Mandalay Resources Corp (MND)

[NYBob]

Elgin Mining Reports Fourth Quarter and 2012 Results -



http://www.elginmining.com/s/NewsReleases.asp?ReportID=577973&_Type=News-Releases&_Title=Elgin-Mining-Reports-Fourth-Quarter-And-2012-Results

http://www.elginmining.com/i/pdf/ELG_Investor_Presentation_April_2013.pdf

http://ih.advfn.com/p.php?pid=nmona&article=56917702

God Bless

[NYBob]

Elgin Mining Reports Fourth Quarter and 2012 Results -

http://ih.advfn.com/p.php?pid=nmona&article=56917702

God Bless

[NYBob]

Elgin Mining (ELG)
0.41 ? 0.02 (5.13%)
Volume: 45,000 @ 11:12:08 AM ET
Bid Ask Day's Range
0.4 0.42 0.405 - 0.415
TSX:ELG Detailed Quote Wiki

[NYBob]

Fraser Institute ranks Finland and Sweden top mining destinations
Cecilia Jamasmie | February 28, 2013



http://www.mining.com/finland-and-sweden-the-new-worlds-top-mining-destinations-38576/

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83905175
God Bless

[NYBob]

Elgin Mining (ELG)- Bjorkdal Gold Mine - Lupin Gold Mine -

Elgin Mining (ELG)
0.66 ? -0.02 (-2.94%)
Volume: 64,500 @ 3:59:59 PM ET
Bid Ask Day's Range
0.66 0.68 0.66 - 0.69
TSX:ELG Detailed Quote Wiki



http://www.elginmining.com/i/pdf/ELG_Investor_Presentation_Dec_4_2012.pdf





http://www.elginmining.com/i/pdf/Investor_Fact_Sheet_Nov_2012.pdf


God Bless

[NYBob]

Elgin Mining (ELG)- Bjorkdal Gold Mine - Lupin Gold Mine -
0.68 ? 0.0 (0.00%)
Volume: 26,500 @ 3:17:31 PM ET
Bid Ask Day's Range
0.67 0.68 0.68 - 0.69
TSX:ELG Detailed Quote Wiki

http://www.elginmining.com/i/pdf/ELG_Investor_Presentation_Dec_4_2012.pdf

http://www.elginmining.com/i/pdf/Investor_Fact_Sheet_Nov_2012.pdf
God Bless

[NYBob]

Elgin Mining (ELG)
0.68 ? -0.02 (-2.86%)
Volume: 1,000 @ 9:30:01 AM ET
Bid Ask Day's Range
0.68 0.7 0.68 - 0.68
TSX:ELG Detailed Quote Wiki

[canucklehead80]

Auguries - December 7, 2012
The Homer Simpson Plan
Kevin Michael Grace

Gold was down (at press time) $27.20 (-1.6%) for the week to $1,700.10, and silver was down $1.24 (-3.6%) to $33.07. Bloomberg attributed the loss December 4 to the “stalemate in US budget talks [which] drove commodities down.” According to Bark Melek of TD Securities, “Gold is being sold along with just about everything else in commodities with the worries on the fiscal cliff.” GoldCore noted December 6, “Physical buying of gold bullion has increased on the dip”—more on that below.

We are all cursed with economic Alzheimer’s these days, and so few will remember that not 18 months ago, similar negotiations in Washington were regarded universally as similarly cataclysmic. At that time, the politicians decided they would postpone Götterdämmerung until the end of 2012. One can hardly expect a much different resolution this time around.

Read the rest of this article about gold prices here. http://resourceswire.com/2012/12/auguries-11/

[NYBob]

Elgin Mining (ELG)
0.78 ? 0.01 (1.30%)
Volume: 16,000 @ 3:59:31 PM ET
Bid Ask Day's Range
0.77 0.79 0.77 - 0.79
TSX:ELG Detailed Quote Wiki

[NYBob]

Elgin Mining (ELG)
0.72 ? -0.03 (-4.00%)
Volume: 229,500 @ 10:41:44 AM ET
Bid Ask Day's Range
0.72 0.74 0.72 - 0.75
TSE:ELG Detailed Quote Wiki

[NYBob]

Elgin Mining (ELG)
0.48 ? 0.03 (6.67%)
Volume: 428,000 @ 3:39:29 PM ET
Bid Ask Day's Range
0.465 0.5 0.45 - 0.5
TSE:ELG Detailed Quote Wiki

[NYBob]

Elgin Mining (ELG)
0.65 ? 0.03 (4.84%)
Volume: 500 @ 12:37:46 PM ET
Bid Ask Day's Range
0.62 0.64 0.65 - 0.65
TSE:ELG Detailed Quote Wiki

[NYBob]

Elgin Mining (ELG)
0.65 ? 0.02 (3.17%)
Volume: 209,500 @ 3:16:27 PM ET
Bid Ask Day's Range
0.65 0.7 0.65 - 0.7
TSE:ELG Detailed Quote Wiki

[NYBob]

Elgin Mining (ELG)
0.7 ? -0.07 (-9.09%)
Volume: 148,000 @ 2:19:09 PM ET
Bid Ask Day's Range
0.7 0.73 0.69 - 0.74
TSE:ELG Detailed Quote Wiki

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=75364900

[NYBob]

Elgin Mining and Gold-Ore Resources Announce Closing of
Merger Creating Growth Oriented International Gold Producer,
Developer and Explorer
Vancouver, British Columbia,
May 2, 2012 -

Elgin Mining Inc.
(TSX-V: ELG) ("Elgin Mining") and Gold-Ore Resources Ltd.
(TSX:GOZ) ("Gold-Ore") jointly announced completion of the
business combination (the "Arrangement") which took effect
May 1, 2012, whereby Elgin Mining acquired all of the issued
and outstanding common shares of Gold-Ore by way of plan of
arrangement.
The Arrangement has resulted in a well-funded, growth-oriented
gold producer which owns the producing Bjorkdal gold mine in
Sweden and the Lupin and Ulu gold development projects in
Nunavut, Canada.
Patrick Downey will continue in his role as President and
Chief Executive Officer of Elgin Mining.
Gold-Ore directors, David Mullen, Ronald Ewing, Glen Dickson
and Robert Wasylyshyn will join the expanded board of directors
of Elgin Mining with immediate effect.

