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Barkerville Drilling Updates - Assays Pending
Vancouver, BC - Barkerville Gold Mines Ltd. (TSXV:BGM) (the "Company") reports an update to the
ongoing diamond drilling campaign at its projects in the Cariboo
Mining District in central B.C. 119 diamond drill holes (including 15 water
monitoring holes) have been completed thus far to the quarter ending August
31, 2011 over Barkerville and Cow Mountains
including the two new discovery areas. The Company has been informed that
minor delays at the assay labs have been overcome and that 30 drill holes
including several holes testing the potential extension of the new discovery
area (see News Release of
June 27th, 2011) along strike and on the opposite side (mine grid
south) of the Cariboo Gold Quartz Mine shall be
processed shortly. These holes have already been submitted with results now
anticipated within the first week of September. Subsequent drill holes should
be processed within regular timeframes. Drilling continues and assays will be
released as soon as they are received.
The Company currently has four diamond drill rigs running with a fifth rig
having arrived and will begin running this week. The Company is permitted to
drill up to 1200 holes on Barkerville and Cow
Mountains over the next three years. Campaigns include expansion drilling in,
around and below current 43-101 resources, the Cariboo
Gold Quartz Mine, BC Vein, the Bonanza Ledge Mine.
The Company's two new discovery areas on Cow Mountain and Barkerville
Mountain are also currently being drilled.
The access road to the Grouse Creek resumed last week where the Company is
permitted to drill up to 92 drill holes for 14,000 meters and has budgeted
$500,000 for this year. The permits allow for 46 drill pads, 25 test pits and
6.7 kilometers of exploration roads. Roadwork was delayed due to high amounts
of snowfall last season. The Company expects that the resumption of road
building will allow drilling to commence this year. The drill program is
targeting both replacement and quartz vein styles of gold mineralization
discovered during previous exploration seasons. Rocks sampling in 2008 returned
up to 313 g/t gold in the area (please
see news release of March 29, 2010).
The Grouse Creek area runs approximately 7 kilometers long and is South East
of Barkerville Mountain, immediately adjacent to
the Bonanza Ledge Zone. Grouse Creek is directly on trend with the past
producing, Cariboo Hudson Gold, Cariboo
Gold Quartz, Island Mountain Gold, Mosquito Creek Gold and Hard Scrabble
Tungsten/Gold Mines as well as the Bonanza Ledge Gold deposit, all within a
contiguous, 60 kilometer geological gold belt owned by the Company.
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
1,147 square kilometers, 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"
J. Frank Callaghan
President and CEO
Tel: (604) 669 - 6463
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