Barkerville Gold Mines Ltd.: Extension to Hold AGM and Petition by Rex Harbour to Call AGM

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/10/12 -- Barkerville Gold Mines Ltd. (TSX VENTURE: BGM)(FRANKFURT: IWUB) ("Barkerville" or the "Company") announces that on September 7, 2012 the Company received an extension from the British Columbia Registrar of Companies to hold its annual general meeting no later than May 26, 2013 in accordance with Section 182(4) of the British Columbia Business Corporations Act.

On November 30, 2012, Mr. Rex Harbour filed a petition (the "Petition") in the Supreme Court of British Columbia (the "Court") against the Company and Mr. J. Frank Callaghan. The Petition, among other requests, asks the Court to: (i) authorize Mr. Harbour to call an annual general and special meeting (the "Meeting") of the Company at a location in Vancouver to be selected by Mr. Harbour; (ii) authorize Mr. Harbour to give notice of the Meeting to the Company's shareholders and to prepare an information circular in respect of the business of the Meeting; and (iii) appoint Graydon Kowal, a shareholder of the Company, or such other person the Court may designate, to act as independent chair of the Meeting or, alternatively, an order that the shareholders be authorized to elect an independent chair at the commencement of the Meeting.

The Petition by Mr. Harbour is without merit or standing and the Company intends to vigorously defend such Petition. The Petition is expected to be heard on January 7, 2013, subject to the availability of the Court.

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 2011 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.

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.

604-669-6463 or Toll Free: 1-800-663-9688

604-669-3041 (FAX)
www.barkervillegold.com