Under the terms of the Arrangement, for every Gold-Ore common
share held, Gold-Ore shareholders will receive one
Elgin Mining common share and
one half of one common share purchase warrant of
Elgin Mining exercisable at a strike price of
$1.30 per Elgin Mining share until
May 1, 2014.
In addition, holders of Gold-Ore options outstanding as at
May 1, 2012 will receive, on the same terms and conditions
as their Gold-Ore options, Elgin Mining replacement options
which will entitle them to receive upon exercise, and for
the same aggregate consideration payable therefor,
Elgin Mining common shares in lieu of Gold-Ore common shares.

Delisting of the Gold-Ore common shares from the Toronto Stock Exchange ("TSX") is expected to occur on or about May 4, 2012. Graduation of the Elgin Mining common shares and Elgin Mining warrants to the TSX is expected to occur on or about May 4, 2012 at which time Elgin Mining will be delisted from the TSX Venture Exchange. The Elgin Mining common shares and Elgin Mining warrants will trade under the symbols "ELG" and "ELG.WT", respectively.

Elgin Mining's financial advisor was National Bank Financial Inc. and its principle legal counsel was Cassels Brock & Blackwell LLP. Gold-Ore's financial advisor was Fraser Mackenzie Limited and its principal legal counsel was McLeod & Company LLP.

Effective upon completion of the Arrangement on May 1, 2012, Elgin Mining granted an aggregate of 725,000 options with immediate vesting to five non-executive directors exercisable for an equal number of Elgin Mining Shares for a period of five years from the date of grant at an exercise price of $0.88 per Elgin Mining Share.

Elgin Mining Inc.

Elgin Mining is a Canadian based company focused on the exploration and development of the Lupin gold mine and Ulu gold project, both located in Nunavut Territory, Canada and production at its Bjorkdal Gold Mine in Sweden, which has produced 1,060,000 ounces in the last 24 years. In addition, Elgin's portfolio includes a 35% interest in Auracle Resources, which is exploring the Mexican Hat property in Arizona, and an exclusive right and option to earn a 60% interest in Lincoln Mining's Oro Cruz (California) and La Bufa (Mexico) gold projects. Elgin Mining also selectively reviews opportunities to add advanced stage development projects to its portfolio. The company has a strong balance sheet, generates significant cash flow from gold sales, and remains un-hedged.

For further information, please visit Elgin Mining's web site at www.elginmining.com.

Elgin Mining Inc.
Patrick Downey
President & Chief Executive Officer
Tel: [phone]
Email: [e-mail]

FORWARD-LOOKING STATEMENTS

Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include management's assessment of Elgin Mining's future plans and operations and are based on each company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Elgin Mining's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Elgin Mining and Gold-Ore undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale or issuance of these securities in any jurisdiction in which such offer, solicitation, issuance or sale would be unlawful.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


You can view the Previous News Releases item: Mon Apr 30, 2012, Elgin Mining And Gold-Ore Resources Announce Results Of Shareholder Meetings
You can return to the main News Releases page, or press the Back button on your browser.

http://www.elginmining.com/s/NewsReleases.asp?ReportID=522555&_Type=News-Releases&_Title=Elgin-Mining-and-Gold-Ore-Resources-Announce-Closing-of-Merger-Creating-Gro...
God Bless

[NYBob]

Gold-Ore Announces Significant Increase in Proven & Probable
Reserve Estimate at Bjorkdal Mine in Sweden



Gold-Ore Announces Significant Increase in Proven & Probable
Reserve Estimate at Bjorkdal Mine in Sweden
Vancouver, British Columbia CANADA, March 27, 2012 /FSC/ -

Gold-Ore Resources Ltd.
(GOZ - TSX), announces an updated proven and probable gold
reserve estimate for the 100% owned
Bjorkdal Gold Mine in Sweden.

This new reserve is the first update since the last reported
reserve estimate of October 2009 (see News Release dated
October 28, 2009), and since that time the Company has
completed significant exploration drilling and development.


Highlights are as follows:

* Open pit mineral reserves have increased to 205,696 ounces,
net of mine depletion which is a 58% increase;

* Underground reserves have increased to 112,078 ounces, net of
mine depletion, which is a 210% increase;

* Proven and probable gold reserves for both the open-pit and
underground units of the Bjorkdal mine now total 317,774
ounces, which at current annual production rates represents
approximately eight years of mine life, a significant increase
from the previous reserve life.

Robert Wasylyshyn, President of Gold-Ore, commented on the
expanded reserve base, "We are extremely pleased with this
reserve growth and it demonstrates the excellent mine life
potential at the Bjorkdal mine.
Since production first started at Bjorkdal in 1988, the mine has
produced over 1,060,000 ounces of gold. Furthermore, in
addition to the reserves there are significant measured and
indicated resources outside of the current mine plan.
Management is confident that with continued development, these
resources will be converted into reserves, thereby extending
the mine life further."

Following are the resulting estimated reserves using a gold
price of 300 SEK (Swedish Krona) per gram (US$1,395 per ounce):

Open Pit Reserves

http://tmx.quotemedia.com/article.php?newsid=49756801&qm_symbol=GOZ


http://www.goldoreresources.com/s/Home.asp

and & -

http://www.elginmining.com

http://www.elginmining.com/s/Presentation.asp

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=71652164

[NYBob]

Gold Ore Resources L (GOZ) fiat$0.94 UP $0.19 +25.33%

Volume: 9,263,500 @ 3:59:45 PM ET - STRONG DEMAND
Bid Ask Day's Range
0.93 0.95 0.92 - 0.99
GOZ Detailed Quote Wiki



http://www.goldoreresources.com/s/Home.asp

and & -

http://www.elginmining.com

http://www.elginmining.com/s/Presentation.asp

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=71652164

[NYBob]

Gold Ore Resourses (GOZ)



http://www.goldoreresources.com/s/Home.asp

and & -

http://www.elginmining.com

http://www.elginmining.com/s/Presentation.asp

[NYBob]

Elgin Mining and Gold-Ore Resources Announce Merger Creating
Growth Oriented International Gold Producer, Developer and
Explorer -
- Conference call Wednesday, February 1, 2012 - 4:30 pm EST
(1:30 pm PST) - - call-in details below -



http://investorshub.advfn.com/boards/board.aspx?board_id=6067
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2012) -

Elgin Mining Inc.
(TSX VENTURE:ELG) ("Elgin Mining") and

Gold-Ore Resources Ltd.
(TSX:GOZ) ("Gold-Ore") are pleased to announce the execution
of an arrangement agreement to complete a business combination
(the "Transaction"), whereby Elgin Mining will acquire all of
the issued shares of Gold-Ore by way of a plan of arrangement.

