Vancouver, BC, Canada - Gold-Ore Resources Ltd. today released Third Quarter (ending August 31, 2011) production results for the 100% owned Bjorkdal Gold Mine in Sweden. During the third quarter the mine produced 9,302 ounces of gold. During the quarter, the Bjorkdal plant averaged 3,419 tonnes per day, an increase of 6% from the average of the previous two quarters. Gold production was impacted by lower average head grade resulting from reduced underground ore production during the summer vacation period. Although gold production was down in the quarter, the Company anticipates strong financial results for the third quarter due to lower overall costs and higher gold prices.
Gold-Ore Resources 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 1,040,000 ounces in the last 23 years of operation. The estimated gold resources from underground and open pit at Bjorkdal are; measured 188,000 ounces (2.3 million tonnes grading 2.56 g/t); and indicated 732,000 ounce (14.2 million tonnes grading 1.6 g/t). 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. Gold-Ore has maintained a good capital structure, with only 85.0 million shares issued (90.9 million fully diluted).
For more information please contact the Company at (604) 687-8884 or Troy Winsor at 1-800-663-8072. Bjorkdal property information is posted on the Company's web site at www.goldore.ca
ON BEHALF OF THE BOARD
Robert Wasylyshyn President
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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.
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