BCGold Corp.
TSX VENTURE : BCG

BCGold Corp.

March 31, 2010 09:00 ET

BCGold Corp. Signs Agreement to Option Minto Area Property to Bling Capital Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2010) - (TSX VENTURE:BCG) – BCGold Corp. (or the "Company") is pleased to announce that the Company has entered into an Option Agreement with Bling Capital Corp. ("Bling") (TSX VENTURE:BLI.P) whereby, subject to regulatory approval, Bling can earn up to a 70% interest in BCGold Corp's 100% controlled Toe Property.

BCGold Corp. has granted Bling the option to acquire up to a 60% interest in the Toe Property ("Property") by making $250,000 in cash payments, $2,000,000 in exploration expenditures and issuing 400,000 shares of Bling to BCGold Corp. over a four year period. Bling can earn an additional 10% interest in the Property by completing a feasibility study during the following 3 years, thereby increasing Bling's total interest to 70%.

The 1,600 hectare Toe Property is one of BCGold Corp.'s 17 Minto/Carmacks Copper Gold Properties (16,985 hectares) in Yukon, strategically located proximal and adjacent to Capstone Mining Corp.'s currently producing, high-grade copper-gold Minto Mine and Western Copper's recently permitted Carmacks Copper Project. BCGold Corp. is the largest land holder in the Carmacks Copper-Gold Belt, having spent approximately $3.5 million in exploration over the past 3 years and advancing 7 properties to the drill-ready stage.

The Toe Property is located 7 kilometers northwest of the Minto mine, along the "Minto Trend" and 255 kilometres northwest of Whitehorse, Yukon. The Toe Property is drill-ready and hosts a number of "Minto-type" copper-gold targets. As part of the Option Agreement, Bling is required to conduct a $350,000 work program, which is to include up to 1,000 metres of diamond drilling on the Toe Property in 2010. BCGold Corp. will be the operator for this drill program and receive a 10% operator's fee.

Details of the agreement are as follows:

1) Subject to the approval of the TSX Venture Exchange, Bling will make the following cash payments and share issuances:

a) 100,000 common shares and a cash payment of $25,000 to BCGold on or before the execution date of the agreement; and

b) 100,000 common shares and a cash payment of $25,000 to BCGold on or before June 1, 2011; and

c) 200,000 common shares and a cash payment of $55,000 to BCGold on or before June 1, 2012; and

d) A cash payment of $50,000 to BCGold on or before June 1, 2013; and

e) A cash payment of $100,000 to BCGold on or before June 1, 2014.

2) Bling will make staged exploration expenditures on the property totaling $2,000,000 within four years of the Option Agreement. Year 1expenditures will be a minimum of $350,000, with advance expenditure cash payments of $200,000 required by June 1, 2010 and $150,000 by August 1, 2010. Year 2 expenditures will be a minimum of $350,000 in advance expenditure cash payments and Year 3 and Year 4 expenditures will be a minimum of $650,000.

Upon incurring a minimum of $1,000,000 in exploration expenditures and providing that all cash payments and share issuances have been made, Bling will be vested with a 50% interest in the Pepper Property.

Upon a final cash payment of $100,000 and providing exploration expenditures and advances total $2,000,000 or more by June 1, 2014, Bling will be vested with an additional 10% interest for a total property interest of 60%. A joint venture will be formed upon Bling earning this 60% interest and Bling will become the operator of the Property.

3) Bling can earn an additional 10% interest in the Property by completing a feasibility study within 3 years of earning a 60% interest, for a total property interest of 70%.

4) The Toe Property is subject to a 2.5% net smelter returns royalty interest held by BCGold Corp. and a third party.

First Year Work Program

A $350,000 exploration program to be conducted by Bling for Year 1 is scheduled to commence in mid August 2010, and is expected to consist of up to 1,000 metres of core drilling in 2 to 4 holes. Drilling will be focused on testing a number of coincidental soil geochemical and geophysical anomalies believed to represent significant copper-gold mineralization at depth.

About BCGold Corp.

BCGold (TSX VENTURE:BCG) is a Vancouver-based junior resource company focused on copper and gold exploration in under-explored historic and emerging mining districts in British Columbia and Yukon. BCGold acquires and develops conceptual, early and mid-stage, exploration opportunities and advances them towards resource development by using internal expertise, engaging preferred joint venture partners, and creating strategic alliances with major exploration and mining companies.

On behalf of the Board of Directors,

Brian P. Fowler, P. Geo., President & CEO

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future payments, expenditures and unit issuances and exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing of future payments, expenditures and unit issuances and the timing and success of future exploration, development and production activities.

Neither 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.

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