Nov 05, 2012
Vancouver, BC -- Barkerville Gold Mines Ltd. ("Barkerville" or the "Company") wishes to provide additional update to its shareholders on the status of its response to the cease trade order (the "CTO") issued by the British Columbia Securities Commission (the "BCSC") as disclosed in the Company's press release dated August 15, 2012, and a project update for the QR Mine and Bonanza Ledge Mine.
The Company reminds shareholders that the CTO will remain in place until the Company files a National Instrument 43-101 technical report (the Report or Ni 43-101 Report) acceptable to the BCSC addressing all technical disclosure concerns. The Company's directors and management, geological and engineering consultants, contractors, labs and staff have been working diligently to prepare a comprehensive report and it's nearing completion.
To assist the author Mr. Peter George of Geoex Ltd. in the NI 43-101 Report, the services of Mintec Inc., Apex Geoscience Inc., Tenerox Geoservices., F. Wright Consulting Inc., Lorax Environmental Services Ltd., Knight Piesold Ltd., ALS Group, Inspectorate Canada, Amine-Fairbase Inc., and Snowden Mining Industry Consultants Pty to name a few, have been retained by the Company over the years and some more recently, and whose work will form part of the appendicles to the Report of Geoex Ltd.
Chief Geologist, Jim Yin PhD., P.Geo., the Qualified Person as required under NI 43-101, reports that all twin drill holes totaling 2,759.4 meters (9,053.1 feet) on Cow Mountain at the Cariboo Gold Project near Wells, in central B.C., drilled between September 22 and October 14, 2012, requested by Snowden, have been logged, photographed and density measured. Three saws are cutting core and it is expected work will be completed this week. Cut core is shipped every day for assay. Data base building of lithology, pending assays, recovery/RQD, standards/blanks and surveys of all the twin drill holes, including channel samples of 2012 trenching on Cow Mountain is underway. Assay results of these drill holes and trench results will be released as soon as they are available.
QR Mine and Mill
Mr. Glen Ventor acting Mine Manager reports the surface ore zone at the West Zone have now been mined; trucking to the stockpile by the crusher is in progress. Dewatering the West Zone underground to the 962 stope for mining is being readied. Power transformer delivery and installation is expected this week.
Additionally the raising of the tailings storage facility dams at the QR Mine site is on schedule and expected to reach target height this week. A grouting plan is still in progress and is being supervised by Klohn Crippen Berger Ltd.
Bonanza Ledge Mine
Mr. Tom Hatton Mine Superintendent for Wells reports; final clearing of the laydown area for Bonanza Ledge is underway and stump tub grinding for reclamation is ongoing. It is anticipated all of the surface drills, excavators and trucks being used at QR will be moved to Bonanza Ledge upon completion of their work at the QR Mine this month.
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 doré 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. 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 as defined in National Instrument 43-101.
"J. Frank Callaghan"
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.
*please refer to cautionary note