Gold-Ore Resources Ltd. (the "Company" or "Gold-Ore") (TSX VENTURE:GOZ) is
pleased to report a profit of $1.63 million for the second quarter 2009 (the
period ending May 31, 2009), bringing the first six months earnings to over $6.0
million. "The Bjorkdal operation continues to generate significant cash flow for
the Company. During the second quarter the plant was shut down for 10 days as we
completed planned annual maintenance, repairs and the installation of upgrades
to the control systems. Even with this interruption in production, the Company
enjoyed a profitable quarter. With the improvements and repairs completed in the
plant, the third quarter is expected to demonstrate a considerable improvement
in production," states Chairman Glen Dickson.


Second Quarter Highlights

- Revenues of $8.92 million

- Operating cash flow of $3.07 million or $0.04 per share

- Earnings for the second quarter of $1.63 million or $0.02 per share

- Cash on hand as of the end of the quarter of $6.14 million and working capital
of $6.51 million


- Gold production of 8,129 ounces (252.9 kilograms)

- 100% of plant feed supplied from newly mined open pit and underground material

- Realized gold price of US$926 per ounce

Second Quarter Production Summary



---------------------------------------------------------------------------
                                 Three Months Ended        Six Months Ended
                                       May 31, 2009            May 31, 2009
---------------------------------------------------------------------------
Tonnes processed                            233,162                 491,450
---------------------------------------------------------------------------
Daily throughput - tonnes                     2,843                   2,857
---------------------------------------------------------------------------
Head Grade grams/tonne                         1.17                    1.28
---------------------------------------------------------------------------
Gold recovered - ounces                       8,129                  18,490
---------------------------------------------------------------------------
               - kilograms                    252.9                   575.2
---------------------------------------------------------------------------
Average plant recovery                           89%                   89.8%
---------------------------------------------------------------------------



During the second quarter, 55% of the material processed in the plant was mined
from underground and 45% was mined from open pit. The Company has implemented an
expansion program for both open pit and underground mining and continues to
target an annualized rate of 50,000 ounces per year. Total cash costs during the
second quarter was US$640 per ounce, higher than anticipated due to the impact
of the planned annual plant maintenance shut down and a mechanical problem with
part of the grinding circuit which reduced daily throughput for part of the
quarter. This problem has been repaired and the plant is now operating at normal
daily capacity.


To view the Ounces Gold/Quarter Bar Graph accompanying this press release,
please click on the following link: http://media3.marketwire.com/docs/goz716.jpg


Exploration

The Company continues to conduct diamond drill programs at Bjorkdal and nearby
properties. Underground diamond drilling aimed at expanding resources continued
throughout the quarter. Surface exploration drilling was initiated at the
Ronnberget property in late May. Results of these programs will be released
during the third quarter.


The Company's unaudited consolidated financial statements and management's
discussion and analysis for the second quarter ended May 31, 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.


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.


Bjorkdal property information is posted on the Company's web site at
www.goldoreresources.com.


ON BEHALF OF THE BOARD

Glen Dickson, Chairman

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.


News Release 09-11

Gold-Ore Resources Ltd (TSXV:GOZ)
Historical Stock Chart
Von Okt 2024 bis Nov 2024 Click Here for more Gold-Ore Resources Ltd Charts.
Gold-Ore Resources Ltd (TSXV:GOZ)
Historical Stock Chart
Von Nov 2023 bis Nov 2024 Click Here for more Gold-Ore Resources Ltd Charts.