Bravada Options Baxter Au/Ag Property to Kinross
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 3, 2015) - Bravada Gold Corp. ("Bravada" or the "Company") (TSX VENTURE:BVA)(FRANKFURT:BRT) announced today that it has signed an option agreement with Kinross Gold Corp. ("Kinross") for the Company's Baxter gold and silver property, located 6.5 kilometers west of the Bruner district in Nevada's Walker Lane Gold trend. Baxter consists of 51 unpatented lode claims (approximately 410 hectares) and 189 new claims staked by Kinross within the agreement's area-of-interest (an additional 1,530 hectares). Extensive low-sulfidation-type gold and silver mineralization is exposed at surface and has been encountered in reverse-circulation holes drilled by Bravada and others on the property, although much of the property is covered by a relatively thin veneer of gravel or post-mineral volcanics.
The agreement consists of payments made to underlying vendors, which have been reduced to be in compliance with the Kinross agreement, and reimbursement to Bravada for 2014 claim fees paid by it. Kinross has the option to earn a 60% interest in the property by spending $2.0 million over five years and it can earn an additional 15% interest by spending an additional $2 million over two additional years on exploration and development expenses. Upon Kinross completing its earn-in, Bravada may contribute to expenditures at its percentage of interest or be diluted. Should Bravada's working interest reduce below 10%, Bravada would convert its working interest to a 1% NSR royalty.
President Joe Kizis commented, "Success by other companies recently at the nearby Bruner district has renewed interest in our Baxter property, where Bravada drilled several encouraging holes in 2004 and 2006. Kinross has extensive experience with low-sulfidation gold deposits world-wide, and we look forward to having it apply that expertise for our mutual benefit at Baxter."
About Bravada Gold Corporation
Bravada is a member of the Manex Resource Group of companies with an exploration office in Reno, from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings strategically located within numerous productive gold trends in Nevada. Homestake Resource Corp. (HSR.V) owns approximately 9.8% of Bravada's 11,970,210 outstanding common shares.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is Bravada's President and is the Qualified Person within the meaning of NI 43-101 who prepared and approved the technical information disclosed in this news release.
On behalf of the Board of Directors of Bravada Gold Corp.
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corp.
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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada Gold Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
