Barkerville Gold Mines Closes $19Million Debt Settlement and Announces $3Million Flow-Through Unit Offering and Grant of Options

TORONTO, ONTARIO / THENEWSWIRE / JULY 15, 2015 - Barkerville Gold Mines Ltd. (TSXV: BGM) (the "Company") is pleased to announce that further to its press release of July 8, 2015, it has settled an aggregate of $19,470,334 of indebtedness with 2176423 Ontario Ltd., a company controlled by Mr. Eric Sprott, through the issuance of an aggregate of 74,885,900 common shares of the Company at a price of $0.26 per common share (the "Debt Settlement"). As a result of the Debt Settlement, Mr. Eric Sprott is now the "Control Person" (as that term is defined in the policies of the TSX Venture Exchange) of the Company.

The Company is also pleased to announce that it has entered into an agreement with a strategic investor pursuant to which the Company will issue an aggregate 9,375,000 flow through units ("Flow Through Units") at a price of $0.32 per Flow Through Unit, for gross proceeds of $3,000,000 (the "FT Offering"). Each Flow Through Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant") with each Warrant entitling the holder thereof to purchase a common share at an exercise price of $0.40 for a period of eighteen months following the closing of the FT Offering.

The Company intends to use the net proceeds from the FT Offering to explore its extensive property package encompassing the Cariboo Mining District and related properties in British Columbia. The securities issued pursuant to the FT Offering and the Debt Settlement are subject to a four month hold period. The FT Offering and Debt Settlement are subject to final acceptance of the TSX Venture Exchange.

Lastly, the Company has granted an aggregate of 9,631,161 options to purchase common shares of the Company exercisable at a price of $0.27 per share for a period of five years, to certain directors, officers, employees and consultants. The common shares issuable upon exercise of the options are subject to a four month hold period from the original date of grant.

For further information on Barkerville Gold Mines Ltd., please contact:

Tom Obradovich

President & Chief Executive Officer

(416) 361-2511

tobradovich@sympatico.ca

Cautionary Statement on Forward -Looking Information

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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