Barkerville Gold Mines Ltd.
TSX VENTURE : BGM
FRANKFURT : IWUB

Barkerville Gold Mines Ltd.

February 23, 2010 10:42 ET

Barkerville's 2010 Drilling Program Underway

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2010) - Barkerville Gold Mines Ltd. ("Barkerville", the "Company") (TSX VENTURE:BGM)(FRANKFURT:IWUB) announces that the first phase for three of the Company's diamond drill programs has commenced on Barkerville Mountain, Cow Mountain and Island Mountain. The Company has budgeted $4,000,000 for exploration and development drilling in 2010, which may be expanded later in the year. Further, a drill program for the North Zone at the QR Mine will be announced when finalized and permitted. Highlights and plans are as follows:

Bonanza Ledge Zone

Based on the successes of previous drill programs at Barkerville Mountain, the Company plans to increase the drilling program for 2010. The Company has now budgeted for an initial 20,000-meter diamond drill program to explore at depth, along strike and within the Bonanza Ledge deposit area. Further drilling permit applications have been submitted to the BC Ministry of Energy, Mines and Petroleum Resources for approval.

Two HQ diamond drill holes have been recently completed in the Bonanza Ledge Zone to be used for ore sort samples. The samples have been shipped to Eco Tech Laboratory ("Eco Tech") in Kamloops, BC for the ore sort test, results of which are pending.

Five additional infill diamond drill holes proposed by Mintec Inc, an independent consultant to the Company, will be drilled to upgrade and increase resource of the gold deposit. A drilling permit has been submitted to the BC Ministry of Energy, Mines and Petroleum Resources for approval.

Red Gulch Zone (Island Mountain)

A diamond drill program has begun on Island Mountain, in an untested area northwest of Cow Mountain, along a 6-kilometer trend with the Company's Cariboo Gold Quartz and Bonanza Ledge deposits. The drill program is targeting both fine-grained pyrite replacement and quartz vein styles of gold mineralization, in large unexploited areas in and around the past-producing gold mines on Island Mountain.

The first of four initial diamond drill holes has been completed and logged with samples sent to Eco Tech for assays. Results are pending. Assays include Au fire assay with AA finish and 28 element ICP.

Cow Mountain

The Company has budgeted for an initial 20,000 meter large-scale surface and underground diamond drilling program within and beneath the proposed open-pit mine on Cow Mountain, as well as in the newly discovered area outside of the proposed pit area.

Based on the encouraging results and the discovery of a new rock-type containing gold mineralization from the diamond drill program at the end of 2009 (see news 10-03, January 18, 2010), an initial four diamond drill holes off two drill pads northwest of the Cariboo Gold Quartz proposed pit are in progress. Two holes have been completed to date and are being logged and sampled. All samples will be sent to Eco Tech for analysis.

The diamond drill program at the Cariboo Gold Quartz Mine will consist of 202 surface and underground holes. The purpose of this drill program will be two-fold:

1). Upgrade the current NI 43-101 resource back to the historic resource (estimate prior to NI 43-101 compliance) of over 1.01 million ounces at 4 g/t by twinning those historic (1980s) drill holes that have been excluded in the NI 43-101 resource estimate. It is expected that up to 50 of the 202 holes will be used to upgrade the resource.

2). Deepen the proposed pit and current 43-101 resource by 375 feet. The balance of the 202 diamond drill holes will be drilled from underground and target this area immediately beneath the current proposed pit from the 1200' Level (4,375 ft. elevation) down to the 1500' Level (4,000 ft. elevation). The drilling permit application is in process.

About Barkerville Gold Mines Ltd.

The Company has been developing its Cariboo Gold Project in Barkerville, B.C., which encompasses (from northwest to south east) the former producing Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (now on care and maintenance), Aurum Mine, Island Mountain Mine, Cariboo Gold Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson Gold & Silver Mine and the Cariboo Hudson Mine. The Company commenced operations in the Cariboo District in 1994 and since that time has focused on the exploration and development of its gold properties. Mineral tenures in the Historic Cariboo Goldfields encompass approximately 1,065 square km (106,484 hectares) over a 60 km long by 20 km wide belt. In the Barkerville Gold Camp, 101 creeks have reported placer gold production. Recorded gold production from the area totals more than 3.8 million ounces, including an estimated 2.64 million ounces from placer mining and 1.23 million ounces from lode mining. On February 2, 2010, the Company reported that it closed the acquisition of the QR Mine, Mill and its associated assets and began gold mining operations at the QR Mine.

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, President

This news release contains forward-looking statements regarding the timing and content of upcoming programs. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Barkerville Gold Mines Ltd.
    Andrew Rees
    Director
    604-669-6463 or Toll Free: 1-800-663-9688
    604-669-3041 (FAX)
    www.barkervillegold.com