TORONTO, Sept. 15, 2016 /CNW/ - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce that it has begun production activities on the Mirado Mine Stockpile Project.
Earthmoving, crushing, conveyor and loading equipment were mobilized onto site over the past week, and the Company can now confirm that crushing activities have begun. Orefinders' estimates a crushing production rate of approximately 1,500 to 2,000 tons per day. Thereafter the Company will begin shipment of the resource to the Westwood Mine and Mill after an appropriate amount of resource has been crushed as to not cause any delays with the trucking.
About Phase One of the Mirado Stockpile Project
Orefinders views Phase One as an opportunity to clean up the former mine site and to generate cash flow for Orefinders' ongoing exploration and development of the Mirado project. Phase One is a fully permitted and financed.
Phase One is a resource that was blasted and mined from the Mirado' open pit mine during its production during in the 1980's. Orefinders' has since completed a resource calculation on the Stockpiles which delineated an inferred resource of 20,742 tonnes at an average grade of 4.41 grams per tonne for a total of 2,939 contained gold ounces as disclosed in the Technical Report filed on Sedar on December 13, 2013. As per the toll milling agreement, announced in July 14, 2016 news release, Orefinders will deliver a minimum 25,000 tonnes of resource from the Mirado to the Westwood Gold Mine for processing and extraction of gold.
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 protected]