InvestorsHub Logo
Followers 1080
Posts 112530
Boards Moderated 53
Alias Born 11/22/2003

Re: NYBob post# 37

Wednesday, 03/28/2012 5:13:08 AM

Wednesday, March 28, 2012 5:13:08 AM

Post# of 111
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




My opinions are my own and and DD I post should be confirmed as unbiased

Volume:
Day Range:
Bid:
Ask:
Last Trade Time:
Total Trades:
  • 1D
  • 1M
  • 3M
  • 6M
  • 1Y
  • 5Y
Recent MND News