Orefinders Files Notice of Project Status and Project Description With the Ontario Government in Order to Process and Mill Its Mirado Stockpile
TORONTO, ON--(Marketwired - April 06, 2016) - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX VENTURE: ORX) is pleased to announce that it has submitted its Notice of Project Status and updated Project Description for the Mirado's stockpile processing plan with the Ministry of Northern Development and Mines (MNDM). This procedure will lead to filing a Closure Plan, which will enable the Company to transport, mill and refine the stockpile this year.
The MNDM will review the Notice and make recommendations to be included in the final Closure Plan which is the precursor to the Company beginning its Phase 1 plan of generating revenue from the Stockpiles. The MNDM will typically respond to the Notice of Project Status within 15 days of its submission.
The Phase 1 of the plan involves the transportation, milling and refining of the resources in order to recover the resources' gold. The resource was left unprocessed in surface stockpiles when the Mirado mine ceased production in the late 1980s. The Company views this as an opportunity to clean up the former mine site and to generate cash flow for Orefinders' ongoing exploration and development of the Mirado project. This includes a Phase II, which is currently in the planning and evaluation stage. Phase II would strip and process additional near surface resources from the Mirado's existing pit from which the Stockpiles came. Orefinders intends to pursue this prospect of generating additional cash flow opportunities that may be available on the Mirado.
As per Orefinders NI 43-101 report the stockpile resource is estimated at an inferred 20,742 tonnes at an average grade of 4.41 grams of gold per tonne for a total contained 2,939 ounces of gold.
The Closure Plan is a comprehensive document which details the projects baseline environmental readings, any impacts that the Stockpile project may have and the steps required to reclaim the land after the project is complete. Orefinders will submit a cash bond to the Ministry as assurance for funds to complete the reclamation.
The technical content of this press release has been reviewed and approved by Kevin E. Piepgrass, P. Geo., the Company's Qualified Person as defined by National Instrument 43-101.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Orefinders' assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Orefinders. Additional information identifying risks and uncertainties is contained in filings by Orefinders with Canadian securities regulators, which filings are available under Orefinders' profile at www.sedar.com.
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Contact
Stephen Stewart
Chief Executive Officer
Phone: 416.644.1567
Email: sstewart@orefinders.ca