The Transaction will result in a well-funded, growth-oriented
gold producer with Gold-Ore's producing Bjorkdal gold mine
in Sweden and Elgin Mining's Lupin and Ulu gold development
projects in Nunavut, Canada.

Bjorkdal produced 40,338 ounces of gold in fiscal 2011.
Excluding Lupin, pro forma mineral resources for
Elgin Mining upon completion of the Transaction will be
over 1,191,700 ounces of Measured and Indicated mineral
resources and approximately 756,500 ounces of Inferred
mineral resources (Note: A table of Mineral Resources and
Mineral Reserves is shown at end of this news release).

The combined company will have the financial resources and
management expertise for accelerated development and growth.

A conference call for the investment community will take place
as noted at the end of this news release.

Transaction Highlights:

Gold-Ore shareholders to receive one Elgin Mining common
share and one half of one common share purchase warrant
of Elgin Mining exercisable at a strike price of $1.30
per Elgin Mining share with a two year term

Transaction values Gold-Ore at $1.22 per common share

and represents a premium of 66.5% based on the volume

weighted average trading prices of Gold-Ore and

Elgin Mining for the 10 trading days ended January 31, 2012

Low risk, high quality asset portfolio: one producing gold mine; two attractive gold development projects
Elgin Mining's Lupin gold project provides exposure to a high grade, past producing underground mine with significant infrastructure and permitting in place and the potential for near term production
Strong balance sheet and cash flow: approximately $35 million in cash in the combined company; fiscal 2011 cash flow from Gold-Ore's Bjorkdal mine is $12.1 million
Transaction structured to fund on-going growth and development through potential warrant exercise
Share exchange provides Gold-Ore shareholders with a 57% ownership stake (67% fully diluted) in a superior combined company with geographic diversification, increased market profile, trading liquidity and research coverage
Shareholder representing approximately 17% of Gold-Ore shares has signed a lock-up agreement supporting the Transaction
Experienced combined team. Elgin Mining and Gold-Ore management and board have long standing operational and capital markets expertise in the mining sector with well-established track records
Unanimous support of the management of both companies.
The Transaction values Gold-Ore at $1.22 per common share based on the 10-day volume weighted average price of Elgin Mining ($1.15 of share value and $0.07 of warrant value) and represents a premium of 66.5% over the same period. Each Gold-Ore shareholder will receive one common share of Elgin Mining and one half of one common share purchase warrant of Elgin Mining exercisable at a strike price of $1.30 per Elgin Mining share with a two year term, for each Gold-Ore common share held. Each half warrant has been valued at $0.07 using the Black-Scholes method with a volatility assumption of 30%, term of 2 years, an exercise price of $1.30 per share, a reference 10-day volume weighted average price of $1.15 and an assumed risk free interest rate of 0.95%.

Elgin Mining's President and CEO, Patrick Downey commented, "The combination of Elgin Mining and Gold-Ore will create a strong international gold company with a solid portfolio of production and exploration assets in the politically safe jurisdictions of Canada and Sweden. Gold-Ore's Bjorkdal mine will provide meaningful cash flow which will fund the company's future exploration and development activities. The combined company's profile will be very attractive to current and future investors as a larger, diversified company with immediate production and future upside. We will continue to review quality opportunities that add to our resource inventory and production profile."

Glen Dickson, Chairman and CEO of Gold-Ore commented, "The Transaction provides Gold-Ore shareholders with significant and immediate value for their shares. Furthermore, with the Lupin mine fully permitted and the limited capital exposure for re-start of operations, our shareholders will participate in a rapid and meaningful ramp-up of production. We believe that the strategic and financial rationale of our Transaction is beneficial to Gold-Ore's shareholders, employees and other stakeholders."

Elgin Mining's Transaction will provide the following benefits to the shareholders of Gold-Ore:

A compelling premium of 66.5% to all Gold-Ore shareholders
Warrants under the Transaction structure provide Gold-Ore shareholders with additional upside and future capital inflows to the combined company
The combined company will be well funded with approximately $35 million in cash and with all operations in locations with minimal political risk
Participation in the past producing Lupin gold mine which produced 3.5 million gold ounces at an average head grade of 9 g/t gold over a 20 year mine life
Elgin Mining's Lupin and Ulu projects contain scalable upside. The past producing Lupin high-grade gold project has in-place infrastructure and its Class "A" water licence to recommence operations thereby reducing delays in permitting and costs
Strong expertise among Elgin's management and board in developing and operating mining projects; significant capital markets expertise and successful track record in the mining sector
Participation by Gold-Ore shareholders in the potential re-rating of Elgin Mining resulting from the increased size, liquidity, research analyst coverage and market visibility of the combined company
The shareholders of Elgin Mining will benefit from ownership in Gold-Ore as follows:

Ownership in the Bjorkdal Gold Mine in the low political risk jurisdiction of Sweden. The Bjorkdal Gold Mine has a strong track record of gold production generating meaningful free cash flow with significant exploration upside
Gold-Ore's cash flow generation of $12.1 million in 2011 will assist in accelerating the development of Elgin Mining's exploration assets
Resolute Funds Limited, as manager of Resolute Performance Fund, Gold-Ore's largest shareholder, has entered into a lock-up agreement with Elgin Mining in support of the Transaction in respect of 15,000,000 common shares of Gold-Ore representing approximately 17% of the issued and outstanding common shares on a non-diluted basis.

The Transaction includes a commitment by Gold-Ore and Elgin to not solicit an alterative transaction to the Transaction. Each company has agreed to pay a break fee to the other company of $2.8 million upon the occurrence of certain events. The Transaction has been declared a "Superior Proposal" as defined by an agreement signed by Gold-Ore and Astur Gold Corp. ("Astur") and will result in the payment of a break fee of $2.5 million by Gold-Ore to Astur. The previously announced transaction between Gold-Ore and Astur has been terminated.

Patrick Downey will continue in his role as President and Chief Executive Officer and Bob Buchan will remain Chairman of the Board. Robert Wasylyshyn will continue on as interim COO. Gold-Ore directors, David Mullen, Ronald Ewing, Glen Dickson and Robert Wasylyshyn will join the expanded board of directors.

