Orefinders Completes Closure Plan for Custom Milling of Its Stockpiles
TORONTO, ON--(Marketwired - September 21, 2015) - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX VENTURE: ORX) is pleased to announce that it has completed its Closure Plan for off-site custom milling of historic stockpiles on the Mirado Gold Project, near Kirkland Lake Ontario. The report was completed by Story Environmental Inc. of Haileybury, Ontario.
The inferred resource within the stockpile, which consists of 2,939 ounces at 4.41 g/t gold for a total of 20,742 tonnes, was calculated using a 2.0 g/t Au cut-off and was compiled from over 300 samples from our extensive grid sampling program completed in combination by a third party with sampling taken at surface and at depth within the stockpile. (See Aerial Image of Orefinders Stockpile with grade samples overlain) The stockpiles are resting at surface on patented claims where Orefinders owns 100% of mineral rights and surface rights at the site of the former producing Mirado Mine owned and operated by Golden Shield Resources Ltd during the late 1980's. The stockpiles resource was calculated by SRK Consulting (Canada) Inc. upon completion of the Mirado's NI 43-101 Resource Estimate in December 2013.
"With the Closure Plan in hand, Orefinders is now in a position to file the Closure Plan for this Stockpile project for approval to the Province's Ministry of Northern Development and Mines. We view this project as a source of non-dilutive cash flow for the Company which we will use for the ongoing to development of the Mirado Project at an appropriate time," said Stephen Stewart, Orefinders' CEO.
In preparation of the Closure Plan document, Orefinders had commission extensive third party experts to assess the viability and economics of custom milling the Stockpile. This work includes systematic grade sampling, metallurgy, resource logistics, community engagement, environmental baseline studies and milling characteristics of the resource, as follows:
- Metallurgy. The stockpiles were sampled for gold and metallurgy and indicate a favourable outcome for custom milling with 93% gold recoveries expected.
- Environmental Baseline Studies which covers the area of the entire Resource Estimate for Mirado (442,000 inferred ounces of gold). This study concluded the area to be amenable to mining.
- Bids were obtained for the crushing, hauling and milling of the existing 20,742 tonne stockpile left on site by previous operators.
- Project access and infrastructure. In 2014 Orefinders commissioned and completed upgrades for an all-season road which runs directly to the mine site.
- First Nation and community engagement has been an important part of the project development and will continue to be as the project moves forward. The Minister of Northern Development and Mining has indicated to Orefinders Resource that there would be no impact to First Nation Traditional Lands and would not need further consultation for work related to this Closure Plan.
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
E-mail: sstewart@orefinders.ca
Or
Alexander Stewart
Executive Chairman
Phone (416) 644-1567
E-mail: astewart@orefinders.ca