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| | Fri Mar 5, 2010
Gold-Ore Reports Increased Underground Resources at Bjorkdal Gold Mine
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| | Gold-Ore Resources Ltd. (the "Company") is pleased to report the results of a recently completed resource estimate for the 100% owned Bjorkdal Gold Mine in Sweden. The Company released a resource estimate in October, 2009, however, the incorporation of underground chip sampling triggered the current update. The new estimate resulted in a significant increase in measured and indicated underground resources that are available for conversion to proven and probable reserves thus extending mine life.
Resources
In 2009, Wardell Armstrong International Ltd. (WAI) was commissioned to provide Gold-Ore with a resource estimate, which separated the deposit into resources amenable to open pit mining and those that would be mined underground. WAI used Datamine software and Indicator Kriging, incorporating all drill data up to March 2009, a total of 4,475 drill holes with a nominal spacing of 30 metres. In January 2010, WAI completed a revised estimate that included all of the chip samples from underground faces. The resource estimate complies with JORC 2004. Table 1 lists the tonnage and grade for the open pit and underground resources, and Table 2 lists the corresponding ounces of gold for each category.
Table 1: Open Pit & Underground Mineral Resource Estimate -- Tonnages and Grade
Resource
Type |
Cut-off |
Measured |
Indicated |
Measured + Indicated |
Inferred |
| |
Au
(g/t) |
Tonnage
(000's t) |
Au (g/t) |
Tonnage
(000's t) |
Au (g/t) |
Tonnage
(000's t) |
Au (g/t) |
Tonnage
(000's t) |
Au (g/t) |
| Open Pit |
0.60 |
225 |
2.27 |
4,234 |
1.81 |
4,459 |
1.83 |
3,787 |
1.68 |
| Underground |
1.00 |
972 |
3.18 |
2,802 |
2.75 |
3,774 |
2.86 |
1,705 |
2.84 |
Evaluation (2.5 m Selectivity) Adjusted for a 91% Mining Recovery and 30% Mining Dilution
Table 2: Open Pit & Underground Mineral Resource Estimate -- Ounces
Resource
Type |
Cut-off |
Measured |
Indicated |
Measured + Indicated |
Inferred |
| |
Au
(g/t) |
Au
(Ounces) |
Au
(Ounces) |
Au
(Ounces) |
Au
(Ounces) |
| Open Pit |
0.60 |
16,423 |
246,416 |
262,839 |
204,571 |
| Underground |
1.00 |
99,388 |
247,765 |
347,153 |
155,698 |
Evaluation (2.5 m Selectivity) Adjusted for a 91% Mining Recovery and 30% Mining Dilution
The revised estimate resulted in a 55% increase in underground measured and indicated resource tonnes and a 48% increase in measured and indicated ounces of gold. Gold-Ore continues to conduct drilling to confirm and expand the resources and will provide annual resource/reserve estimates to coincide with filing of Company's annual financial statements.
Detailed information on the Bjorkdal Project and the mineral resource estimate contained in this release will be filed as a NI 43-101 Technical Report on SEDAR (www.sedar.com) within 45 days. Authors of this report are independent Qualified Persons with the consulting firm of Wardell-Armstrong International Ltd. of Cornwall, England.
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 un-hedged, 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
Glen Dickson, Chairman and CEO |
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| | You can view the Next News Releases item: Mon Mar 8, 2010, Gold-Ore Announces 2009 and Fourth Quarter Financial Results
You can view the Previous News Releases item: Mon Jan 18, 2010, Gold-Ore Reports Underground Drill Results at Bjorkdal
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