Vancouver, BC, Canada – Gold-Ore Resources Ltd. is pleased to report the results of an updated, independent mineral resource estimate for the 100%-owned Bjorkdal Gold Mine in Sweden. The new measured and indicated resource estimate for the open pit and underground totals 920,900 ounces, an increase of over 50% from the resources reported in March, 2010.
Wardell Armstrong International Ltd. (WAI) calculated the updated mineral resource estimate, incorporating all drill data up to November 15, 2010 and all chip samples from underground. The revised estimate used Datamine software and Indicator Kriging, and includes the results of 1,766 drill holes. The estimate is National Instrument Policy 43-101 compliant.
January 2011 Open Pit & Underground Mineral Resource Estimate
Evaluation (2.5 m Selectivity) Adjusted for a 91% Mining Recovery and 30% Mining Dilution * Totals may differ due to rounding\
Bob Wasylyshyn, Gold-Ore’s president commented, “The updated mineral resource estimate confirms that Bjorkdal is a significant gold deposit, with over one million ounces produced and over 900,000 ounces in the measured and indicated resources category. Our drilling continues to expand the known limits of the deposit, and the mineralized vein swarm remains open to expansion in several directions. An ongoing aggressive, widely-spaced underground drill program intersected gold mineralized veins over a broad, on-strike area. Based on this information, we are confident that, at current gold prices, Bjorkdal will have a significantly extended mine life.”
The updated estimate resulted in a 52% increase in underground measured and indicated ounces of gold. To reflect current mining practices at Bjorkdal, the resources for the open pit are reported using a 0.30 gram per tonne cut-off resulting in a 50% increase in measured and indicted ounces of gold when compared to the totals previously reported using a 0.60 g/t cut-off. Surface and underground drilling is ongoing to develop additional resources and explore for new mineralization on the Company’s mining leases and exploration concessions.
About Gold-Ore
Gold-Ore Resources is a gold mining and exploration company currently focused in the Skelleftea mining district in northern Sweden. The Company’s primary asset is the Bjorkdal Gold Mine, which is cash flow positive and unhedged. In addition to Bjorkdal, the Company also has other assets in the district, including the mineral rights to approximately 66 square kilometres surrounding the mine site, as well as the Norrliden Polymetallic Deposit.
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