The Transaction will be conditional upon certain conditions of completion, including receipt of all necessary regulatory approvals, absence of material adverse changes and holders of at least 66 2/3% of the total votes cast by Gold-Ore shareholders approving the Transaction at a meeting of Gold-Ore shareholders. The Transaction will also be subject to the approval of 50% plus one of the total votes cast by Elgin Mining shareholders voting in favour of the Transaction.

Additional Details of the Transaction

Full details of the Transaction will be included in respective information circulars and a joint proxy circular to be filed with securities regulatory authorities and mailed to Gold-Ore and Elgin Mining shareholders in early March. It is anticipated that the shareholders meeting of both Elgin Mining and Gold-Ore to approve the Transaction will occur in early April. Closing of the Transaction is anticipated in late April.

Elgin Mining has engaged National Bank Financial Inc. ("NBF") to act as financial advisor to the Company in connection with the Transaction. Legal counsel to Elgin Mining is Cassels Brock & Blackwell LLP. NBF has provided an opinion to the board of directors of Elgin Mining that, as of the date thereof, the consideration to be paid under the Transaction is fair, from a financial point of view, to the shareholders of Elgin Mining.

Gold-Ore's financial advisor is Fraser Mackenzie Limited ("Fraser Mackenzie") and its legal counsel is McLeod & Company LLP. Fraser Mackenzie has provided an opinion to the board of directors of Gold-Ore that, as of the date thereof, the consideration to be paid under the Transaction is fair, from a financial point of view, to the shareholders of Gold Ore.

Conference Call Information

A conference call for the investment community will take place to discuss the Transaction on February 1, 2012, at 4:30 pm Eastern time (1:30 pm Pacific time). Investors, analysts, media and other interested parties are invited to attend. To join the call please dial the following:

Webcast/Conference Call

Live Dial-In Information:
Toronto and International: 416-340-2217 Passcode: 1866360#
North America (Toll Free): 866-696-5910 Passcode: 1866360#
Participant Audio Webcast: www.elginmining.com

Replay Call Information:
North America (Toll Free): 800-408-3053 Passcode: 4167801#
The conference call replay will be available from 6:00 p.m. EST on February 1, 2012 until 11:59 p.m. EST on February 15, 2012.

The presentation referenced on the conference call will be made available for download on Elgin Mining's website at www.elginmining.com and Gold-Ore's website at www.goldoreresources.com. A replay of the call will be available by dialing 800-408-3053 and entering passcode 4167801# or by accessing the link to the recording that will be posted to Elgin Mining's website shortly after the conference call.

Resources & Reserves

Gold-Ore: Bjorkdal Reserves & Resources

Category Tonnes (000's) Grade (g/t Au) Gold (oz)
Reserves
P&P (O/P) 3,568 1.13 129,945
P&P (U/G) 457 2.46 36,128
Total Reserves* 4,025 1.28 166,073
Resources
M&I (O/P) 10,281 1.19 393,400
M&I (U/G) 6,191 2.65 527,500
Total M&I 16,472 1.74 920,900
Inferred (O/P) 10,435 1.07 359,000
Inferred (U/G) 2,736 2.91 256,000
Total Inferred 13,171 1.45 615,000
* Does not account for 2011 Production
Reserves from "Technical Report on Bjorkdal Gold Mine, Sweden" by Wardell Armstrong International, March 26, 2010
Resources from "Bjorkdal Resource Estimate" by Wardell Armstrong International, January 21, 2011
Mineral resources listed at cut-off grade of 0.3 g/t Au for open pit and 1 g/t Au for underground
Mineral reserves listed at cut-off grade of 0.45 g/t Au for open pit and 1/1.3 g/t Au for underground
Mineral resources that are not mineral reserves do not have demonstrated economic viability
Ulu Project

The Ulu gold deposit hosts NI 43-101 compliant mineral resources as shown in the following chart:
Indicated Mineral Resources Inferred Mineral Resources
Gold (grams per tonne) Cut Off Tonnes* Gold (grams per tonne) Tonnes* Gold (grams per tonne)
2.5 751,000 11.37 418,000 10.61
5.0 720,000 11.70 410,000 10.73
7.0 630,000 12.44 370,000 11.15
* Tonnes have been rounded to reflect relative accuracy of the mineral resource estimate.
** Estimated as at June 27, 2011 in the NI 43-101 technical report on the property entitled "NI 43-101 Technical Report on the Ulu Gold Property, Kitikmeot Area -- Nunavut Territory, Canada" by Richard A. Graham, P.Geol. and G. H. Wahl, P. Geo. The technical report is available for viewing under the corporate profile of Elgin on SEDAR at http://www.sedar.com/. Both authors are independent of the Company as such term is defined in NI 43-101.
Qualified Person

Vivian Park, the Manager, Exploration of Elgin Mining and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved of the written technical disclosure contained in this press release on behalf of Elgin Mining.

Robert Wasylyshyn, P.Geo., President and COO of Gold-Ore and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved of the written technical disclosure contained in this press release on behalf of Gold-Ore.

Elgin Mining Inc.

Elgin Mining is a Canadian based company focused on the exploration and development of the Lupin gold mine and Ulu gold project, both located in Nunavut Territory, Canada. In addition, Elgin's portfolio includes a 35% interest in Auracle Resources, which is exploring the Mexican Hat property in Arizona, and an exclusive right and option to earn a 60% interest in Lincoln Mining's Oro Cruz (California) and La Bufa (Mexico) gold projects. Elgin Mining also selectively reviews opportunities to add advanced stage development projects to its portfolio.

For further information, please visit Elgin Mining's web site at www.elginmining.com.

Gold-Ore Resources Ltd.

Gold-Ore is a gold producing company focused in the low political risk jurisdiction of Sweden. The company's primary asset is the Bjorkdal Gold Mine, which has produced 1,050,000 ounces in the last 24 years. Drilling is expanding the resources indicating a long mine life at current gold prices. The company has a strong balance sheet, generates significant cash flow from gold sales, and remains un-hedged.

For further information, please visit Gold-Ore's web site at www.goldoreresources.com.

