Toronto, Ontario — September 21, 2015 — Orefinders Resources Inc. (“Orefinders” or the “Company”) (TSX.V: 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 below 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:
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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Stephen Stewart, Chief Executive Officer
Alexander Stewart, Executive Chairman
Orefinders Ore Stockpile from the former Production Mirado Mine