|
Barkerville Gold Mines Ltd. (the
"Company" or "Barkerville") (TSX VENTURE:BGM - News; FRANKFURT:IWUB - News) announces that it has
entered into a Project Agreement (the "Agreement") with the Lhtako
Dene Nation (Red Bluff Indian Band) ("Lhtako") of Quesnel, British
Columbia. The parties will mutually benefit in the development of
Barkerville's 100 percent-owned Bonanza Ledge Property located in the Cariboo
Mining District of British Columbia.
The Agreement is a multi-year
arrangement providing for preferential contracting, employment and training
provisions, academic incentives, environmental review participation, and
other economic benefits from the Bonanza Ledge Project, subject to permitting
approvals and the Company's decision to commence production at the Bonanza
Ledge property.
"I am very pleased we have been
able to come to a beneficial arrangement," says Frank Callaghan,
President & CEO of Barkerville Gold Mines. "We have been exploring
in the Cariboo region for over a decade and have purposely cultivated our
relationship with the Lhtako to ensure that we understand what needs to be
done to deliver a socially and environmentally acceptable project in the
region. It takes this level of mutual dedication and respect to operate to
the high standards now required in British Columbia."
"This Agreement with Barkerville is
another step forward in self-sufficiency for our community," says Lhtako
Dene Chief Geronimo Squinas. "The relationship was started by my father
and ex-chief Frank Boucher, and it has taken this time to build a level
playing field for us to be able to participate in local mining development. I
hope this signals to other B.C. First Nations communities that it is possible
to share in economic development, if it is conducted in the right way."
About the Lhtako Dene Nation
With approximately 160 members, the
Lhtako Dene Nation is a Dakelh (Carrier) First Nations government located in
and around Quesnel, British Columbia. It is a member of the Carrier-Chilcotin
Tribal Council, which includes both Tsilhqot'in and Dakelh communities. In
2009 the Lhtako entered into an agreement with the Province to harvest 75,000
cubic metres of mountain pine beetle-killed timber per year in the Quesnel
Timber Supply Area over 15 years. The Lhtako, working with National Choice
Bio Fuels, are building a new plant to process this low-grade timber into
wood pellets, which are considered to be a renewable source of bio-energy.
Groundbreaking for the plant took place in October 2010.
About Barkerville Gold Mines Ltd.
The Company has been focused on
exploration and development of gold projects in the Cariboo Mining District
in central British Columbia since 1994. The Company's mineral tenures now
cover over 1,225 square kilometers of mineral tenures encompassing 7 past
producing hard rock mines and three NI43-101 gold deposits, including the QR
Mine & Mill. The QR Mine & Mill was acquired in February 2010 and
includes a 900 tonne/day gold milling facility and a permitted gold mine
located approximately 110 kilometers by highway and all-weather road from the
Barkerville Gold Camp. Mining operations commenced at QR in February and the
Company began pouring dore gold in September of this year. In November 2010,
the Company acquired a second permitted mill currently on care and
maintenance in Revelstoke, B.C. and plans to relocate it to the gold deposits
in the Barkerville Gold Camp near Wells, B.C. and upgrade it to a
2,000-tonne/day facility subject to all approvals. The Company has not hedged
any of its future gold production.
On behalf of the Board of Directors
J. Frank Callaghan, President and CEO
This News Release contains
forward-looking statements. Forward-looking statements are statements which
relate to future events and conditions and therefore involve inherent risks
and uncertainties. These statements are only predictions and involve known
and unknown risks, uncertainties and other factors that may cause our or our
industry's actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of activity,
performance or achievements expressed or implied by these forward-looking
statements. While these forward-looking statements, and any assumptions upon
which they are based, are made in good faith and reflect our current judgment
regarding the direction of our industry, actual results will almost always
vary, sometimes materially, from any estimates, predictions, projections,
assumptions or other future performance suggested herein. Except as required
by applicable law, the Company does not intend to update any of the
forward-looking statements to conform these statements to actual results. All
phases of the Company's operations are subject to environmental regulation
and governmental approval and permits and there can be no assurance that the
Company will obtain all the requisite permits for future development. Mining
is an inherently risky business with large capital expenditures and cyclical
metals markets.
Neither the 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.
Contact:
J. Frank Callaghan
Barkerville Gold Mines Ltd.
President and CEO
(604) 669-6463 or Toll Free |