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

Barkerville Gold Mines Ltd.

February 14, 2011 08:31 ET

Barkerville Extends New Discovery Zone on Barkerville Mountain to 125 Meters-Channels Hitting Up to 23.1m of 9.78 g/t Gold With Samples of Up to 268 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2011) - Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB) (the "Company") reports the remaining assay results of 2010 from 175 channel samples at the new discovery zone on Barkerville Mountain announced in September 2010 (see news release September 20, 2010). The new zone has now been mapped and extends the original discovery area to 125 meters long in trenching and up to 26 meters wide in 18 channels. A diamond drill program for the new discovery zone is slated to begin in March 2010. The Company is permitted to drill up to 900 holes for 193,500 meters on Barkerville Mountain over the next three years and is able to drill throughout the year. 

New highlights are as follows: 

Channel 2:   10.3 meters (33.7 feet) of 16.7 g/T (0.49 oz/t) gold including,
 --   5.5 meters (18.2 feet) of 30.6 g/T (0.89 oz/t) gold, and
 --   3.26 meters (10.7 feet) of 50.2 g/T (1.46 oz/t) gold
     
Channel 3:   15.8 meters (52.0 feet) of 4.61 g/T (0.13 oz/t) gold including,
 --   9.8 meters (32.1 feet) of 7.43 g/T (0.22 oz/t) gold, and
 --   1.1 meters (3.5 feet) of 40.5 g/T (1.18 oz/t) gold
     
Channel 4:   23.1 meters (75.8 feet) of 9.78 g/T (0.29 oz/t) gold including,
 --   10.1 meters (33.2 feet) of 22.3 g/T (0.65 oz/t) gold, and
 --   0.58 meters (1.9 feet) of 268.0 g/T (7.82 oz/t) gold
     
Channel 5:   16.9 meters (55.3 feet) of 1.64 g/T (0.05 oz/t) gold including,
 --   9.3 meters (30.5 feet) of 2.89 g/T (0.08 oz/t) gold
     
Channel 6:   17.5 meters (57.5 feet) of 4.72 g/T (0.14 oz/t) gold, including,
 --   6.6 meters (21.6 feet) of 12.4 g/T (0.36 oz/t) gold
     
Channel 8:   11.9 meters (39.0 feet) of 7.04 g/T (0.21 oz/t) gold, including,
 --   4.1 meters (13.5 feet) of 19.6 g/T (0.57 oz/t) gold

In total, 175 channel samples were collected from 18 channels along a large, 125 meter trench with the channel intervals being approximately 6 meters. 

The complete assay table for this news release is available at the following link: http://www.barkervillegold.com/s/DrillResults.asp.

The reconnaissance rock channel samples were collected with a geological hammer and put in plastic bags. The plastic sample bags were marked on the outside, using a black felt marker pen, with identifying samples numbers. In addition, the paper end-of-sample tags were placed inside the upper portion of the bags; the tops of the bags were tied closed with ribbons, sometimes the top of the plastic bags were secured with staples. After all the samples are placed in the rice bags at the mine site, they are transported by the Company's personnel to a shipping company in Quesnel, BC for trans-shipment to Eco Tech Lab (ETL) 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. Metallic gold assays were done to confirm the fire assay results considering existence of visible gold in the samples. ETL is certified under the Assayers Certification Program of B.C. 

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 2,000-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