Barkerville Gold Mines Ltd.

Barkerville Gold Mines Ltd.

November 15, 2010 08:31 ET

Barkerville Announces $5 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2010) - Barkerville Gold Mines Ltd. (the "Company") (TSX VENTURE:BGM)(FRANKFURT:IWUB) announces that it has arranged a private placement financing (the "Offering") of up to 3,846,154 shares at $1.30 per share for gross proceeds of up to $5,000,000 with D&D Securities Inc. In connection with the Offering, commissions will be paid by the Company issuing shares equal to up to 5% of the aggregate number of shares issued under the Offering and issuing share purchase warrants equal to up to 5% of the aggregate number of shares issued under the Offering, exercisable for twelve months at $1.30 per share. The proceeds of the Offering will be used, subject to approvals under the Mines Act, to commence mining operations at the Bonanza Ledge proposed open pit mine, further development and drilling of the Company's assets and for general corporate purposes.

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 1,112 square km (112,484 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.

On behalf of the Board of Directors

J. Frank Callaghan, President and CEO

Neither the 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.

Contact Information

  • Barkerville Gold Mines Ltd.
    J. Frank Callaghan
    President and CEO
    604-669-6463 or Toll Free: 1-800-663-9688
    604-669-3041 (FAX)