Bravada Appoints Manager of Permitting and Government Affairs for Wind Mountain
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/04/12 -- Bravada Gold Corporation (TSX VENTURE: BVA)(FRANKFURT: BRT) ('Bravada') reported today that it has appointed Debra Struhsacker, Environmental Permitting and Government Relations Consultant, to manage permitting and government affairs for the Wind Mountain gold/silver deposit in northwestern Nevada. As an integral member of Bravada's team, Ms. Struhsacker will manage permitting and government affairs activities necessary to support renewed development of the Wind Mountain Project. Ms. Struhsacker earned M.S. and B.S. degrees in Geology and has more than 30 years of experience in the mining industry. She has a proven track record of successfully permitting many mineral exploration and development projects in Nevada and elsewhere. Ms. Struhsacker is well known for her effective advocacy on behalf of mining industry clients and brings a wealth of experience to the Wind Mountain Project.
President Joe Kizis commented, 'With the success of our 2011 exploration and in-fill drilling program, combined with encouragement from our 2010 PEA, we felt that it is crucial to add Debbie's expertise in mine permitting to our Wind Mountain Management team. Debbie joins John Cox, Manager of Development, who is overseeing geological, metallurgical, and engineering activities at Wind Mountain. Mine Development Associates are currently updating the resource estimate at Wind Mountain with John's input and MDA will prepare an updated Preliminary Economic Assessment once the resource has been updated. The PEA is expected to be completed by the end of the first quarter of 2012.'
Subsequent to completion of the PEA, Bravada's two primary goals for early 2012 will be to complete a pre-feasibility study for Wind Mountain, which is expected to convert a portion of the resource to reserve status, and to apply for mine permits for an initial Stage 1 mining operation, which will exploit those reserves. Future exploration and in-fill drilling programs are expected to allow for additional mining stages as resources are expanded and upgraded to reserve status, and as new deposits are discovered at numerous high-priority exploration targets identified on the Wind Mountain property.
About Bravada Gold Corporation
Bravada Gold Corporation is a member of the Manex Resource Group of companies with an exploration office in Reno, Nevada from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings, which are strategically located within the numerous productive gold trends in Nevada. Bravada is self funding its Wind Mountain property towards near-term production, and is advancing its other properties with a combination of self funding and partner funding. Currently three of Bravada's 21 Nevada properties are being funded by partners. Bravo Gold Corp. (TSX VENTURE: BVG) owns 9.76% of Bravada's 114,264,282 outstanding common shares.
About Wind Mountain
The past-producing Wind Mountain gold/silver project is located approximately 160km northeast of Reno in a sparsely populated region with excellent logistics, including county-maintained road access and a power line to the property. AMAX Gold/Kinross Gold recovered nearly 300,000 ounces of gold and over 1,700,000 ounces of silver between 1989 and 1999 from two small open pits and a heap-leach operation (based on Kinross Gold files). Rio Fortuna Exploration (U.S.) Inc., a wholly owned US subsidiary of Bravada Gold Corporation, acquired 100% of the property via an earn-in agreement with Agnico-Eagle (USA) Limited, a subsidiary of Agnico-Eagle Mines Limited, who retains a 2% NSR royalty interest, of which 1% can be purchased for $1,000,000 any time prior to production. In early 2010, Rio Fortuna received a positive Preliminary Economic Assessment (1) based on a gold price of US$850 per ounce with a credit for silver at a price of $14.50 per ounce (See News Release NR-05-10, dated April 13, 2010).
During 2011, Bravada completed 50 drill holes at Wind Mountain with the primary goal of expanding near-surface oxide gold/silver mineralization. This program successfully discovered extensions of known mineralization and new areas of shallow oxide mineralization, as well as further defined higher-grade areas within the 2007 resource. Prompted by this success, an update to the Wind Mountain resource and Preliminary Economic Assessment is currently underway, with completion anticipated during the first quarter of 2012. In addition, metallurgical studies were conducted and are near completion. Biological and archaeological studies that will be necessary for mine permitting were also completed during 2011.
(1) Note that Canadian NI 43-101 guidelines define a PEA as follows: 'A preliminary economic assessment is preliminary in nature and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as mineral reserves, and there is no certainty that the preliminary assessment will be realized'.
Joseph Anthony Kizis, Jr. (P.Geo.) is the Qualified Person responsible for reviewing the technical results in this release.
On behalf of the Board of Directors of Bravada Gold Corporation
Joseph A. Kizis Jr., President and Director, Bravada Gold Corporation
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. 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. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for Bravada's projects, and the availability of financing for Bravada's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
Neither 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:
Bravada Gold Corporation
Liana Shahinian
604.641.2773 or Toll Free: 1.888.456.1112
liana@mnxltd.com
www.bravadagold.com