Barkerville Gold Mines Ltd. : Barkerville Closes Acquisition of the Property and Royalty Interests from Mosquito Consolidated Gold Mines Limited
Jan 17, 2012
Vancouver, BC -- Barkerville Gold Mines Ltd. (TSXV:BGM) (the "Company") announces that it has closed the acquisition of all residual property interests owned by Mosquito Consolidated Gold Mines Limited ("Mosquito") in the Cariboo District near Wells, BC, under the terms previously disclosed on December 7, 2011 (News Release 11-35). These interests include a 50% interest in the Cariboo Gold Quartz Property, placer mining rights on the Mosquito Creek Property and a 3% Net Smelter Return royalty on the Cariboo Gold Quartz Mine Property, Island Mountain Mine Property and Mosquito Creek Mine Property (the "Mosquito Interests"). Pursuant to the letter agreement dated November 30, 2011 between the Company and Mosquito, Mosquito Interests were purchased by the Company for an aggregate consideration of $5,000,000.
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 doré 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.
On behalf of the Board of Directors
"J. Frank Callaghan"
J. Frank Callaghan
President and CEO
Tel: (604) 669 -- 6463
It's all happened before and it will all happen again. Might as well profit from it.
