Aug 20, 2013
Barkerville Gold Mines Ltd. Clarifies and Updates its Most Recent News Release Disclosure
Vancouver, BC -- Barkerville Gold Mines Ltd. ("Barkerville" or the "Company") reports as follows:
Clarification respecting screen metallic re-assays
In its most recent News Release dated August 15, 2013 (the "Recent News Release"), the Company provided a project update on its Gold Quartz, Bonanza Ledge and historic Island Mountain mine projects located near Wells, B.C., and the QR Mine located near Quesnel, B.C.
The Company confirms that it continues to work towards completing recommendations put forward in its most recent NI 43-101 Technical Report on its Cariboo Gold Project dated December 31, 2012 which was filed on June 18, 2013 (the "Technical Report" - see the Company's News Release dated June 19, 2013).
The Company initially wishes to clarify a statement contained in the third paragraph of the Company's Recent News Release regarding the core samples prepared for screen metallic fire re-assays. The subject paragraph contains a forward-looking statement regarding expected results from the re-assaying of drill core currently underway; to wit, an increase of previously published grades in the order of 10-15%. This forward-looking statement does not reflect the findings of the Company's most recent Technical Report. The Technical Report stated in section 1.4.1. that:
- "QAQC of the 2009 and later sampling and assaying indicated reasonable quality of the results, however, new work indicated that the original fire assay results did not account for all of the gold in the samples, and metallic screen fire assays gave higher grade results (in the order of 15% to 20% higher)".
This statement only applies to holes that Snowden Mining Industry Consultants Inc. ("Snowden") asked to be twinned when compiling the Technical Report and reflects the difference between the original fire assays and the re-assays done by metallic screen fire assaying. While the Technical Report discloses the difference between regular fire assays and metallic screen fire assays in the context of the number of samples from the twinned drill holes, it does not extend this quantification to the overall grade of the mineral resources. Accordingly, the Company hereby retracts such projected grade increase, confirms that it is premature to quantify any increase in grade based on the limited data presently available and confirms that there is no guarantee that metallic screen fire assaying will result in any increase in overall resource grade. (Metallic screen fire assay is a more comprehensive assay method for samples that potentially contain coarse gold than the standard fire assay technique generally used by exploration companies. Metallic screen fire assay involves three different assay methods, the results of which are tabulated to a calculated average. The Company's 1000 gram samples cost on average two times the amount of a standard fire assay.) The above technical information has been reviewed and approved by Mr. Ivor W.O. Jones, FAusIMM (CP), of Snowden, a qualified person for the purposes of NI 43-101 and one of the qualified persons for the Company's recent NI 43-101 Technical Report. The Company also wishes clarify the status of the assay data referenced in the Recent News Release, that being
- "Of these 6,817 infill core samples, 6,535 have been cut and shipped to Acme Analytical Laboratories Ltd. for screen metallic assay. Of the 6,535 samples in the lab, 4,802 have been analyzed and 1,733 are pending.
- In addition, 4,132 reject samples of Diamond drill holes conducted on Cow Mountain in 2011 have been assembled and will be shipped to the lab for metallic re-assays."
(Reject samples are any crushed core from the original core that were retained by the Company when the original core sample was shipped for assay analysis.)
The 6,817 samples are unsampled drill core from sections of drill holes that were previously selectively sampled. On completion of the preparation and shipment of all the samples the Company's geologists will then compile the results of core not previously assayed and now being assayed by metallic screen fire assay and the re-assay of the previously fire assayed samples and those results will be published. It is the Company's view that to release partial results from numerous incomplete holes would be misleading at this time.
Status of TSXV Reinstatement Application by the Company
As disclosed in its Recent News Release, the Company confirms that it continues to be in the process of, however, has not yet made, its formal application to the TSX Venture Exchange (the "TSXV") to have its common shares reinstated for trading (the "Reinstatement Application").
As previously disclosed, the Company continues to explore various financing options; including debt financing, forward gold sales or a gold streaming agreement; and, predicated on first securing the same, the Company confirms that it then intends to make its formal Reinstatement Application to the TSXV. Barkerville will continue to report on the progress of its pending Reinstatement Application and further financing options as information becomes available. and which the Company hopes that it will be in a position to do so shortly.
The Company's new corporate presentation is now available on its website and can found at the following link: http://www.barkervillegold.com/s/Presentations.asp.
The technical information contained in this news release has been reviewed and approved by the Company's Chief Geologist Jim Yin, PhD, P. Geo, a qualified person for the purposes of NI 43-101.
"J. Frank Callaghan"
J. Frank Callaghan
President and CEO
About Barkerville Gold Mines Ltd.
Since the mid-1990s the Company has focused on exploration and development of gold projects in the Cariboo Mining District in central B.C. The Company's mineral tenures cover 1,164 km2 along a strike length of 60 km and approximate width of 20 km, including the Cariboo Gold Project, the Bonanza Ledge Gold Project, the Barkerville Mountain and Island Mountain exploration targets and seven past producing hard rock mines. The QR Property was acquired in February 2010 and includes a 900 tonne/day gold milling facility and a permitted gold mine located approximately 110 km by highway and all-weather road from the Barkerville Gold Camp. The Company began pouring dor� gold in September 2010, continued until December 2011, and resumed in January 2013. In November 2010, the Company acquired a second permitted mill currently on care and maintenance in Revelstoke, B.C. The Company has completed significant drilling and exploration programs and, together with the historical data, is compiling all information to determine the geologic models and updated technical reports to continue with exploration and development of the Cariboo Gold projects. This news release has been prepared on behalf of the Board of Directors of the Company which takes full responsibility for its contents.
Cautionary Statement on Forward-Looking Information
Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions, including the listing and trading of the Company's common shares on the TSXV. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward- looking information include, among others, the Company's ability to engage and retain qualified key personnel, employees and affiliates, to obtain capital and credit and to protect its property rights.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
- Associated File: http://www.barkervillegold.com/i/pdf/NR-Aug21-2013.pdf
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