NEWS RELEASE
Brigus Gold Provides Update on Goldfields
Project
Halifax,
Nova Scotia; November 11, 2010 � In response to the November 10, 2010 news release
issued by GLR Resources Inc. (�GLR�), Brigus Gold
Corp. (�Brigus Gold� or the �Company�) (TSX and
NYSE Amex: BRD) advises that on October 28, 2010, it took proactive steps to
communicate and confirm with GLR, various deficiencies and contractual
breaches related to certain equipment originally ordered by GLR, in
connection with Brigus Gold�s wholly owned
Goldfields Project. The deficiencies were identified and confirmed by
independent consulting engineers retained by Brigus
Gold.
The
dispute with GLR, from whom Brigus Gold acquired
the Goldfields Project in 2009, has absolutely no bearing on Brigus Gold�s plans to continue to advance its Goldfields
Project in Saskatchewan. Brigus is committed
to industry best practices and will use only high quality equipment in the
construction and development of the Goldfields and any other project.
The
Goldfields Project is a quality asset and pending a final development
decision anticipated by June 2011, Brigus Gold intends
to develop the Goldfields Project into a producing gold mine within the
current development schedule as early as 2013.
About Brigus Gold
Brigus Gold is a growing gold producer committed to
maximizing shareholder value through a strategy of efficient production,
targeted exploration and select acquisitions. The Company operates the wholly
owned Black Fox Mine in the Timmins Gold District of Ontario,
Canada. The Black Fox Mine is located in the Township of Black
River-Matheson, Ontario, Canada. Brigus Gold is
also advancing the Goldfields Project located near Uranium City,
Saskatchewan, Canada, which hosts the Box and Athona
gold deposits. In Mexico, Brigus Gold holds a 100
percent interest in the Ixhuatan Property located
in the state of Chiapas, and an 80 percent interest in the Huizopa Joint Venture, an early stage, gold-silver
exploration joint venture located in the State of Chihuahua. In the Dominican
Republic, Brigus Gold also has a joint venture
covering three mineral exploration projects.
Contact Information:
Wendy Yang, Vice President of Investor Relations
Phone: 303-524-3203
E-mail: ir@brigusgold.com
Sean
Tufford, Director of Investor Relations
Phone: 902-422-1421 Toll Free: 1-866-785-0456
Email: stufford@brigusgold.com
Website:
www.brigusgold.com
Cautionary and
Forward-Looking Statements
Statements
contained in this news release which are not historical facts are
forward-looking statements that involve risk, uncertainties and other factors
that could cause actual results to differ materially from those expressed or
implied by such forward-looking statements. All statements regarding
the ability of the Company to develop the Goldfields Project to become a
producing mine are forward-looking statements and estimates that involve
various risks and uncertainties. This forward-looking information
includes, or may be based upon, estimates, forecasts, and statements as to
management's expectations with respect to, among other things, the outcome of
legal proceedings, the issue of permits, the size and quality of the
company's mineral resources, progress in development of mineral properties,
future production and sales volumes, capital and mine production costs,
demand and market outlook for metals, future metal prices and treatment and
refining charges, and the financial results of the Company.
Important
factors that could cause actual results to differ materially from these
forward-looking statements include environmental risks and other factors
disclosed under the heading �Risk Factors� in Brigus
Gold�s most recent annual report on Form 10-K filed with the United States
Securities and Exchange Commission and elsewhere in Brigus
Gold�s documents filed from time to time with the Toronto Stock Exchange, the
NYSE Amex Equities, the United States Securities and Exchange Commission and
other regulatory authorities. All forward-looking statements included
in this news release are based on information available to the Company on the
date hereof. The Company assumes no obligation to update any forward-looking
statements, except as required by applicable securities laws.
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