Shareholder Update on Cariboo Gold Project
Vancouver, British Columbia, March 1, 2012 - Barkerville Gold Mines (TSXV:BGM) (Frankfurt:1WUB) has issued an update to shareholders. The report summarizes the 2011 activities on its Cariboo Gold Project near Wells in central British Columbia, where the company has been active since the mid 1990s.
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During the period 1935 to 2011, a total of 7,183 drill holes, measuring 347,000 metres have been drilled on the Cariboo Gold Project.
The company will be accumulating all this data in preparation of an updated NI 43-101 resource estimation the company has commissioned for the Gold Quartz proposed open pit mine on Cow Mountain and to begin preparations for mining operations at its Bonanza Ledge open pit mine on the southwest flank of Barkerville Mountain.
During 2011, the company completed 238 diamond drill holes totalling approximately 58,000 metres, on both Barkerville and Cow Mountains, with assays still pending on 33 drill holes. 167 of these holes, totalling 43,000 metres were conducted on Cow Mountain to explore for gold in and around the proposed open pit. This resulted in the discovery of 3 new gold vein zones.
Another 29 drill holes, totalling 9,000 metres targeted the BC Vein on Barkerville Mountain. Most of these drill holes returned promising intercepts of pyrite and quartz veins. In addition, 16 holes totalling 1,900 metres followed up a new zone on Barkerville Mountain discovered by trenching. The remaining 26 holes on both Barkerville and Cow Mountains will be used to monitor water before and during mining.
Other highlights of the year include the acquisition of several properties within its 65 kilometre long gold belt, the acquisition of the remaining 50% of the Mosquito agreement and the purchase of the 3% net smelter return. An approximately 3 kilometre long exploration road was built in the Grouse Creek area and two drill pads were completed along the road. Construction of the haul road connecting the Bonanza Ledge gold mine and Barkerville Highway 26 was also completed.
The company's mineral tenures now cover more than 117,000 hectares, encompassing 7 past producing hard rock mines and 3 NI 43-101 gold deposits, including the QR Mine and Mill.
The company began pouring doré gold in September 2010, becoming Canada's newest gold producer, and continued until December 2011.
Barkerville is currently trading at $0.80 and with 107 million shares outstanding, is capitalized at approximately $86 million.
It's all happened before and it will all happen again. Might as well profit from it.
