|September 24, 2014|
Orefinders to Acquire Past Producing Gold Hill Mine Adjacent to Mirado Property, Kirkland Lake, Ontario
|Orefinders Resources Inc. (TSX.V: ORX) has reached agreement to acquire the mineral rights for 9 patented claims (148 hectares) encompassing the past producing Gold Hill mine adjacent to it's wholly owned Mirado Gold property in Kirkland Lake, Ontario. The Gold Hill mine was operational during the late 1920's with a vertical shaft sunk to 1,100 feet with 7,500 feet of lateral work developed on 8 levels. Development work targeted narrow high grade gold rich quartz veins that dipped vertically. A land position map indicating the location of the Gold Hill patents can be viewed on the Orefinders website at www.orefinders.ca. |
In order to earn in a 100% interest in the claims, Orefinders is required to make a cash payment of $27,000 and issue 20,000 shares to the vendor upon acceptance for filing by the TSX Venture Exchange. The vendor will retain a 1.5% net smelter royalty (NSR) that can be purchased by Orefinders for $500,000. Orefinders will retain the exclusive rights to purchase the surface rights for a period of two years from closing.
Bill Yeomans, CEO of Orefinders, comments that "The Gold Hill property acquisition further consolidates Orefinders land position adjacent to the Mirado project and provides the Company with immediate 100% ownership of a past producing gold deposit on extremely attractive terms. The Gold Hill deposit remains open at depth and along strike and will be tested using modern exploration techniques in the future."
The adjacent Mirado gold deposit hosts a NI-43-101 compliant resource of 442,000 ounces contained within an inferred resource of 10,618,000 tonnes at an average grade of 1.29 g/t Au. During the fall of 2013 the land position at Mirado was significantly expanded through staking and the company now holds 2,348 hectares of highly prospective, under-explored ground that is easily accessible year round by all-season roads with nearby power and rail.
On behalf of the Board of Directors
William Yeomans, P. Geo
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.
You can view the Next News Releases item: Wed Oct 29, 2014, Orefinders amends Derlak Red Lake Option Agreement
You can view the Previous News Releases item: Wed Sep 3, 2014, Orefinders Reports up to 48.5 g/t Au from Sampling Program at the Mirado Gold Project, Kirkland Lake, Ontario
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