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

May 26, 2011 10:49 ET

Barkerville Assays Gold in First 10 Diamond Drill Holes for 2011 on The BC Vein-Up To 14.1m of 6 g/t and Up To 28.7 g/t Over 4.6m

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 26, 2011) - Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB) (the "Company") reports the assay results of its first 10 diamond drill holes for 2011 on the BC Vein located on Barkerville Mountain in central British Columbia. The Company has now traced the BC Vein for 2.2 km from the vicinity of the Bonanza Ledge deposit on Barkerville Mountain through to Cow Mountain. The Company currently has 3 drill rigs running on site with three more enroute and is permitted to drill 900 holes on Barkerville Mountain and 300 holes on Cow Mountain over the next three years. The BC Vein remains open along strike and at depth beyond its know depth of 1000 feet (304.8 m). Drilling continues and further assay results will be released as they are received from the lab. Highlights from BCV11-01 through 10 are as follows (see also Table 1 below):

  • 4.6 meters of 28.7 g/T gold between 106.7 and 111.2 meters (BCV11-01)
    - including 1.5 meters of 81.5 g/T gold between 109.7 and 111.2 meters
  • 3.7 meters of 13.9 g/T gold between 103.0 and 106.7 meters (BCV11-02)
  • 12.9 meters of 8.67 g/T gold between 165.4 and 178.3 meters (BCV11-04)
    - including 1.9 meters of 29.9 g/T gold between 165.4 and 167.4 meters and;
    - including 0.6 meters of 38.5 g/T gold between 172.0 and 172.6 meters
  • 4.0 meters of 6.96 g/T gold between 230.4 and 234.4 meters (BCV11-05)
  • 14.1 meters of 6.00 g/T gold between 101.2 and 115.3 meters (BCV11-06)
    - including 0.6 meters of 53.5 g/T gold between 107.0 and 107.6 meters
  • 11.0 meters of 10.2 g/T gold between 131.1 and 142.0 meters (BCV11-07)
  • 12.8 meters of 2.14 g/T gold between 137.0 and 149.8 meters (BCV11-08)
  • 9.7 meters of 11.7 g/T gold between 161.5 and 171.1 meters (BCV11-09)
  • 10.1 meters of 2.07 g/T gold between 148.9 and 159.0 meters (BCV11-10)

The BC Vein has been drill indicated to be 2.2 km in strike to date and up to 36 meters (120 feet) thick. Since 1999, about 190 drill holes have been drilled on and around the BC Vein. The Company has been permitted by government to drill 900 diamond drill holes on Barkerville Mountain for the next three years. Drilling will cover several programs on Barkerville Mountain which include: continuing to trace the BC Vein along strike and at depth, Bonanza Ledge style disseminated gold mineralization in the footwall of the BC Vein and the new discovery of a quartz stockwork gold mineralization in the hanging wall of the BC Vein (see News Release of March 21, 2011). The company has commissioned independent firms to work on the compiled database of all diamond drill holes completed since 1999 on the BC Vein in addition to drill data from Cow Mountain, Barkerville Mountain and Island Mountain since 2005 including current programs to establish and/or update NI 43-101 gold resources.

All the samples were analyzed by Eco Tech Lab. in Kamloops, BC. Assays include Au fire assay with AA finish, and 28 element ICP.

Drill core processing included descriptive logging and sampling for geochemical analyses. The HQ and NQ-size drill core was split in two halves using a splitter at the Company's Lowhee Creek Compound in Wells-Barkerville, central B.C. One-half of the core is put in a sample bag. After all the samples are placed in the rice bags at the mine site, they are transported by BGM's personnel to a shipping company in Quesnel for trans-shipment to Eco Tech Lab in Kamloops, B.C. Sample preparation and geochemical assaying is done at Eco Tech Lab, following their own internal standards for quality control and verification. The gold assaying method uses a standard fire assay with AA finish. ETL is certified under the Assayers Certification Program of B.C.

DDH#FROMTOWIDTHAuAg
FEETMETERg/Toz/tg/T
BCV11-0182.284.62.40.72.830.083N/S
233.5237.23.71.13.780.110N/S
320.0325.05.01.521.50.6276.6
350.0365.015.04.628.7*0.838*5.8*
including
360.0365.05.01.581.52.37716.8
BCV11-0275.078.03.00.91.860.054N/S
85.088.23.21.04.850.1411.0
338.0350.012.03.713.9*0.406*7.5*
395.0400.05.01.57.200.2101.6
415.0420.05.01.51.800.052N/S
BCV11-03134.0137.53.51.111.70.341N/S
309.3312.83.51.12.250.066N/S
466.0476.010.03.03.28*0.096*1.6*
BCV11-04211.0213.02.00.63.260.0951.1
381.9386.04.11.23.900.114N/S
407.0412.55.51.72.150.063N/S
542.8585.142.312.98.67*0.253*2.7*
including
542.8549.16.31.929.90.8723.4
564.5566.41.90.638.51.12320.8
BCV11-05247.1249.01.90.61.130.033N/S
741.5745.23.71.14.700.1373.2
756.0769.013.04.06.96*0.203*2.6*
including
758.3760.52.20.711.60.3383.0
934.0942.38.32.52.260.0661.6
BCV11-06310.0326.016.04.91.25*0.037*N/S
332.0378.446.414.16.00*0.175*N/S
including
338.4342.03.61.115.30.4461.7
351.1353.01.90.653.51.5607.1
365.5371.05.51.710.00.2921.6
376.0378.42.40.711.80.3441.8
BCV11-07102.3105.02.70.81.770.052N/S
360.1372.312.23.72.71*0.079*N/S
396.0404.08.02.41.47*0.043*N/S
430.0466.036.011.010.2*0.299*N/S
including
430.0446.016.04.918.1*0.52*4.8*
BCV11-08391.7396.54.81.51.880.055N/S
449.5491.542.012.82.14*0.063N/S
including
456.0457.71.70.512.30.3592.6
BCV11-09361.0366.05.01.52.120.062N/S
459.6461.31.70.511.50.3351.2
529.8561.531.79.711.7*0.341*6.1*
including
536.0546.010.03.027.2*0.794*15.6*
816.0823.27.22.23.100.090N/S
BCV11-10289.0291.82.80.94.610.134N/S
488.5521.733.210.12.07*0.060*N/S
602.0606.24.21.31.930.056N/S
Note:N/S - no significant assay; * weighted

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 1,225 square kilometers, 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 February 2010 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 it 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.

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 and CEO

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events and conditions and therefore involve inherent risks and uncertainties. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. All phases of the Company's operations are subject to environmental regulation and governmental approval and permits and there can be no assurance that the Company will obtain all the requisite permits for future development. Mining is an inherently risky business with large capital expenditures and cyclical metals markets.

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)
    www.barkervillegold.com