Gold-Ore Reports 2011 Year-End – Record Monthly Gold Production in November
december 16th, 2011
Gold-Ore Resources Ltd. (TSX: GOZ) is reporting Fourth Quarter and 2011 Year End operational highlights for the 100% owned Bjorkdal Gold Mine in Sweden. The mine produced 40,338 ounces of gold during the 2011 fiscal year. Audited annual financial statements will be presented by the end of February 2012.
Fourth Quarter and 2011 Year End Operational Results
|
Q4 2011
|
YE 2011
|
|
|---|---|---|
| Tonnes processed |
312,985
|
1,215,015
|
| Daily throughput – tonnes |
3,439
|
3,329
|
| Head grade – grams/tonne |
1.10
|
1.16
|
| Gold recovered – ounces |
9,867
|
40,338
|
|
- kilograms
|
306.9
|
1,254.7
|
| Average plant recovery |
88.7%
|
88.6%
|
2011 Operational Highlights
- Produced 40,338 ounces of gold (1,254.7 kilograms)
- Record monthly gold production of 4,363 ounces in November
- Completed 5,220 metres of underground development in 2011
- Continued purchasing heavy machinery to reduce reliance on contractors and transition towards owner-operator status
- Successfully implemented several cost reduction initiatives
- Continued to expand resources and replace mined reserves
”Gold production is anticipated to increase in 2012 due to plant improvements and increased mining rates underground,” stated Bob Wasylyshyn, Gold-Ore’s president. ”Recent adjustments in the plant have increased our daily processing rate by 10%. We are currently running at 3,500 tonnes per day and plan to maintain this rate. Our underground mining rates have suffered from machinery availability and, during the last few months, three pieces of heavy machinery were ordered or delivered. In February we will take receipt of a new LHD mucker and an explosives loading unit, which will increase our tonnes produced from underground.”
During November the mine produced 4,363 ounces of gold and set a new monthly record surpassing the previous record of 4,208 ounces set in May, 2011. This was a result of above average grades encountered in the open pit and increased plant throughput.
