Barkerville Gold Mines Ltd. (the
"Company" or "Barkerville") (TSX VENTURE:BGM - News; FRANKFURT:IWUB - News) reports that an
Application to commence production from its Bonanza Ledge Property, near
Wells, B.C., has been accepted for review under the British Columbia Mines
Act. The 60-day review of the Bonanza Ledge Application ends January 29,
2011. On approval, the Company is prepared to begin development and gold
production from the Bonanza Ledge on Barkerville Mountain.
The Application is for a 70,000
tonne/year open pit operation, with trucking to the Company's QR Mill near
Quesnel, B.C., by existing highway and forest service road. No new
infrastructure is required to support the operation. Upon approval, Bonanza
Ledge ore will augment gold production at the Company's permitted QR Mine
& Mill. The QR Mill is a 900 tonne/day facility currently in production
and shipping gold dore bars.
In combination with the environmental
review, the Company was required to communicate with local government, the
public and First Nations during the preparation of its Application and to
formally present the Application to check that issues heard during the
pre-Application period have been satisfactorily addressed. Accordingly, the
Company advertised and presented the Application at a community open house at
Wells, B.C. in October 2010. The Company also continued to meet, and
announced signing of a Project Agreement with the Lhtako Dene Nation in
relation to the Project in early December 2010 (see News Release 10-37,
December 9th, 2010).
Participating organizations in the
multi-agency South Central Mine Development Review Committee include the B.C.
Ministries of Natural Resource Operations, Environment, Transportation and
Infrastructure, Forests, Mines and Lands, and Tourism, Trade and Investment;
as well as First Nations in the vicinity of the Company's projects.
The Company is to submit an application
for an amendment to existing Mines Act Permit M-198 at the QR Mine site to
allow processing of the Bonanza Ledge ore at the QR Mill.
The Company's Cow Mountain Property is a
future open pit operation with a new mill purchased in November 2010 (see
News Releases November 8th and 18th 2010) to be located in the vicinity of
Wells, B.C. The application for this larger scale operation will trigger
review under the BC Environmental Assessment Act, and is anticipated for
submission in 2011.
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
(604) 669-3041 (FAX)
www.barkervillegold.com |