VAL-D'OR, QC, March 27 /CNW Telbec/ - X-Ore Resources (TSXV - XOR)
("X- Ore") is pleased to announce that First Gold Exploration Inc.
(TSXV - EFG) ("First Gold") will start another diamond drill program on the
Croinor mining lease. First Gold has optioned the property under two separate
joint-venture agreements with X-Ore totalling $2.4 million work program and
5.45 million shares in order to earn a 50% interest in the project. The
Croinor deposit located 75 km by road from Val-d'Or is known to contain an
estimated 1,429,075 metric tons of 6.31 G/TM or 289,000 ounces of gold for
combined measured and indicated mineral resources at a cut-off grade of 2.00
G/TM in the first 200 meters from surface (NI 43-101 report dated November
2005 - posted on www.sedar.com)
In 2007, First Gold completed an additional 8,409 meters of diamond
drilling on the project which was successful in extending and better defining
the known gold resource. Previously reported infill holes CR-07-332A
(15.25 grams Au over 4 meters) and CR-07-334 (5.19 grams Au over 10.9 meters)
indicate that the quality of the resource has been improved and that the
deeper holes CR-07-332A (27.03 grams Au over 2 meters) and CR-07-334
(4.05 grams Au over 6 meters) indicate that a mineralized zone not included in
the measured mineral resource does exist below 200 meters from surface. This
new zone has now been identified over a length of 400 meters. This
mineralization as seen above presents a number of high gold grades.
First Gold's next drill program will begin in May and will entail a
minimum of 5,000 meters which will lead to the preparation of a new NI 43-101
compliant resource. It will consist of:
1) more fill-in drilling in the area where the known resource is located;
2) 7 deeper holes for a total of 2,650 meters to test the continuity of
the zone identified below 200 meters; and
3) Additional drilling laterally to test for more mineralization going
both in the East and West directions.
While this program is in progress, First Gold and X-Ore will also
commission the preparation of scoping study to determine the optimal location
to drive a ramp underground on the project. At this point, it looks like the
best scenario would be to drive the ramp from the bottom of the West Pit,
which is roughly 50 meters deep, which would allow immediate access into the
mineralized zone thus significantly reducing the cost of the ramp.
Since bulk samples were already taken in 2003 and 2004 from which
8,081 ounces of gold were extracted, no additional metallurgical work will be
required (NI 43-101 on pages 34 - 37). The mineralization is simple and
recoveries exceeded 97%.
The President of First Gold, Mr. Eric Leboeuf says: "We are happy that we
have identified a new mineralized structure last year and now hope that this
will add to the known resource and will add to the overall picture. With gold
prices at current levels, we are going to push to go explore underground and
find out if it is possible to fast track production. With a mining lease in
place and the fact that we would certainly truck to an existing mill in the
area any mineable gold resource, permitting should be rather quick. Creating
value for our shareholders is our main objective and we would like to thank
them for their support".
Mr. Pierre O'Dowd, a Qualified Person under NI 43-101 has revised and
approved the technical content of this release. Mr. O'Dowd will supervise the
field work that will be executed on the project.
About X-Ore Resources Inc.
X-Ore Resources is a mineral exploration company with 18 properties
located in known gold regions of Mexico and Canada, including the prolific
Sierra Madre Gold Belt and the Val-d'Or region of Quebec.
The TSX Venture Exchange does not accept responsibility for the accuracy
of this press release. This press release contains "forward-looking
statements" not based on historical facts. Forward-looking statements express,
as of the date of this press release, our estimates, forecast, projections,
expectations and opinions as to future events or results. Forward-looking
statements herein expressed are reasonable, but involve a number of risks and
uncertainties, and there can be no assurance that such statements will prove
to be accurate. Therefore, actual results and future events could differ
materially from those anticipated in such statements. Factors that could cause
results or events to differ materially from current expectations expressed or
implied by the forward-looking statements include, but are not limited to,
fluctuations in the market price of precious metals, mining industry risks,
uncertainty as to calculation of mineral resources and requirements of
additional financing and the capacity of the Company to obtain financing.
For further information:
For further information: Mr. Léon Méthot, President and CEO, (819)
824-5422; Mr. Paul Goulet, Investor Relations, (514) 710-8290,