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Barkerville Gold Mines Ltd. (TSX VENTURE:BGM
- News;
FRANKFURT:IWUB
- News; the
"Company") has released its third quarter 2010 financial statements
and related management discussion and analysis. The Company recognized
$1,740,141 in revenue from sales of 1,223 ozs of
gold at $1,422.847/oz. The Company reports a net loss of $21,657,285 for the
period ended November 30, 2010 or $0.34 per share as compared to a net loss
of $5,218,497 or $0.12 per share for the period ended November 30, 2009.
J. Frank Callaghan says, "Reporting
our first quarter of revenue from gold production is an important milestone
for the Company. We look forward to continuing production ramp up and an
aggressive exploration and drilling program to expand current gold resources."
The first gold dore
bar from the QR Mine and Mill was poured on September 8th weighing 314.1 troy
ounces (9.77 kg). Production ramp-up and mill optimization continued
successfully through the quarter with continuous gold dore
production through the facility's CIP and gravity circuits. For the quarter,
the Company shipped a total of 10 gold dore bars
totaling 98.904 kg to Johnson Matthey, a gold refiner located in Brampton,
Ontario. The sale of the first 6 bars was settled during the quarter with the
sale of bars 7 through 10 settling the following month in the subsequent
quarter.
Interim financial statements, MD&A
and related documents have been filed and can be viewed on SEDAR at www.sedar.com.
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 or Toll Free: 1-800 663-9688
(604) 669-3041 (FAX)
www.barkervillegold.com
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