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Gold-Ore Closes Private Placement
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Gold-Ore Resources Ltd. (the "Company") announces that further to the
Company's news release of June 18, 2008 the Company has closed a
non-brokered equity financing of $2,389,205 gross proceeds. A total
3,565,977 units were sold under private placement at $0.67 ("Unit").
Each Unit consists of one common share and one-half of one common share
purchase warrant ("Warrant"). Each whole Warrant entitles the holder to
purchase an additional common share at a price of $0.90 per share for a
period of 24 months from the closing of the financing. Units sold under
the private placement have a 4 month hold period expiring November 11,
2008.
The Company will pay to arm's length third parties or registered
dealers finders' fee totaling $62,255.10 and brokers' warrants to
acquire 77,432 common shares of the Company. Each brokers' warrant may
be exercised for one common share at a price of $0.67 for a period of
12 months from closing.
Proceeds from the financing together with the cash on hand and the cash
flow generated from gold sales from the Bjorkdal mine will provide the
necessary funds for the Company to complete the underground test mining
at Bjorkdal while initiating exploration on the near-by Ronnberget
Property.
Historical drilling on the Ronnberget Property, 4 kilometers east of
the Bjorkdal plant intersected up to 180 grams gold per tonne over 6.0
metres in quartz veins geologically similar to the Bjorkdal deposit.
The Company plans to compile all historical data, map and prospect the
property in preparation for a diamond drill program planned for the
third quarter.
For more information please contact Glen Dickson, Bob Wasylyshyn or Ron
Ewing at (604) 687-8884. Bjorkdal property information is posted on the
Company's web site at www.goldoreresources.com
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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