Orefinders Resources Inc. is a well-financed Canadian based junior gold exploration company focused in Canada's top gold producing districts of Ontario; Kirkland Lake and Red Lake. Our flagship gold project; the Mirado Gold Project, is owned 100% by Orefinders Resources Inc. and rests on patent mining claims containing surface and mining rights. The Mirado Gold Project is well located near Kirkland Lake ON, with year round road access and a local skilled labour force.
In June 2013 Orefinders commissioned SRK Consulting (Canada) Inc. ("SRK") to complete a mineral resource estimate for the Mirado project which includes existing historical stockpiles. The mineral resource estimate based on the 2013 drilling program has now been finalized.
An inferred mineral resource of 10,618,000 tonnes with an average grade of 1.29 grams per tonne gold (gpt Au) in open pit, underground and three separate stockpiles located on Orefinders' 100% owned Mirado property has now been defined.
The Mineral Resource Statement for the open pit, underground and three stockpiles is presented in Table 1.
Table 1: Mineral Resource Statement*, Mirado Gold Project, Ontario, SRK Consulting (Canada) Inc., November 18, 2013
* Mineral resources are not mineral reserves and do not have a demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Reported at a cut-off grade of 0.45 gpt gold for resources inside a conceptual pit; and 2.0 gpt gold for mineralized piles and for resources for which an underground extraction scenario is assumed; a gold price of US$1,400 per ounce; and metallurgical recovery of 95 percent.
** Mineral resources in historical mineralized piles have been reported by Orefinders in a news release dated October 30, 2013.
The NI 43-101 Technical Report is now available on SEDAR.