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Barkerville Gold Mines (TSXV:BGM) (Frankfurt:1WUB) Announces NI 43-101 Compliant Indicated Resource Estimate of 10,626,100 Ounces Gold at Cariboo Gold Project in B.C. - Video on Investmentpitch.com
Vancouver, British Columbia, June 29, 2012 - Barkerville Gold Mines (TSXV:BGM)
(Frankfurt:1WUB) announces a NI 43-101 compliant, indicated resource estimate of
10,626,100 ounces of gold at its Cariboo Gold project, near Wells in British
Columbia. This resource estimate, prepared by Geoex Limited, covers only the
Gold Quartz open pit model on Cow Mountain.
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There is also a NI 43-101 compliant estimation of the geological potential of
the 6.4 kilometre Island Mountain, Cow Mountain and Barkerville Mountain trend,
which is only the central portion of a much larger 67 kilometre trend on the
company's 1,118 square kilometre property.
The 10,626,100 ounces of gold in the Geoex model, is based on estimates of
69,039,000 tons with an average grade of 0.154 ounces per ton, using a cut-off
of 0.025 ounces per ton. There is also the geological potential beneath the pit
for an additional 1,000 feet is estimated to be 62 to 76 million tons grading
0.12 to 0.16 ounces per ton, with contained gold of 7 to 10 million ounces.
Frank Callaghan, Barkerville's President and CEO stated, "This resource estimate
on 10% of the Company's prospective gold belt, which I believe puts the Cariboo
Gold Project into the world class category, coupled with the Company's recent
news announcing it has received the necessary permits to begin production on its
Bonanza Ledge discovery, is a testament to the team we've assembled and 18 years
of hard work and perseverance. The current resource estimate has been made
possible through the compilation of over 7,100 drill holes totalling 347,000
meters completed by the company and previous operators, with the most
significant results coming from an expanded drill program which was completed in
"Management received heavy opposition to the expanded drill program this past
winter from the brokerage community as reflected in Barkerville's share price,
but we believed strongly in our team of highly skilled geological professionals
and are proud of the results the company has achieved."
Island Mountain, with a total of 3,947 drill holes, has a geological potential
for both the open pit and underground scenario and has twice the strike length
of the Cow Mountain scenario. This could be another 180 to 304 million tons
grading 0.12 to 0.16 ounces per ton, with contained gold of 29 to 40 million
Then there is Barkerville Mountain, again with the same geological potential as
Island Mountain for both the open pit and underground scenario, and also twice
the strike length of the Cow Mountain scenario. It has had a total of 538 drill
holes, and with an assay data range similar to Cow Mountain, has the geological
potential for another 180 to 304 million tons grading 0.12 to 0.16 ounces per
ton, with contained gold of 29 to 40 million ounces.
The company is currently permitted for start-up of open pit mining of the
Bonanza Ledge deposit on Barkerville Mountain. It is anticipated that the
company will initiate permitting for an open pit operation on Cow Mountain,
which is less than 2 miles from the Bonanza Ledge deposit.
The company has been active in this area since the mid-1990s, and now has a
project encompassing 7 past producing hard rock mines and 3 NI 43-101 gold
deposits, including the QR Mine and Mill.
Because of the size of the property, exploration will be ongoing for many years.
Following the trading halt, Barkerville opened at $1.35 today, up 66%, and with
only 106 million shares outstanding, is capitalized at approximately $143
For a more information, please visit Barkerville's website at
www.barkervillegold.com, phone 604-669-6463 or email email@example.com.
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Barry Morgan, CFO
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