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Gold-Ore Acquires Norrliden Poly-metallic Deposit
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Gold-Ore Resources Ltd. ("Gold-Ore") is pleased to announce that it has
entered into an agreement to purchase a 90% interest in the Norrliden
poly-metallic deposit from North Atlantic Natural Resources AB ("NAN"),
a subsidiary of Lundin Mining Corp. The agreement is subject to the
exchange of closing documentation and TSX Venture Exchange approval.
Norrliden is a near-term production, base and precious metals deposit,
located approximately 45 kilometres west of Gold-Ore's Bjorkdal gold
mine in the prolific Skelleftea greenstone belt in Sweden. The
concessions that cover the deposit are approximately 650 hectares in
area.
Gold-Ore will make a one time payment of three million common shares
for the 90% interest in Norrliden and will be operator of all work
programs. If a production decision is made, Gold-Ore will pay an
additional consideration of CDN$2.5 million and issue $2.0 million
equivalent in common shares based on the average closing price of
Gold-Ore common shares for 20 days prior to the date of the production
decision.
The remaining 10% ownership in the Norrliden Project is held by IGE
Nordic AB ("IGE Nordic") a Stockholm-based public company that trades
on the Oslo Axess Stock Exchange. IGE Nordic is a well-funded
exploration company with a quality portfolio of nickel, gold and copper
prospects in Norway and Sweden. Gold-Ore looks forward to working
closely with its new partner.
The Norrliden deposit consists of two near-surface lenses of massive
sulphide mineralization containing copper, zinc, lead, gold and silver
hosted by a volcanic package of rocks. This is the classic setting for
poly-metallic mines in the Skelleftea camp. The mineralized horizon
remains open to depth. The deeper of the two lenses has been drilled to
300 metres below surface. Mineralization in the camp commonly extends
to below 1000 metres.
Highlights of the project are as follows:
- Mine Plan study completed in March 2007 for NAN by GijimaAst
Americas Inc. of Calgary, Canada; a NI 43 101 compliant report has
been commissioned and work on a feasibility study to verify the Mine
Plan will begin in the fourth quarter of this year
- Resource is defined by over 100 diamond drill holes and remains
open for expansion
- Measured and indicated resource of 1.48 million tonnes grading
0.63 g/t gold, 50.8 g/t silver, 0.74% copper and 3.54% zinc and
inferred resources of 0.87 million tonnes grading 0.40 g/t gold,
30.9 g/t silver, 0.72% copper and 1.87% zinc. Resources were prepared
for NAN by Adam Wheeler (this estimate will be verified by Gold-Ore)
- Initial starter pit permitted for extraction of 63,000 tonnes of
mineralized material
- Excellent infrastructure including roads and hydropower
- Low capital expenditures required for production
"The Norrliden Project fits well with Gold-Ore's strategy of expanding
its activities in Sweden with potential additional near-term production
and near-term cash flow" said Glen Dickson, Gold-Ore's Chairman. "An
initial open cut planned for this summer will provide a bulk sample for
test milling and underground access. Revenue generated from the sample
will help to offset development costs. The availability of
infrastructure and third-party processing facilities will facilitate
development."
Gold-Ore Resources is a mineral exploration development company with
operations currently focussed in the country of Sweden. In addition to
the recently purchased Bjorkdal gold mine, Gold-Ore also has two other
exploration properties in the country, the Ronnberget Property
(adjacent to Bjorkdal) and the Vallberget Property.
For further information please contact Glen Dickson, Robert Wasylyshyn
or Ron Ewing at (604) 687-8884. Robert S. Wasylyshyn; P. Geo. is the
Company's Qualified Person for the Norrliden Project.
On Behalf of the Board
Glen Dickson, Chairman
The TSX Venture 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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Copyright (c) 2008 GOLD ORE RESOURCES LTD. (GOZ) All rights reserved.
For more information visit our website at
http://www.goldoreresources.com/ or send mailto:info@goldore.ca
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