Bravada Extends Warrant Expiry Date
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/10/12 -- Bravada Gold Corporation (TSX VENTURE: BVA)(FRANKFURT: BRT) ("Bravada") reports that it will extend the expiry date of 5,504,495 share purchase warrants from April 15, 2012 to October 15, 2012. These warrants were issued by Fortune River Resource Corp. ("Fortune") pursuant to a private placement of 6,475,876 units with 6,475,876 warrants attached, which closed on January 15, 2010. As a result of an amalgamation on January 7, 2011, these warrants issued by Fortune are exercisable to purchase common shares of Bravada on the basis of 0.85 of a Bravada share for each Fortune warrant held. The exercise price will remain at $0.10 per share. The extension of the warrant expiry date is subject to TSX Venture Exchange acceptance.
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. Bravada also holds the Drayton Archean gold property in Ontario. Currently three of Bravada's 21 Nevada properties are being funded by partners. Bravo Gold Corp. (BVG.V) 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, 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 second 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."
Deborah H. Schneider, AIPG Certified Professional Geologist #11098, 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