Barkerville announces $20,000,000 Equity Financing

Barkerville Gold Mines Ltd. (the "Company") has entered into an agreement with D&D Securities Inc. acting as lead agent and bookrunner together with M Partners Inc. as co-lead agent (together the "Agents") in connection with a private placement offering to issue up to 20,000,000 units at $1.00 per unit for gross proceeds of up to $20 million. Each Unit will consist of one common share and one-half of one common share purchase warrant with each whole warrant exercisable for a period of 18 months from Closing at a price of $1.25 per share. In addition, there will be an over-allotment provision or "greenshoe" for up to an additional 5,000,000 units. The Company will issue to the Agents that number of common shares equal to 7% of the gross proceeds raised and issue broker's warrants to purchase common shares in an amount equal to 10% of the aggregate number of shares issued, exercisable for a period of 18 months from Closing at $1.00 per share. The financing is to be completed on a best efforts basis, subject to the customary conditions including TSX-V approval. The proceeds will be used to fund further drilling, repay outstanding debt and for general corporate purposes. In conjunction with the private placement, insiders may purchase a portion of the Equity Financing.

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 now cover over 117,691.14 hectares, encompassing seven past producing hard rock mines and three NI 43-101 gold deposits, including the QR Mine & Mill. 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 kilometers by highway and all-weather road from the Barkerville Gold Camp. Mining operations commenced at QR in the first quarter of fiscal 2011 and the Company began pouring dor� gold in September 2010. In November 2010, the Company acquired a second permitted mill currently on care and maintenance in Revelstoke, B.C. for relocation to the Barkerville Gold Camp near Wells, B.C. and upgrade to a 3,000-tonne/day facility subject to government approvals. In November 2010 the Company and the Lhtako Dene First Nation also signed a Project Agreement in relation to its Bonanza Ledge and Cariboo Gold Projects. The Company has not hedged any of its future gold production.

The technical information in this News Release has been reviewed and approved by Chief Geologist Jim Yin, PhD, P.Geo, a qualified person as defined in National Instrument 43-101.

On behalf of the Board of Directors

"J. Frank Callaghan"