ore Resources is a mineral exploration and development company focused in Sweden. In addition to the Bjorkdal Gold Mine, the Company also has other assets in the country; the Ronnberget Gold Property (adjacent to Bjorkdal), Norrliden Polymetallic Deposit and the Vallberget Polymetallic Property. Gold-Ore is focused on increasing cash flow and production from the Bjorkdal Mine and remains debt-free, unhedged and cash flow positive.
For more information please contact Glen Dickson, Bob Wasylyshyn or Ron Ewing at (604) 687-8884. Bjorkdal property information is posted on the Company's web site at www.goldoreresources.com
ON BEHALF OF THE BOARD
Robert Wasylyshyn, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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. |
| |
| | You can view the Next News Releases item: Wed Jan 7, 2009, Gold-Ore Announces Positive Tellurium Metallurgical Studies
You can view the Previous News Releases item: Wed Nov 12, 2008, Gold-Ore Continues to Increase Gold Production at Bjorkdal
You can return to the main News Releases page, or press the Back button on your browser.
|
| | |
|
