Barkerville Gold Mines Ltd.

Barkerville Gold Mines Ltd.

September 29, 2010 08:32 ET

Barkerville Completes 22 Hole Drill Program to Expand Gold Resource at Bonanza Ledge-Additional Sample Assays Pending From New Discovery

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2010) - Barkerville Gold Mines Ltd. ("BGM" or "the Company") (TSX VENTURE:BGM)(FRANKFURT:IWUB) reports the results of the last infill hole, BC10-11, at the Bonanza Ledge deposit on Barkerville Mountain in central British Columbia. In total, 22 diamond drill holes completed since August of 2009 will now be added to the previous resource model (refer to September 10, 2009 news release).

BC10-11 intercepted 26.7 meters grading 2.58 g/T gold between 64.2m - 90.9m including:

  • 18.4 meters between 64.2m - 82.6m of 3.66 g/T gold

The 22 drill holes yet to be added to the resource include BC10-11 and holes previously released on: September 17, 2009, October 5, 2009, October 7, 2009, October 26, 2009 and September 20, 2010.

BC10-11 was conducted mine grid southwest of the Bonanza Ledge Zone. Mintec, an independent consulting company of Tucson, AZ, USA, planned the 22 diamond drill infill holes at the current resource in order to complete an expanded resource calculation and pit design for the Bonanza Ledge proposed open pit deposit. The expanded resource calculation is in progress and will be reported when completed.

In addition, 160 channel samples in total from the new discovery reported in the news release dated on September 20, 2010, have been shipped to Eco Tech Lab in Kamloops, B.C. for rush assay. Pending results will be released as soon as the assay results are received.

Drill core processing included descriptive logging and sampling for geochemical analyses. The NQ-size drill core was cut in two halves using a stationary rock saw at the company's Lowhee 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.

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. The Company began full production and pouring gold dore in September of 2010.

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 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.

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)