FORWARD-LOOKING STATEMENTS

Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include management's assessment of Elgin Mining's and Gold-Ore's future plans and operations and are based on each company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Elgin Mining's and Gold-Ore's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Elgin Mining and Gold-Ore undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale or issuance of these securities in any jurisdiction in which such offer, solicitation, issuance or sale would be unlawful.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

http://tmx.quotemedia.com/article.php?newsid=48022308&qm_symbol=GOZ

[NYBob]

Astur Gold and Gold-Ore Resources Announce $150 Million Merger Creating a European Leader in Gold Production, Development and Exploration -

http://tmx.quotemedia.com/article.php?newsid=46977298&qm_symbol=GOZ

Transaction Details

The proposed business combination between Astur Gold and Gold-Ore is expected to be completed by way of a court-approved plan of arrangement whereby Gold-Ore would acquire all of the issued shares of Astur Gold (the "Arrangement"). The Transaction will be subject to certain standard conditions including: the approval of holders of not less than 66 2/3% of the total votes cast by holders of Astur Gold common shares; the approval of holders of not less than 50% plus one vote of the total votes cast by holders of Gold-Ore common shares; execution of definitive agreement; the approval of the Toronto Stock Exchange and TSX Venture Exchange; and other customary closing conditions.

Gold-Ore currently has 85,402,309 shares outstanding and will
issue 81,088,369 new shares for all outstanding shares of
Astur Gold.
A concurrent 3 for 1 roll back of the new combined company
will result in 55,496,893 shares outstanding.
Following the Transaction, Gold-Ore has agreed to change its
name to "Astur Gold Corp." and maintain Toronto Stock Exchange
listing.
Gold-Ore shareholders will own 51.3% of the new company.

Full details of the Transaction will be included in the Gold-Ore management information circular and the Astur Gold proxy statement, both of which are expected to be mailed to their respective shareholders as soon as practical.

Under the terms of the Transaction, shareholders of Astur Gold will receive 2.35 common shares of Gold-Ore (the "Exchange Ratio") for each share of Astur Gold held. All of Astur Gold's unexercised options will be exchanged for Gold-Ore options with the number and exercise prices of such options to be adjusted based on the Exchange Ratio.

The business combination includes a commitment by each of Astur Gold and Gold-Ore to not solicit alternative transactions to the Transaction. Each company has agreed to pay a break fee to the other party of $2.5 million upon the occurrence of certain events.

[NYBob]

Gold Ore Resources L (GOZ)
0.75 ? 0.0 (0.00%)
Volume: 70,500 @ 2:31:07 PM ET
Bid Ask Day's Range
0.74 0.75 0.75 - 0.76
GOZ Detailed Quote Wiki

[NYBob]

Gold Ore Resources L (GOZ)
0.87 ? 0.0 (0.00%)
Volume: 19,500 @ 10:22:11 AM ET
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0.87 0.89 0.87 - 0.9
GOZ Detailed Quote Wiki

[NYBob]

Gold Ore Resources L (GOZ)
0.74 ? 0.0 (0.00%)
Volume: 19,500 @ 2:41:23 PM ET
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0.72 0.74 0.72 - 0.79
GOZ Detailed Quote

[NYBob]

Gold Ore Resources L (GOZ)
0.89 ? 0.01 (1.14%)
Volume: 89,500 @ 3:52:56 PM ET
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0.88 0.9 0.86 - 0.89
GOZ Detailed Quote

[NYBob]

Gold Ore Resources L (GOZ)
0.82 ? 0.03 (3.80%)
Volume: 31,000 @ 11:22:11 AM ET
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0.82 0.84 0.8 - 0.82
GOZ Detailed Quote

[NYBob]

Gold Ore Resources L (GOZ)
0.84 ? 0.01 (1.20%)
Volume: 5,500 @ 2:48:12 PM ET

Bid Ask Day's Range
0.81 0.84 0.81 - 0.84

GOZ Detailed Quote

[NYBob]

Gold-Ore Releases Underground Drill Results at Bjorkdal Gold Mine
Thu May 26, 2011, Vancouver, BC, Canada -

Gold-Ore Resources Ltd. (GOZ:TSX) is pleased to report results from the ongoing underground drilling at the 100%-owned Bjorkdal Gold Mine in Sweden. The mine has operated for 23 years and has produced over one million ounces of gold. The Company is targeting to produce between 44,000 and 46,000 ounces during 2011.

The drill results tabled below are from drilling conducted late in 2010 and early 2011, and are subdivided into two categories: off-section (exploration) drilling and development drilling. The off-section holes are considered very significant as they represent large step-outs from the underground workings and tested the continuity of the orebody in the on-strike and un-tested area east of the underground mine. The intersections below demonstrate the potential to dramatically extend mine life. A second underground drill will be added shortly to accelerate resource/reserve development as the mineralized system remains open to expansion in several directions.

Off-Section (Exploration) Holes
These holes were positioned at the extreme east end of the underground mine and fan out to test the on-strike potential of the approximately 50 gold-mineralized veins being mined. The five widely-spaced holes listed below tested an area 800 metres by 150 metres and infill drilling is planned to establish reserves in this area. None of the intersections from these drill holes were included in the most recently completed resource estimate.

http://www.goldoreresources.com/s/NewsReleases.asp?ReportID=459201&_Type=News-Releases&_Title=Gold-Ore-Releases-Underground-Drill-Results-at-Bjorkdal-Gold-Mine

[NYBob]

Gold-Ore is an international mining and exploration company with one operating gold mine and several gold and base metal exploration properties at various stages of development. The Bjorkdal Gold Mine and the company's exploration properties are all located in the safe, highly developed and mining friendly jurisdiction of Sweden. Bjorkdal is currently producing gold from both underground and open-pit operations at an annualized rate of over 40,000 oz/year. In early September, 2010 the mine produced its millionth ounce of gold. The company is currently focused on expanding the resource base at Bjorkdal through development drilling, while also searching for new deposits on highly prospective ground surrounding the minesite. The physical assets of the company are complemented by an experienced operations team at the Bjorkdal Mine and an experienced management team, located in Vancouver, Canada.

Stock Price - TSX GOZ.TO
Date: 06-06-2011
Time: 10:40
Last: $0.77
Volume: 20500
Change: 0.02

[NYBob]

Gold Ore Resources L (GOZ)

www.goldoreresources.com/s/Home.asp

[NYBob]

Gold Ore Resources L (GOZ)
0.77 ? 0.02 (2.67%)
Volume: 20,000 @ 10:40:36 AM ET
Bid Ask Day's Range
0.76 0.77 0.76 - 0.77
GOZ Detailed Quote

[21Gun]

You guys should look at the GOZ reserve report - there's a LOT of value here....

[Alexs_pushkin]

Lots of speculation here...should be four PR's coming over the next 4 weeks:

1) WAI update should be this month
2) 3Q financial data due before end of month
3) Drill results
4) Announcement of OP expansion

So what do we get this week? Maybe some good news first with the updated resource est. That will give the SP a boost. Then the 3Q results next week (that will be ho-hum). Then more good news on drill results & if things continue to look good, news that the Open pit expansion is successful.

