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Barkerville Gold Mines Ltd. (the
"Company") (TSX VENTURE:BGM - News; FRANKFURT:IWUB - News) announces that it has
arranged a private placement financing (the "Offering") of up to
3,846,154 shares at $1.30 per share for gross proceeds of up to $5,000,000
with D&D Securities Inc. In connection with the Offering, commissions
will be paid by the Company issuing shares equal to up to 5% of the aggregate
number of shares issued under the Offering and issuing share purchase
warrants equal to up to 5% of the aggregate number of shares issued under the
Offering, exercisable for twelve months at $1.30 per share. The proceeds of
the Offering will be used, subject to approvals under the Mines Act, to
commence mining operations at the Bonanza Ledge proposed open pit mine,
further development and drilling of the Company's assets and for general
corporate purposes.
About Barkerville
Gold Mines Ltd.
The Company has been developing its Cariboo Gold Project in Barkerville,
B.C., which encompasses (from northwest to south east) the former producing
Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (now on care and
maintenance), Aurum Mine, Island Mountain Mine, Cariboo
Gold Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo
Thompson Gold & Silver Mine and the Cariboo
Hudson Mine. The Company commenced operations in the Cariboo
District in 1994 and since that time has focused on the exploration and
development of its gold properties. Mineral tenures in the Historic Cariboo Goldfields encompass approximately 1,112 square
km (112,484 hectares) over a 60 km long by 20 km wide belt. In the Barkerville Gold Camp, 101 creeks have reported placer
gold production. Recorded gold production from the area totals more than 3.8
million ounces, including an estimated 2.64 million ounces from placer mining
and 1.23 million ounces from lode mining. On February 2, 2010, the Company
reported that it closed the acquisition of the QR Mine, Mill and its
associated assets and began gold mining operations at the QR Mine.
On behalf of the Board of Directors
J. Frank Callaghan, President and CEO
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: 1-800-663-9688
604-669-3041 (FAX)
www.barkervillegold.com |
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