TORONTO, Feb. 22, 2017 /CNW/ -Orefinders Resources Inc.
("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce
that it has received a gold payment from the Mirado Mine's
Stockpile Project effectively consisting of 1,414 refined Good
Delivery gold ounces. Physical gold was deposited in Orefinders
account at the Metalor Technologies, the Company's refinery and
precious metals trader in Massachusetts, USA. This gold was sold
immediately into the spot market as to avoid any speculation on the
price of gold.
"The crushing, hauling, milling and metallurgical work that we
have done on the Stockpiles is very akin to the data and
information that is obtained from a bulk sample and as such has
provided very valuable information going forward with our proposed
PEA. It has also demonstrated Orefinders' ability to execute on a
project of this scale. We sent over 1000 eighteen-wheel trucks full
of resource from the Mirado to the Westwood mill. This, together with the milling
data, gave us concrete operational data on logistics, processing
and metallurgy. These data points, which included improved
metallurgical recoveries, will prove valuable and will form the
basis our Preliminary Economic Assessment to evaluate putting
Mirado Mine's open pit back into production" said Stephen Stewart, Orefinders CEO.
Preliminary Economic Assessment
With the Stockpile
Project now complete Orefinders is focused on the Mirado Mine's
Preliminary Economic Assessment ("PEA"). The Company views the data
received from its Stockpiles as a proof of concept which
demonstrates its ability to efficiently crush and transport its
resources from the Mirado Mine site to local mills. The crushing
and milling process has functioned as a guide to restarting the
Mirado Mine, since these Stockpiles originate from the Mirado
Mine's open pit. The Company is aiming to complete the Mirado
Mine's PEA, together with an update resource calculation, in the
first half of 2017.
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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SOURCE Orefinders Resources Inc.