Gold-Ore Reports Positive Earnings in First Quarter, 2010
29 4월 2010 - 10:00PM
Marketwired
Gold-Ore Resources Ltd. (the "Company") (TSX VENTURE: GOZ) reports
financial results for the period ending February 28, 2010 (First
Quarter 2010). The Company operates the 100%-owned Bjorkdal Gold
Mine in Sweden. The financial results are expressed in Canadian
dollars and further detail can be found in the Financial Statements
and Management Discussion and Analysis filed on the Company's
website at www.goldore.ca.
Financial Highlights for the First Quarter 2010
-- Revenues of $10.5 million
-- Operating cash flow of $2.9 million or $0.03 per share
-- Earnings for the period of $0.4 million or $0.00 per share
-- Investment of $1.9 million in mine development
-- Cash on hand as of the end of the period of $4.4 million and working
capital of $5.2 million
-- No debt
-- Gold production of 10,065 ounces and gold sales of 10,003 ounces
-- Average realized gold price of US$1,042 per ounce; production remains
un-hedged
-- Total cash costs of US$807 per ounce
Gold-Ore Chairman Glen Dickson commented, "We are pleased that
gold production has normalized at an annualized rate of 40,000
ounces per year over the last six months, and the plant is
operating at capacity, over 3,000 tonnes per day fed from both the
underground and open pit components of the mine. We are now
focusing our efforts on the economics of the mine and looking to
optimize our mining methods to improve gold grade and reduce
operating costs."
Grade Increase Initiative
The underground operation at the Bjorkdal gold mine is best
described as a narrow vein mine with over 45 veins identified for
mining. Since narrow vein mining in Sweden is not common, the
Company investigated several operations in Canada that employ
narrow vein mining techniques. Some of these techniques are now
being tested at Bjorkdal. Results of this initiative are expected
during the next few months.
Cost Reducing Initiatives
During the last six months the staff at the Bjorkdal mine has
worked on a number of initiatives to reduce costs, including
exploring alternatives with suppliers and contractors. Contractors
represent the single largest cost at Bjorkdal and the Company is
taking a long term approach with a five year plus mine life.
Gold-Ore is reviewing its options including the purchasing or
leasing equipment to become more owner-operator oriented and less
reliant on contractors.
To view the table associated with this press release, please
click on the following link:
http://media3.marketwire.com/docs/goz428.jpg
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 Mine, which is
cash flow positive, debt-free and unhedged. In addition to
Bjorkdal, the Company also has other assets in the district
including the mineral rights to 57 square kilometres around the
mine site, as well as the Norrliden Polymetallic Deposit.
Bjorkdal property information is posted on the Company's web
site at www.goldore.ca
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 10-07
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Gold-Ore Resources Ltd. Glen Dickson (604) 687-8884
Gold-Ore Resources Ltd. Bob Wasylyshyn (604) 687-8884 Gold-Ore
Resources Ltd. Ron Ewing (604) 687-8884 www.goldore.ca
Gold-Ore Resources Ltd (TSXV:GOZ)
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Gold-Ore Resources Ltd (TSXV:GOZ)
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