Brigus Gold Provides Update on Goldfields Project
In response to the November 10, 2010 news release issued by GLR
Resources Inc. ('GLR?), Brigus Gold Corp. ('Brigus Gold? or the
'Company?) (TSX: BRD) (NYSE Amex: BRD) advises that on October 28, 2010,
it took proactive steps to communicate and confirm with GLR, various
deficiencies and contractual breaches related to certain equipment
originally ordered by GLR, in connection with Brigus Gold′s wholly owned
Goldfields Project. The deficiencies were identified and confirmed by
independent consulting engineers retained by Brigus Gold.
The dispute with GLR, from whom Brigus Gold acquired the Goldfields
Project in 2009, has absolutely no bearing on Brigus Gold′s plans to
continue to advance its Goldfields Project in Saskatchewan. Brigus is
committed to industry best practices and will use only high quality
equipment in the construction and development of the Goldfields and any
other project.
The Goldfields Project is a quality asset and pending a final
development decision anticipated by June 2011, Brigus Gold intends to
develop the Goldfields Project into a producing gold mine within the
current development schedule as early as 2013.
About Brigus Gold
Brigus Gold is a growing gold producer committed to maximizing
shareholder value through a strategy of efficient production, targeted
exploration and select acquisitions. The Company operates the wholly
owned Black Fox Mine in the Timmins Gold District of Ontario, Canada.
The Black Fox Mine is located in the Township of Black River-Matheson,
Ontario, Canada. Brigus Gold is also advancing the Goldfields Project
located near Uranium City, Saskatchewan, Canada, which hosts the Box and
Athona gold deposits. In Mexico, Brigus Gold holds a 100 percent
interest in the Ixhuatan Property located in the state of Chiapas, and
an 80 percent interest in the Huizopa Joint Venture, an early stage,
gold-silver exploration joint venture located in the State of Chihuahua.
In the Dominican Republic, Brigus Gold also has a joint venture covering
three mineral exploration projects.
Cautionary and Forward-Looking Statements
Statements contained in this news release which are not historical facts
are forward-looking statements that involve risk, uncertainties and
other factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements. All
statements regarding the ability of the Company to develop the
Goldfields Project to become a producing mine are forward-looking
statements and estimates that involve various risks and uncertainties.
This forward-looking information includes, or may be based upon,
estimates, forecasts, and statements as to management's expectations
with respect to, among other things, the outcome of legal proceedings,
the issue of permits, the size and quality of the company's mineral
resources, progress in development of mineral properties, future
production and sales volumes, capital and mine production costs, demand
and market outlook for metals, future metal prices and treatment and
refining charges, and the financial results of the Company.
Important factors that could cause actual results to differ materially
from these forward-looking statements include environmental risks and
other factors disclosed under the heading 'Risk Factors? in Brigus
Gold′s most recent annual report on Form 10-K filed with the United
States Securities and Exchange Commission and elsewhere in Brigus Gold′s
documents filed from time to time with the Toronto Stock Exchange, the
NYSE Amex Equities, the United States Securities and Exchange Commission
and other regulatory authorities. All forward-looking statements
included in this news release are based on information available to the
Company on the date hereof. The Company assumes no obligation to update
any forward-looking statements, except as required by applicable
securities laws.
Brigus Gold Corp.
Wendy Yang, Vice President of Investor Relations
Phone:
303-524-3203
E-mail: ir@brigusgold.com
or
Sean
Tufford, Director of Investor Relations
Phone: 902-422-1421
Email:
stufford@brigusgold.com
Toll
Free: 1-866-785-0456
Website: www.brigusgold.com