Barkerville Begins 20,000 Meter, 122 Hole Drill Program at the Gold Quartz Mine
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/06/10 -- Barkerville Gold Mines Ltd. ('BGM' or the 'Company') (TSX VENTURE: BGM)(FRANKFURT: IWUB) announces that it has initiated the first phase of surface drilling at the Gold Quartz Mine located on Cow Mountain near Wells in central British Columbia. The program will consist of 122 diamond drill holes proposed by Giroux Consultants Ltd., an independent consulting company, and recommended in a 2006 report.
The Company has been approved for a total of 300 holes on Cow Mountain for over 94,000 meters of diamond drilling in and around the Gold Quartz deposit to both expand the current resource and to further define the new gold mineralized zone discovered NW of the Gold Quartz Mine (see news release 10-03, Jan 18, 2010). Details for further drilling programs will be announced when drill plans are finalized.
About Barkerville Gold Mines Ltd.
The Company has been developing its Cariboo Gold Project in Barkerville, B.C., which encompasses (from northwest to south east) the former producing Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (now on care and maintenance), Aurum Mine, Island Mountain Mine, Gold Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson Gold & Silver Mine and the Cariboo Hudson Mine. The Company commenced operations in the Cariboo District in 1994 and since that time has focused on the exploration and development of its gold properties. Mineral tenures in the Historic Cariboo Goldfields encompass approximately 1,112 square km (112,484 hectares) over a 60 km long by 20 km wide belt. In the Barkerville Gold Camp, 101 creeks have reported placer gold production. Recorded gold production from the area totals more than 3.8 million ounces, including an estimated 2.64 million ounces from placer mining and 1.23 million ounces from lode mining. On February 2, 2010, the Company reported that it closed the acquisition of the QR Mine, Mill and its associated assets and began gold mining operations at the QR Mine. The Company began full production and pouring gold dore in September of 2010.
The technical information in this News Release has been reviewed and approved by Chief Geologist Jim Yin, PhD, P.Geo, a qualified person as defined in National Instrument 43-101.
On behalf of the Board of Directors
J. Frank Callaghan, President and CEO
Forward-Looking Statements
This news release contains forward-looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's growth strategy, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like 'expects,' 'anticipates,' 'plans,' 'intends,' 'projects,' 'indicates,' and similar expressions. This news release may include statements regarding exploration results and budgets, reserve estimates, mineral resource estimates, work programs, capital expenditures, timelines including timelines for third-party studies and issuance of permits to operate by various government agencies, strategic plans, the market price of metals, costs, or other statements that are not a statement of fact.
Estimates of ore reserves are, to a large extent, are based on the interpretation of geological data obtained from drill holes and other sampling techniques. This information is used to calculate estimates of gold cost and operating costs based upon anticipated tonnages and grades of gold to be mined and processed, expected recovery rates, comparable facility and equipment operating costs and other factors. As a result, it is possible that difference in such estimates could have a material adverse effect on the business, financial conditions and results of operations. There can be no assurance that the Company will be able to complete development on schedule or within budget due to, among other things, and in addition to those factors discussed above, changes in the economics of the projects, the delivery and installation of plant and equipment and cost overruns, or that the current personnel, systems, procedures and controls will be adequate to support operations. Also, all phases of the Company's operations are subject to environmental regulation and governmental approval and permits and there can be no assurance that the Company will obtain all the requisite permits for future development. Mining is an inherently risky business with large capital expenditures and cyclical metals markets. 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 due to a variety of risks, uncertainties and other factors. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations and opinions should change. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as others, could cause results to differ materially from those stated.
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.
Contacts:
Barkerville Gold Mines Ltd.
J. Frank Callaghan
President and CEO
604-669-6463
www.barkervillegold.com