Just looking at the last three months and the number of days the share price hit the $0.50s: This month zero, September only four days, August eight days. So on the short term there is a some strength, and now we are bumping into the $0.70's.

POG in SEK looking strong also:
http://www.infomine.com/investment/charts.aspx?mv=1&f=f&r=1m&c=cgold.xsek.uoz#chart

[Drillman7]

We need some good news very soon to get this company moving

[Drillman7]

Atleast GOZ is moving up along with the price of gold today

[Alexs_pushkin]

Interesting to note that when you go to the link for Ronnberget, they show pictures of quartz veins (on the surface). But the odd thing is that this is not where they are drilling. If they would be drilling here, the mineralization should be starting at the surface. If we look at the recent drill results, the significant mineralization starts at 39.6 meters below. I know that the area is large (34.5 square km) and they would want to drill the targets with the highest potential first ("an area measuring approximately 50 metres by 80 metres").

Curious that drilling in the underground started before Ronnberget yet nothing has been reported from the UG. That may have been one reason that we've sold off since the Ronnberget results were announced. If the UG drilling had hit high grade, or thick mineralization, wouldn't they have reported that first ? Just speculating here - I could be way wrong. Another interesting bit of info is that they mentioned that they are adding another drill to the underground. No reason given though. A positive surprise would be nice.

Once we get the long awaited 43-101 resource update, the share price may still not move much. Management has already said that it would be in the 5-7year range; so that should be reflected in the share price already. We might get some positive action in the share price if the numbers are on the higher side.

I'm definitely looking forward to the 3Q results. Should have all the bugs out of the KC and maybe we'll have a record recovery along with a record quarter.

Bought more last week (.64 -> .68 range) just a bit early should have been patient for another week.

Best to everyone. -Alex

[Drillman7]

News


Gold-Ore drills 9.0 m of 1.25 g/t Au at Ronnberget


2009-08-13 09:51 ET - News Release

Mr. Glen Dickson reports

GOLD-ORE REPORTS RONNBERGET DRILL RESULTS, SWEDEN

Gold-Ore Resources Ltd. confirms that significant gold mineralization has been intersected in the recently completed drill program on the Ronnberget property, located four kilometres east of its Bjorkdal gold mine, Sweden. During June and July, 10 core holes totalling 1,027 metres were completed. The accompanying table lists the significant gold intersections.


SIGNIFICANT GOLD INTERSECTIONS

Hole From To Interval Gold grade
No. Northing Easting Dip (m) (m) (m) (g/t)

2009-601 7210859 1731246 -45 42.0 46.0 4.0 3.92
2009-602 7210863 1731242 -45 42.0 50.0 8.0 2.30
2009-603 7210853 1731254 -45 43.0 52.0 9.0 1.25
2009-605 7210818 1731253 -45 39.6 44.1 4.5 18.6
2009-606 7210836 1731273 -45 55.0 61.0 6.0 1.36
2009-608 7210878 1731261 -50 44.8 46.0 1.2 8.10


The program was designed to confirm the gold mineralization reported from historic drilling and initially tested an area measuring approximately 50 metres by 80 metres. The drilling confirmed significant gold values. The style of gold mineralization at Ronnberget is significantly different from that of the Bjorkdal deposit. The gold is not restricted to vertical quartz veins, but rather is associated with subhorizontal zones in mafic volcanic rocks that are silicified and chlorite-altered, with or without quartz veins. Gold-Ore continues to compile the data and interpret the results to plan additional exploration work in the area. Further drilling will be required to understand the gold resource potential in the Ronnberget area.

After completion of the Ronnberget drilling, the drill rig was moved to the Bjorkdal open pit area. Two subpits that are currently being mined -- the SEE zone and Quartz Mountain zone -- will be drilled over the next few months. This drilling will guide the expansion and mining within these pits. Underground resource expansion drilling continues, with an additional diamond drill rig.

We seek Safe Harbor.

[Drillman7]

Right on Alex some decent news and where off need to have a longer mine life

[Alexs_pushkin]

Yup, should be lots up support around this price. Management said that we'd have a good next quarter; ie. higher production. Should not have to wait much longer for some new from GOZ. Drill results first ? then the new 43-101 ??

-Alex

[Drillman7]

Seems the sp is hanging in the low .60 things will change once gold takes another run to the 1000 per oz

Good time to be loading up on these cheapies

[Drillman7]

Cant complain about the stock price it moved up very nicely,just need more news on the mine life reserves.

[Drillman7]

Yes Gold ore has been doing great this past week I knew it was going to make its moves it was to under valued trading in the .50 range .

[GoldBandit]

I'm a long time holder of this and it's one of my favorites. the kind of stock you can buy and then just forget about. Quality management working on a quality project. Perfect combination for success.

[Drillman7]

It going to be very interesting to see the drill results of the latest news release

[Drillman7]

This board needs and updating what a great company and a very bright future with gold about to go over 1000.00 per oz we will be seeing a higher sp.

[Drillman7]

Wed Apr 29, 2009
Gold-Ore Announces First Quarter Profit of $4.43 Million

--------------------------------------------------------------------------------

Gold-Ore Resources Ltd. (the "Company" or "Gold-Ore") is pleased to report a profit of $4.43 million for the first quarter 2009 (the period ending February 28, 2009) as a result of the inclusion of $4.64 million in earnings from the operation of Bjorkdal Mine in the Company's consolidated statements of operations. The earnings from the Bjorkdal Mine have been included in the consolidated statements for the first time since the mine was acquired, as the development of the Bjorkdal mining operation is now considered to be substantially complete and in commercial production. The Company's unaudited consolidated financial statements and management's discussion and analysis for the quarter ended February 28, 2009 are available at www.sedar.com or on the Company's website at www.goldoreresources.com. All figures are in Canadian dollars unless otherwise specified.

First Quarter Highlights

Revenues of $12.00 million
Operating cash flow of $5.21 million or $ 0.06 per share
Earnings for the period of $4.43 million or $0.05 per share
Cash on hand as of the end of the quarter of $5.23 million and working capital of $6.54 million
Gold production of 10,361 ounces (322.3 kilograms)
70% of plant feed supplied from newly mined open pit and underground material
Realized gold price of US$922 per ounce
Total cash costs of US$484 per ounce

"The mine has been going through a transition for the last two years from a depleted mine suffering from a lack of capital investment to a functioning mine with growing resources/reserves and a strong positive cash flow," states Chairman, Glen Dickson, "and the declaration of commercial production is a reflection of the transformation taking place at Bjorkdal."

