Barkerville Gold Mines Ltd.: Corporate Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/30/12 -- Barkerville Gold Mines Ltd. (TSX VENTURE: BGM)(FRANKFURT: IWUB) (the "Company" or "Barkerville Gold") is pleased to provide a corporate update regarding its current Cease Trade Order ("CTO"), QR Mine, Bonanza Ledge Mine and diamond drilling at the Gold Quartz project on Cow Mountain as part of ongoing work at the Company's greater Cariboo Gold Project.
Gold Quartz
Work continues on the Company's National Instrument 43-101 ("NI 43-101") technical report (the "Report") for Cow Mountain which is to address the technical and disclosure concerns of the British Columbia Securities Commission ("BCSC") which brought upon the CTO. Part of this process was to engage Snowden Mining Industry Consultants Pty ("Snowden") to assist in satisfying certain conditions of the BCSC underlying the CTO.
During their review of the Report we are informed that Snowden reviewed historic samples that had not been included in the Company's original resource estimate. Snowden has recommended to the Company that, upon data validation, these samples should be included in the current resource estimate for Cow Mountain. The original resource estimation was based on a database containing 619 drill holes. In total about 2,142 drill holes have been drilled on the property from which more than 1,464 have been verified to date. The process of verifying the drillhole database is currently ongoing.
Chief Geologist, Jim Yin PhD., P.Geo., a Qualified Person under NI 43-101, reports that all twin drill holes requested by Snowden as part of their review of the Report, drilled between September 22 and October 14, 2012, totaling 2,759.4 meters (9,053.1 feet) on Cow Mountain, have been logged, photographed, density measured, split and shipped for assay. Assay results will be released as soon as they are available.
QR Mine
Mining operations are in progress at the QR Mine. All surface ore blasted at the West Zone has been trucked to the ore stockpile by the crusher at the mill. Geological work is planned to delineate this zone further.
Transformers have been installed and energized at the West Zone. Electrical connections have been completed for the West Zone underground work. Mobilization of underground equipment and crew is underway.
The raising of the tailings storage facility dams at the QR Mine site has been completed. The North Dam and the Cross Dyke has reached target height and riprap will be placed to protect the new dam slopes. A grouting plan is still in progress and is being supervised by Klohn Crippen Berger Ltd.
QR Mill
Mill repairs and maintenance has commenced. Contracted millwrights will focus on the crushing circuit and other priority items prior to start up. It is expected that some of these repairs will improve overall gold recovery. Following the completion of these repairs, the stockpiled ore will be processed and it is expected gold dore bars will be poured in December, 2012.
About Barkerville Gold Mines Ltd.
Since the mid-1990s the Company has focused on exploration and development of gold projects in the Cariboo Mining District in central B.C. The Company's mineral tenures now cover over 117,691.14 hectares, encompassing seven past producing hard rock mines and three NI 43-101 gold deposits, including the QR Mine & Mill. The QR Property was acquired in February 2010 and includes a 900 tonne/day gold milling facility and a permitted gold mine located approximately 110 kilometers by highway and all-weather road from the Barkerville Gold Camp. Mining operations commenced at QR in the first quarter of fiscal 2010 and the Company began pouring dore gold in September 2010 and continued until December 2011. In November 2010 the Company acquired a second permitted mill currently on care and maintenance in Revelstoke, B.C. for relocation to the Barkerville Gold Camp near Wells, B.C. and upgrade to a +3,000-tonne/day facility subject to all necessary government approvals. In November 2010 the Company and the Lhtako Dene First Nation also signed a Project Agreement in relation to its Bonanza Ledge and Cariboo Gold Projects. The Company has completed significant drilling and exploration programs and together with the historical data is compiling all information to determine geologic models and updated technical reports to continue with exploration and development of the Cariboo Gold projects. This news release has been prepared on behalf of the Board of Directors which takes full responsibility for its contents.
The technical information in this news release has been reviewed and approved by Company Chief Geologist Jim Yin, PhD, P.Geo, a Qualified Person under NI 43-101.
This news release has been prepared on behalf of the Board of Directors which takes full responsibility for its contents.
J. Frank Callaghan, President and CEO
Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions, including the listing and trading of the Company's common shares on the TSX Venture Exchange. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward- looking information include, among others, the Company's ability to engage and retain qualified key personnel, employees and affiliates, to obtain capital and credit and to protect its property rights.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
Neither the 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.
Contacts:
Barkerville Gold Mines Ltd.
J. Frank Callaghan
President and CEO
604 669-6463 or Toll Free: 1-800 663-9688
604 669-3041 (FAX)
www.barkervillegold.com
