TORONTO, Feb. 22, 2017 /CNW/ -Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce that it has received a gold payment from the Mirado Mine's Stockpile Project effectively consisting of 1,414 refined Good Delivery gold ounces. Physical gold was deposited in Orefinders account at the Metalor Technologies, the Company's refinery and precious metals trader in Massachusetts, USA. This gold was sold immediately into the spot market as to avoid any speculation on the price of gold.
"The crushing, hauling, milling and metallurgical work that we have done on the Stockpiles is very akin to the data and information that is obtained from a bulk sample and as such has provided very valuable information going forward with our proposed PEA. It has also demonstrated Orefinders' ability to execute on a project of this scale. We sent over 1000 eighteen-wheel trucks full of resource from the Mirado to the Westwood mill. This, together with the milling data, gave us concrete operational data on logistics, processing and metallurgy. These data points, which included improved metallurgical recoveries, will prove valuable and will form the basis our Preliminary Economic Assessment to evaluate putting Mirado Mine's open pit back into production" said Stephen Stewart, Orefinders CEO.
Preliminary Economic Assessment
With the Stockpile Project now complete Orefinders is focused on the Mirado Mine's Preliminary Economic Assessment ("PEA"). The Company views the data received from its Stockpiles as a proof of concept which demonstrates its ability to efficiently crush and transport its resources from the Mirado Mine site to local mills. The crushing and milling process has functioned as a guide to restarting the Mirado Mine, since these Stockpiles originate from the Mirado Mine's open pit. The Company is aiming to complete the Mirado Mine's PEA, together with an update resource calculation, in the first half of 2017.
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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SOURCE Orefinders Resources Inc.
For further information: To Speak to the Company directly, please contact: Stephen Stewart, Chief Executive Officer, Phone: 416.644.1567, Email: email@example.com, www.orefinders.ca