First Quarter Production Summary


Q1 2009

Tonnes processed
258,296

Daily throughput - tonnes
2,870

Head Grade grams/tonne
1.38

Gold recovered - ounces
10,361

- kilograms
322.3

Average plant recovery
90.5%



The Company has been successful in increasing gold production over the last year and is currently producing at the annualized rate of 41,444 ounces per year. The increased productivity and consistency in production in the quarter is directly related to increased grades and tonnages achieved from the underground and open pit mining units, and the suspension of low-grade stockpile processing in early January.

During the quarter the plant was fed 35% from underground, 35% from open pit and 30% from stockpiles. During the second quarter all of the ore feed for the Bjorkdal plant will come from the underground and open pit units. The Company has implemented an expansion both open pit and underground and has targeted an annualized rate of 50,000 ounces per year during 2009.





About Gold-Ore

Gold-Ore Resources is a gold mining and exploration company focused in Sweden. The Company is cash flow positive, debt-free and unhedged, and remains focused on increasing gold production from the 100%-owned Bjorkdal Mine. In addition to Bjorkdal, the Company also has other assets in the country; the Ronnberget Gold Property (adjacent to Bjorkdal), the Norrliden Polymetallic Deposit and the Vallberget Polymetallic Property.

For more information please contact Glen Dickson, Bob Wasylyshyn or Ron Ewing at [phone]. Bjorkdal

[Drillman7]

Wed Mar 25, 2009
Gold-Ore Announces Resource Expansion Drilling at Bjorkdal Gold Mine

--------------------------------------------------------------------------------

Gold--Ore Resources Ltd. announces that an underground diamond drilling campaign has commenced at the 100%-owned Bjorkdal Gold Mine in Sweden. The drill program is designed to expand the underground gold resources and thereby extend the mine life. The program is being financed entirely from cash flow from gold sales from the mine.

The drilling will initially focus on the Central Tunnel area where historic and recent mining has provided higher gold grades. Previous wide-spaced drilling in this area intersected economic gold grades over minable widths.

Exploration tunnels are being designed to access undrilled areas that are believed to contain the on-strike extensions of recently mined veins. These tunnels will enable drilling of untested areas that could dramatically expand the resource base of the deposit.

"The Company is in the enviable position of funding exploration drilling from our strong cash flow", stated Bob Wasylyshyn, Gold-Ore's president. "We are confident that during 2009, we will be able to expand our resource base at Bjorkdal adding to the mine life."

The drill core will be logged, photographed and sampled by Company geologists at Bjorkdal. Gold assays will be conducted at the ALS Chemex laboratory located in Pitea, Sweden, an hour drive from the mine. A rigorous QA/QC program will be implemented. Drill results will be released in a timely manner.

About Gold-Ore

Gold-Ore Resources is a gold mining and exploration company focused in Sweden. The Company is cash flow positive, debt-free and unhedged, and remains focused on increasing gold production from the 100%-owned Bjorkdal Mine. In addition to Bjorkdal, the Company also has other assets in the country; the Ronnberget Gold Property (adjacent to Bjorkdal), the Norrliden Polymetallic Deposit and the Vallberget Polymetallic Property.

For more information please contact Glen Dickson, Bob Wasylyshyn or Ron Ewing at [phone]. Bjorkdal property information is posted on the Company's web site at www.goldoreresources.com

[Drillman7]

GOZ is about to make it big move it had a very positive first quarter and has a great clean operation in Sweden at this time GOZ is drilling to expand there reserves.

[checkmate786]

up by 0.13c, volume 500k, almost a 15% in sp, is a pr around the corner

[Tackler]

Gold-Ore drills 7.3 m of 18.61 g/t Au at Bjorkdal

2007-01-03 09:43 ET - News Release

Mr. Glen Dickson reports

GOLD-ORE RESOURCES LTD.: BJORKDAL GOLD MINE-DRILL RESULTS

Gold-Ore Resources Ltd. is releasing further results from phase I drilling at the Bjorkdal gold mine in Sweden. The company has now drilled 91 core holes totalling 7,950 metres from the underground workings excavated in 2006. Gold-Ore has an option to purchase 100 per cent of the gold-producing property from Minmet PLC of Dublin, Ireland.

Drill results

During 2006 the company released significant results from holes 2006-01 to 2006-061 and is now releasing holes 2006-062 to 2006-077. The current results continue to define the gold-bearing vein systems and demonstrate that the gold mineralization extends from the open pit toward the north and remains open to expansion.

 
                                   Core     True     Gold 
 Drill         From       To   interval    width    grade 
 hole            (m)      (m)        (m)      (m)    (g/t) 
  
 2006-062      42.0     47.0        5.0      4.4    17.44 
 including     45.0     47.0        2.0      1.8    39.25 
 2006-063      39.0     42.0        3.0      2.9    15.37 
 and           67.0     71.0        4.0      3.8     5.81 
 2006-064       1.4      7.0        5.6      4.0    17.29 
 2006-065     117.0    120.0        3.0      2.2     3.72 
 2006-066      93.1     96.0        2.9      2.4     4.26 
 2006-067      41.8     44.0        2.2      2.2     5.66 
 2006-068      47.0     50.0        3.0      2.8     2.66 
 and           58.1     62.5        4.4      4.1     4.08 
 and           66.0     72.0        6.0      5.6    27.60 
 including     66.0     69.0        3.0      2.8    53.45 
 2006-069      41.0     44.0        3.0      2.6    33.35 
 2006-070      58.0     60.9        2.9      2.8     5.70 
               80.0     83.0        3.0      2.9     7.00 
 2006-071      16.0     19.0        3.0      2.6     4.82 
 2006-072      51.0     53.7        2.7      2.7    10.94 
 2006-073      75.0     83.0        8.0      7.3    18.61 
 including     78.0     81.0        3.0      2.7    45.00 
 2006-074      52.0     55.0        3.0      2.7     6.73 
               91.1     96.0        4.9      4.5     3.41 
 2006-076      38.5     41.0        2.5      2.5     6.48 
               49.0     51.0        2.0      2.0     5.26 
              129.5    132.0        2.5      2.5     7.64 
 2006-077      71.0     73.0        2.0      2.0     3.67 
 

To date, all drilling reported has been from holes drilled on 30-metre spacing. In mid-November one drill rig was assigned to infill drilling at 15-metre spacing. A total of nine infill holes have been completed and results will be provided shortly. Infill drilling will enable a resource calculation that will become part of a feasibility study planned for 2007. The phase 1 program is testing approximately 10 per cent of the prospective target areas at Bjorkdal.

