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| | Wed Dec 9, 2009
Gold-Ore Reports Fourth Quarter and 2009 Year End Production Results
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| | Gold--Ore Resources Ltd is pleased to provide Fourth Quarter and 2009 Year End operational highlights for the 100% owned Bjorkdal Gold Mine in Sweden. Production of 10,194 ounces of gold at Bjorkdal in the Fourth Quarter was only slightly less than the record production achieved in the First Quarter 2009 of 10,361 ounces. Production of 37,032 ounces for the 2009 fiscal year was a 32% increase over the production for the 2008 fiscal year of 27,955 ounces, the year that the Company acquired the mine. Audited annual financial statements will be presented by the end of March 2010.
Fourth Quarter and 2009 Year End Operational Results
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Q4 2009 |
YE 2009 |
| Tonnes processed |
290,165 |
1,061,438 |
| Daily throughput -- tonnes |
3,188 |
2,990 |
| Head grade -- grams/tonne |
1.25 |
1.23 |
| Gold recovered -- ounces |
10,194 |
37,032 |
| -- kilograms |
317.1 |
1,151.8 |
| Average plant recovery |
87.1% |
88.4% |
During November, 3,571 ounces of gold were produced, which equates to an annualized production rate of 42,852 ounces and represents a 17% increase over the average of the previous 11 months' production.
"The improved level of gold production and near record gold price, will have a very positive impacted on our fourth quarter cash flow", states Bob Wasylyshyn, Gold-Ore's president. "We are continually striving to improve head grade of the ore which we anticipate will result in not only increased annual gold production, but also lower operating costs."
2009 Operational Highlights
Operations during 2009 were highlighted by the following achievements:
- Declared commercial production.
- Completed a reserve estimate that provides for greater than 4 years mine life.
- Completed an Open Pit Mine Design and commenced open pit mining in the Southeast Extension.
- Developed 4,200 metres of underground workings on 4 levels.
- Produced on average 1,300 tonnes of ore per day from underground.
- Increased year over year gold production by 32 percent to 37,032 ounces.
- Discontinued reliance on low grade stockpiles for plant feed.
- Installed a 30 inch Knelson Concentrator and a new central control system in the plant to improve gold recovery.
- Drilled 7,216 metres of diamond drill core in 66 holes.
- Added key mine management personnel.
Gold production at Bjorkdal is achieved by processing ore mined from underground and open pit. In October 2009, Gold-Ore announced a reserve estimate sufficient for a 4 year mine life at current production levels. Underground drilling during 2009 successfully extended the mineralization and is anticipated to more than replace the reserves mined during the year. Plant throughput during the fourth quarter averaged 1,434 tonnes per day from the underground and 1,754 tonnes per day from the open pit. Gold-Ore is now focusing on optimising the head grade from both ore sources.
Quarterly Gold Production Chart
About Gold-Ore
Gold-Ore Resources is a gold mining and exploration company focused in Sweden. The Company is generating positive cash flow, is debt-free and unhedged, and remains focused on increasing gold production from the 100%-owned Bjorkdal Gold Mine. In addition to Bjorkdal, the Company also has other assets in the country; the Ronnberget Gold Property (adjacent to Bjorkdal) and the Norrliden Polymetallic Deposit.
For more information please contact Glen Dickson, Bob Wasylyshyn or Ron Ewing at (604) 687-8884. Gold-Ore's project information is posted on the Company's web site at www.goldoreresources.com
ON BEHALF OF THE BOARD
Robert S. 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. |
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| | You can view the Next News Releases item: Tue Jan 12, 2010, Gold-Ore Provides Operational Update for the Bjorkdal Gold Mine, Sweden
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