Mon Mar 9, 2009
Gold-Ore Announces Bjorkdal First Quarter Operational Results
Gold-Ore Resources Ltd. is pleased to provide operational highlights for the first quarter (three month period ending February 28, 2009) at the 100%-owned Bjorkdal Gold Mine in Sweden. During the first quarter a total of 10,361 ounces of gold were recovered, for an annualized rate of production of 41,444 ounces. This compares to a total of 6,026 ounces recovered in the same quarter of 2008 and a total of 27,955 ounces for the fiscal year ending November 30, 2008.
During the first quarter gold production exceeded 3,300 ounces per month for all three of the months in the quarter for the first time since Gold-Ore purchased the mine. 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. It is expected that in the second quarter all of the ore feed for the Bjorkdal plant will come from the underground and open pit units.
In order to maximize recovery, the current target plant throughput is 3,000 tonnes per day. However, during the quarter throughput was lower than normal due to colder winter temperatures in January and February. Production has now returned to normal. Also, the new Knelson concentrator is currently being installed and should be fully operational by late March. The concentrator is expected to enhance gold recovery.
First Quarter -- 3 Months ending February 28, 2009
Daily throughput -- tonnes
Gold recovered -- ounces
Average plant recovery
Gold prices in the Swedish currency (Krona) are at an all time high and the devaluation of the Krona is having a very positive impact on the cash cost for gold produced at Bjorkdal. Gold-Ore's year-end financials for 2008 will be released before the end of March, 2009, and the Company's first quarter financials (which will reflect the financial impact of the first quarter operational results) will be released before the end of April, 2009.
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