Dia Bras Secures 33 Millon Peso Term Loan From Fomento Minero (FIFOMI)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/19/10 -- Bravo Gold Corp. (TSX VENTURE: BVG)(FRANKFURT: B6I) is pleased to announce the appointment of Michael Sproule as Vice President, Corporate Development.
Mr. Sproule has over 20 years of senior executive experience during which he has raised over $2.7B for companies in the mineral and oil and gas sectors. Most recently, Mr. Sproule held the position of Managing Director-Corporate Finance with Sandfire Securities Inc., and prior to that, the positions of Managing Director and Director and Head of Institutional Equities with Octagon Capital Corporation. He has also served in senior capacities with other Canadian brokerages. Mr. Sproule received an MBA degree from the Richard Ivey School of Business in 1989 and a Bachelor of Science degree in Aeronautical Engineering from Embry-Riddle Aeronautical University in 1984.
In assuming this position, Mr. Sproule has replaced Mr. Robert Swenarchuk who recently retired from the positions of Senior Vice President and Director of the Company; Mr. Swenarchuk will remain a consultant to the company on an as-needed basis. The Board would like to thank Mr. Swenarchuk for his extensive contribution to the Company and wish him well in his semi-retirement.
The Company has appointed Robert Macdonald, MSc., P.Geo., as Vice President, Exploration. Mr. MacDonald is a member of the Manex Resource Group of Companies and, in such capacity, since 2003 he has been the Project Geologist managing the exploration program at the Company's Homestake Ridge project where the project has developed from an early stage exploration target into a significant gold and silver resource.
Mr. Macdonald graduated with a B.Sc. from Memorial University of Newfoundland in 1990 and earned a MSc. from the University of British Columbia in 1999. Over his career in the geosciences Mr. Macdonald's work has focused on vein and intrusion-related gold systems and VMS environments. Prior to joining Bravo, Mr. Macdonald worked as a geologist with the British Columbia Geological Survey and Teck Exploration on projects in Alaska, Peru and British Columbia.
Following the appointments of Mr. Sproule and Mr. Macdonald, the directors and officers of the Company are:
Lawrence Page, Director and Chairman
Joseph A. Kizis Jr., Director and President
Terry Eyton, Director
Ken Thorsen, Director
Declan Costelloe, Director
Scott Hean, Director
Mahesh Liyanage, Chief Financial Officer
Michael Sproule, Vice President Corporate Development
Robert MacDonald, Vice President, Exploration
Stacey Bligh, Corporate Secretary
Homestake Ridge - Update
Bravo also reported that work is progressing well at its Homestake Ridge project located 32 kilometeres south of Stewart in northwest British Columbia.
Crews and two drill rigs have been active on the property since mid-June. Eight drill holes, comprising 3240 metres of the anticipated +12,000 metre program have been completed to date.
Five of the completed drill holes test lateral and down-dip extensions of the Homestake Silver deposit offsetting hole HR09-165, which returned two thick mineralized intervals: a shallower interval of 14.5 metres (est. true thickness) averaging 4.8g/t gold and 2.1g/t silver and a deeper interval of 24.4 metres averaging 12.1g/t gold and 6.8g/t silver.
Three of the completed drill holes test surface anomalies in the East Valley geophysical zone, one of six geophysical exploration targets identified in the 630-line kilometre airborne geophysical program conducted last season and located 1000 metres due east of the Main Homestake deposit. One hole, HR10-169, which targeted the Homestake Silver deposit required re-alignment and was stopped prior to target depth. Logging and sampling of the core is in progress. Core samples from several of these initial holes have been submitted for assay, results are pending.
Drilling continues on the Homestake Silver deposit while drilling has now started on the North Dome, target located 1.5 kilometres northeast of the Main Homestake deposit.
About Bravo
Bravo Gold Corp has a 100 percent interest in the Homestake Ridge project located in a prolific mineral belt in northwestern British Columbia. The project is being advanced as a potential high-grade underground mining operation with a current NI43-101 compliant Indicated Resource, at a 3.0 g/t AuEq. cut-off, of 191,000 ozs gold and 1,350,000 ozs silver plus an Inferred Resource of 348,000 ozs gold and 7,990,000 ozs silver (1). Two deposits have been indentified to date and multiple exploration targets remain to be tested on the large, 2761ha property. Bravo also holds a 44 percent interest in Bravada Gold Corp, which is exploring 13 projects in the Battle Mountain-Eureka Gold trend in Nevada.
Robert Macdonald (P.Geo) is the Qualified Person as defined by National Instrument 43-101 for the Homestake Ridge project and has reviewed and approved the technical contents of this release.
ON BEHALF OF THE BOARD
Joseph A. Kizis Jr., President
(1) The current estimate, as reported in NR-07-10, was prepared by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) and carried out using a block model constrained by 3D wireframes of the mineralized zones. The block model comprised an array of blocks measuring 5 m x 5 m x 5 m, with grades for Au, Ag, Cu, Pb, and Zn interpolated using Inverse Distance to the Third Power (ID3) weighting. At a 3.0g/t AuEq. cut-off, the model identified an indicated resource of 888,000 tonnes averaging 6.7g/t Au, 47.2g/t Ag and 0.15% Cu and an inferred resource of 2,340,000 tonnes averaging 4.6g/t Au, 105.5g/t Ag and 0.13% Cu.
The TSX Venture Exchange, nor its regulation service provider, has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. We seek safe harbor.
Contacts:
Bravo Gold Corp.
Liana Shahinian
1-888-456-1112 or 604-641-2773
liana@mnxltd.com
www.bravogoldcorp.com