Bravada Receives Permit for Drilling to Begin Mid-October at Wind Mountain in Nevada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/04/12 -- Bravada Gold Corporation (TSX VENTURE: BVA)(FRANKFURT: BRT) ("Bravada") announced today that it has received its amended drilling permit for the Wind Mountain gold and silver property, located in northwestern Nevada. The program is expected to consist of seven to ten reverse-circulation holes, 1,200-1500 meters in total. A drill contract has been signed and drilling is expected to commence during the week of October 15th. Bravada has outlined a NI-43-101 resource at Wind Mountain of 570,000 ounces of gold and 14.7 million ounces of silver in the Indicated category and an additional 354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category (see NR-06-12, dated April 11, 2011).
The program is designed to test two exploration targets that could result in large expansions to the existing resource and is based on mapping and 2011 drilling by Bravada (see attached target map). The targets, hidden beneath shallow alluvial cover, are the undrilled Zephyr target and the down-dip extension of shallow oxide mineralization that Bravada drilled at the North Hill target during 2011. For example, previously announced WM11-038 at North Hill intersected 6.1m of 0.619g/t Au and 17.9g/t Ag beginning at surface.
The program is being funded by Argonaut Gold Inc. ("Argonaut"). Argonaut can fund staged expenditures totalling US$7.5million over a three-year period to earn the option to purchase the project by paying Bravada a price of $30 per ounce of gold-equivalent contained within Measured and Indicated resource categories as determined by independent Qualified Persons. Further details of the agreement can be found in Bravada's news release of September 18, 2012 (NR-11-12).
President Joe Kizis commented, "We are excited to test two exploration areas that could significantly increase the gold and silver resources at Wind Mountain. Our permit has been modified to allow the new holes. In addition, the total existing disturbance was reduced as a result of our program of concurrent reclamation, which will give us important flexibility to add new drill sites under our Notice permit."
About Wind Mountain
The past-producing Wind Mountain gold/silver project is located approximately 160km northeast of Reno, Nevada in a sparsely populated region with excellent logistics, including county-maintained road access and a power line to the property. A Technical Report for an independent Preliminary Economic Assessment (PEA) and resource estimate was conducted by Mine Development Associates (MDA) of Reno and has been posted on SEDAR, as previously reported (see NR-07-12 dated May 1, 2012).
Mine Development Associates compiled the technical report. Thomas Dyer, P.E. is a Senior Engineer for MDA and is responsible for sections of the technical report involving mine designs and the economic evaluation, and Steven Ristorcelli, C.P.G., is a Principal Geologist for MDA and is responsible for the sections involving the Mineral Resource estimate. These are the Qualified Persons of the technical report for the purpose of Canadian NI 43-101, Standards of Disclosure for Economic Analyses of Mineral Projects.
About Bravada Gold Corporation
Bravada is a member of the Manex Resource Group of companies with an exploration office in Reno, from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings strategically located within numerous productive gold trends in Nevada. Homestake Resource Corporation owns 10.19% of Bravada's 114,834,282 outstanding common shares.
To view the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/1004bva.jpg
Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) 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., Director, President, 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 the company's projects, and the availability of financing for the company'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 Gold Corporation 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