Barkerville Gold Mines Intersects 12.27 g/t Au over 7.45 Metres in Shaft Zone at Island Mountain

February 28th, 2017

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TORONTO, ON - February 28, 2017 - Barkerville Gold Mines Ltd. (TSXV: BGM) (the “Company” or “Barkerville”) is pleased to announce additional results from the ongoing 2017 Phase II Island Mountain exploration drilling program at the Company’s flagship Cariboo Gold Project. The Company is currently exploring and delineating Island Mountain with seven drill rigs and has now mobilized the eighth rig to the untested Tailings Zone which occurs in the valley between Cow and Island Mountains. Detailed drilling results, a drill hole location plan map, level plan and long section are presented at the end of this release.

Island Mountain Delineation Drilling

Veining within the Shaft Zone continues to expand as demonstrated by drillhole IM-17-016 which intersected two wide zones averaging 5.62 g/t Au over 11.40 metres (including 9.70 g/t Au over 5.30 metres), and 12.27 g/t Au over 7.45 metres (including 19.13 g/t Au over 4.00 metres). These new intersections occur 145 metres vertically below surface and correlate along strike of the vein system that was defined by previously reported drillholes BGM-16-551 and BGM-16-517 which intersected 9.22 g/t Au over 2.85 metres and 9.26 g/t Au over 3.50 metres respectively. This new intersection is currently untested at depth and along vein strike into the footwall.

Proximal to the historical Mosquito Creek Mine, IM-17-019 intersected new veining grading 5.88 g/t Au over 8.35 metres at a vertical depth of 120 metres vertically below surface.

“With this wide spaced drilling we are now starting to see several zones defined for further infill drilling” commented Chris Lodder, President and CEO of BGM. “The continued high grades of intercepts, proximity of mineralized zones to each other and the vertical nature of mineralized zones makes Island Mountain an exceptional exploration target”.

Qualified Persons

Exploration activities at the Cariboo Gold Project are administered on site by the Company’s Exploration Manager, Maggie Layman, P.Geo. As per National Instrument 43-101 Standards of Disclosure for Mineral Projects, Paul Geddes, P.Geo. Vice President Exploration, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on the Cariboo Gold Project.

Quality Assurance - Quality Control

Once received from the drill and processed, all drill core samples are sawn in half, labelled and bagged. The remaining drill core is subsequently stored on site at the Company’s secure facility in Wells, BC. Numbered security tags are applied to lab shipments for chain of custody requirements. The Company inserts quality control (QC) samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QAQC program was designed and approved by Lynda Bloom, P.Geo. of Analytical Solutions Ltd., and is overseen by
the Company’s Qualified Person, Paul Geddes, P.Geo, Vice President Exploration.

Drill core samples are submitted to ALS Geochemistry’s analytical facility in North Vancouver, British Columbia for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed and 250 grams is pulverized. Analysis for gold is by 50g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are re-analyzed using a 1,000g screen metallic fire assay. A selected number of samples are also analyzed using a 48 multi-elemental geochemical package by a 4-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS).

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

Chris Lodder
President & Chief Executive Officer
Suite 400-365 Bay Street
Toronto, Ontario, Canada
[email protected]

About Barkerville Gold Mines Ltd.
The Company is focused on developing its extensive land package located in the historical Cariboo Mining District of central British Columbia. Barkerville’s mineral tenures cover 1,164 square kilometres along a strike length of 60 kilometres which includes several past producing hard rock mines of the historic Barkerville Gold Mining Camp near the town of Wells, British Columbia. The QR Project, located approximately 110 kilometres by highway and all weather road from Wells was acquired by Barkerville in 2010 and boasts a fully permitted 900 tonne/day gold milling and tailings facility. Test mining of the Bonanza Ledge open pit was completed in March of 2015 with 91,489 tonnes of ore milled producing 25,464 ounces of gold. The Company has completed a number of drilling and exploration programs over the past 20 years and is currently compiling this data with all historical information in order develop geologic models which will assist new management and provide the framework to continue to explore the Cariboo Gold Project. An extensive drill program is currently underway with the goal of delineating additional high grade gold mineralization.

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.

Table 1: Length weighted gold composites for Island Mountain Phase II drillholes:

IM-17-016 141.55 152.95 11.40 5.62
INCLUDING 144.85 150.15 5.30 9.70
INCLUDING 144.85 145.50 0.65 53.50
AND 149.15 150.15 1.00 11.35
IM-17-016 162.50 169.95 7.45 12.27
INCLUDING 163.80 167.80 4.00 19.13
INCLUDING 163.80 164.50 0.70 24.00
AND 165.00 165.50 0.50 22.00
AND 165.50 166.00 0.50 15.45
AND 166.00 166.75 0.75 28.80
AND 166.75 167.80 1.05 16.30
IM-17-018 101.35 102.00 0.65 7.19
IM-17-018 104.00 105.00 1.00 20.80
IM-17-018 109.20 111.80 2.60 9.13
INCLUDING 109.20 109.70 0.50 44.40
IM-17-018 154.00 155.00 1.00 7.95
IM-17-018 318.80 320.40 1.60 5.50
INCLUDING 318.80 319.30 0.50 11.10
IM-17-019 160.95 169.30 8.35 5.88
INCLUDING 161.45 166.35 4.90 8.82
INCLUDING 164.10 166.35 2.25 17.34
INCLUDING 164.10 164.90 0.80 12.65
AND 164.90 165.85 0.95 10.95
AND 165.85 166.35 0.50 37.00
IM-17-020 95.50 96.50 1.00 1.86

Core lengths are reported as true widths cannot be accurately determined from the information available. Rock not recovered by drilling was assigned zero grade and not included in the composites. Top cuts have not been applied to high grade assays. NSA - No Significant Assays.

Table 2: Drillhole Collar Orientations

IM-17-016 137.90 -64.40
IM-17-018 136.20 -65.00
IM-17-019 136.60 -45.00
IM-17-020 139.00 -63.80