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 March 04, 2013
Orefinders Intersects 1.33 g/t Au over 46.10m and 1.46 g/t Au over 61.30m at the Mirado Gold Project, Kirkland Lake

 
Orefinders Resources Inc. (TSX.V: ORX) is pleased to report results from a further three holes from the recently completed Phase I diamond drilling program at the Mirado Gold project near Kirkland Lake, Ontario. Additional significant gold zones were intersected in all three holes being reported. Gold zones were intersected at or near surface, including 61.30m @ 1.46 g/t Au in hole MD13-06 and 46.10m @ 1.33 g/t Au in hole MD13-03. In calculating these intervals, numerous high grade gold zones were capped at 31.1 g/t Au, with uncut values in excess of 31.1 g/t capped to 31.1 g/t Au; uncapped grades, where reported, (such as 124* g/t Au) are indicated with an asterisk (*).

MD13-03 intersected multiple gold zones with highlights including:
  • 2.27 g/t over 10.50m (from 56.80-67.30m);
  • 15.86* g/t over 3.80m (from 104.10m-107.90m) including 108.5* g/t over 0.50m;
  • 1.33 g/t over 46.10m (from 136.20m-182.30m) including 1.93 g/t over 26.90m and including 124* g/t over 0.70m (from 163.1m-163.8m). See Table 1 below.
MD13-06 intersected a large continuous gold zone starting from surface with highlights including:
  • 1.46 g/t over 61.30m (from 1.05m-62.80m) including 3.99 g/t over 11.20m (from 51.60m-62.80m) and including 17.21* g/t over 4.30m (from 56.30m-60.60m).
Highlights of MD13-04 include:
  • 0.82 g/t over 16.65m (from 62.00m-78.65m);
  • 0.95 g/t over 10.60m (from 91.90m-102.50m)
  • 4.25 g/t over 5.95m (from 114.15m-120.10m) including 21.20 g/t over 1.05m
True widths are estimated to be 80% of reported widths. Numerous high grade gold zones were cut, with uncut values reporting up to 124* g/t Au capped to 31.10 g/t Au. The capping strategy utilized by Orefinders, where high grade gold values were cut back to 31.1 g/t Au, addresses extremely high grade gold intercepts higher than 31.1 g/t Au intersected in drill core at the Mirado project. The capped gold values provide a more conservative and representative drill hole gold grade estimate in gold deposits where coarse visible gold is abundant.

MD13-03, MD13-04, and MD13-06 were all drilled in the Mirado South Zone proximal to historic open pit and underground mine workings. These results are encouraging and continue to help further define near surface gold mineralization with bulk tonnage potential.

Reported drill holes were part of the initial Phase I diamond drill program on the Mirado Gold Project consisting of seven diamond drill holes totalling 2,058m. MD13-03 and MD13-04 were drilled at an azimuth of 225 and a dip of -45° to a depth of 251m and 329m respectively. MD13-06 was drilled at an azimuth of 090° and a dip of -45° to a depth of 200m.

Table 1. Reported Gold Intersections-Mirado Gold Project

Hole-Id From (m) To (m) Interval (m) Grade Au  (g/t) Cut Grade Au* (g/t) Uncut
MD13-03 6.20 18.80 12.60 0.60  
Including 6.20 14.10 7.90 0.81  
MD13-03 56.80 67.30 10.50 2.27  
Including 64.60 66.30 1.70 12.14  
MD13-03 104.10 107.90 3.80 5.67 15.86*
Including 104.70 105.20 0.50 31.10 108.50*
MD13-03 136.20 182.30 46.10 1.33 2.74*
Including 143.40 170.30 26.90 1.93 4.36*
and Including 163.10 163.80 0.70 31.10 124.50*
MD13-03 212.80 213.20 0.40 15.20  
MD13-04 25.60 43.10 17.50 0.57  
MD13-04 49.10 52.50 3.40 0.44  
MD13-04 62.00 78.65 16.65 0.82  
Including 66.00 72.45 6.45 1.35  
MD13-04 91.90 102.50 10.60 0.95  
MD13-04 114.15 120.10 5.95 4.25  
Including 117.05 118.10 1.05 21.20  
MD13-04 127.50 129.70 2.20 0.50  
MD13-04 135.60 143.45 7.85 0.57  
MD13-04 337.60 348.30 10.70 0.86  
MD13-06 1.50 62.80 61.30 1.46 1.97*
Including 10.80 20.00 9.20 2.21  
MD13-06 51.60 62.80 11.20 3.99 6.81*
Including 56.30 60.60 4.30 9.88 17.21*
and including 57.40 58.20 0.80 31.1 70.50*
MD13-06 115.00 120.00 5.00 1.07  
* represents uncapped gold grades

Bill Yeomans, P. Geo, President of Orefinders states that "The first phase of drilling has demonstrated promising potential for bulk tonnage mineralization. A Phase 2 drill program consisting of an additional 10,000 meters of core drilling is now underway, with 6 additional holes already completed."

A drill-hole location map for this press release which includes the location of the all of the Phase 1 drill holes is provided on the Orefinders website at www.orefinders.ca under a section called "Core Shack." As the drilling progresses and new results are obtained, additional information will be added under the Core Shack section and will include press release drill-hole maps, drill sections, photographs of the reported mineralized drill core intervals, and other related information.

Gold values reported in this news release were obtained exclusively from diamond drill core. Drilling was completed by an independent contractor under the supervision of Orefinders' technical staff. The core is then split and put into a sample bag which is labeled for each interval and a sample card tag put in each sample bag. Samples were picked up by ALS Chemex and sent to their sample preparation facility.

The analysis was conducted in ALS Chemex's ISO 9001:2008 certified Vancouver, BC laboratory facility using fire assay method for gold with a gravimetric over-limit finish, and multi-element (ME-ICP41) techniques producing assays for a 35 element suite of minerals. All samples collected for analysis were processed using Orefinders' strict QA/QC (quality assurance / quality control) program which includes the insertion of standards, duplicates and blanks for quality control of the samples. After the core is logged for each drill-hole, the location of each site is located using a differential GPS in UTM coordinates using NAD 83 datum.

The technical information contained in this news release has been reviewed and approved by Kevin Piepgrass, P.Geo, Vice-President Exploration for Orefinders, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

On behalf of the Board of Directors

"William Yeomans"

William Yeomans, P. Geo
President

Neither TSX Venture Exchange nor its Regulations 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 may differ materially from results suggested in any forward-looking statements. Orefinders assumes no obligations 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 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.


For further information, please contact

William Yeomans, P. Geo.
President
Phone: 1-250-707-0911
E-mail: byeomans@orefinders.ca

Or

Stephen Stewart
VP Corporate Development
Phone: 1-416-644-1567
E-mail: sstewart@orefinders.ca

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