Mineralization extended into overlying rocks

A tunnel in the central part of the pit was started in 2005 by Minmet and was extended in 2006 on a continuous gold-bearing vein system. This vein system was followed for a total length of 135 metres and continued beyond the contact of the granodiorite, well into the overlying metavolcanic rocks. This is particularly significant as it confirms the potential to discover significant mineralization outside of the granodiorite, historically the main host of the mineralization. The rock processed from this tunnel produced 807 ounces of gold and generated a net profit of $250,000 (U.S.).

Future exploration and development plans

Underground diamond drilling will continue with two drill rigs for the next three months and will include a mix of widely spaced and infill drilling along with step-out exploration holes to test the numerous targets at Bjorkdal. Drill results will continue to be released in a timely manner. A test mining/bulk sample program is being designed for a spring implementation and will form the basis of the planned feasibility study.

Bjorkdal property information is posted on the company's website. Robert S. Wasylyshyn, PGeo, is the company's qualified person for the Bjorkdal project.

[Tackler]

Gold-Ore drills 4.6 m of 37.96 g/t Au at Bjorkdal mine

2006-09-20 10:19 ET - News Release

Mr. Robert Wasylyshyn reports

GOLD-ORE RESOURCES LTD.: DRILLING CONFIRMS EXTENSION OF GOLD MINERALIZATION, BJORKDAL GOLD MINE, SWEDEN

Gold-Ore Resources Ltd. is releasing assay results from the initial 34 holes of the phase 1 underground drill program at the Bjorkdal gold mine in Sweden. Gold-Ore has an option to purchase 100 per cent of the project from Minmet PLC of Dublin, Ireland (see Stockwatch news Jan. 23, 2006).

The company initiated a phase 1 program in March, 2006, that includes excavation of 900 metres of tunnels and a minimum 8,000 metres of underground diamond drilling. To date, a total of 780 metres of tunnelling and 3,500 metres of core drilling are complete.

The underground drilling is testing the mineralized zone extending north from the bottom of the open pit. The drill intersections are within 50 metres above and below the level of the access tunnels. The phase 1 program is testing approximately 10 per cent of the prospective target areas at Bjorkdal. Management is pleased with the initial results and the high-grade gold values and widths provide several options for mining methodologies.

Drill results

Assay results confirm the persistence of significant gold mineralization to the north of the open pit and that the majority of the gold is contained within vein sets. High-grade gold values are associated with near-vertical quartz veins. The drilling is now defining the vein sets along strike and in the vertical dimension.

 
  
               SIGNIFICANT DRILL INTERSECTIONS 
  
                                    Core    True      Gold 
                  From      To  interval   width     grade 
 Drill hole         (m)     (m)       (m)     (m)     (g/t) 
  
 2006-003          6.0     9.0       3.0     3.0      3.34 
 2006-003         51.0    53.2       2.2     2.2      6.27 
 2006-004          6.0     8.0       2.0     1.8      3.41 
 2006-004         45.0    48.0       3.0     2.7     11.81 
 2006-008         17.0    20.0       3.0     2.6      3.11 
 2006-008         33.0    39.0       6.0     5.2     10.72 
 2006-008         84.0    86.0       2.0     1.7      3.83 
 2006-010         25.0    27.0       2.0     1.7      4.04 
 2006-011         90.0    94.7       4.7     4.7      5.74 
 2006-011        111.0   113.0       2.0     2.0      5.47 
 2006-012         32.0    34.0       2.0     2.6      4.77 
 2006-012         79.4    83.0       3.6     3.1      4.86 
 2006-013          4.0     6.1       2.1     1.8      2.79 
 2006-014          1.0     4.0       3.0     3.0     24.73 
 2006-014         24.0    26.2       2.2     2.2      5.81 
 2006-014         32.0    34.0       2.0     2.0      3.45 
 2006-015         59.0    62.0       3.0     2.6     12.26 
 2006-020         19.9    23.6       3.7     2.4     26.18 
 2006-020         28.0    32.0       4.0     2.6      5.80 
 2006-024          0.0     3.6       3.6     2.9      4.54 
 2006-024         26.5    30.0       3.5     2.9     17.12 
 2006-025         47.4    52.0       4.6     4.6     37.96 
 2006-025         84.0    86.0       2.0     2.0      6.21 
 2006-026         27.0    32.0       5.0     3.6      4.43 
 2006-027         67.0    69.0       2.0     2.0     12.46 
 2006-028         36.0    38.0       2.0     1.7      3.62 
 2006-028         55.0    63.0       8.0     6.6      3.80 
 2006-030          4.0     7.0       3.0     2.5     13.61 
 2006-031         58.0    60.0       2.0     2.0      3.26 
 2006-032          4.0     6.0       2.0     1.6      3.95 
 2006-034          1.6     5.0       3.4     2.2      2.59 
 2006-034         17.9    20.0       2.1     1.3      5.47 
 

Prefeasibility study

A prefeasibility study to address reactivation of the mine is under way by on-site staff and the company's consultant mining engineer. Operating costs for the mill are well understood and are based on the last five years of the mine's financial statements. Capital and operating costs for various mining scenarios are being assembled and will be released when completed.

Gold sales from underground bulk samples

The tunnels excavated provide access for core drilling and were positioned on the projection of the mineralization from the open pit. The rock removed was processed in campaigns at the Bjorkdal mill and resulted in the recovery of 2,000 ounces of gold. The gold was sold at spot prices and, to date, generated $1.15-million (U.S.) which has significantly offset exploration costs.

Sample protocol

All drill core is logged, photographed and sawn on-site, then transported by company personnel to the ALS Chemex lab in Pitea, Sweden. The half core is crushed and pulverized and a 500-gram split is assayed by an accelerated cyanide leach (bottle roll). This method was selected as the large sample assayed minimizes the nugget effect and provides for a more reliable assay. A rigorous quality-control/quality-assurance program is employed and involves the insertion of blanks, certified standards and field and lab duplicates.

Robert Wasylyshyn, PGeo, is the company's qualified person for the Bjorkdal project.