Barkerville Gold Mines Ltd.

Barkerville Gold Mines Ltd.

February 15, 2012 10:10 ET

Barkerville Gold Mines Intercepts 27.4 Meters (90.0 Feet) of 7.09 g/T (0.207 oz/t) Gold

Including 12.2 Meters (40.0 Feet) of 15.7 g/T (0.457 oz/t) Gold & Including 9.1 Meters (30.0 Feet) of 20.8 g/T (0.606 oz/t) Gold & 2011 Drilling Programs Completes on Cow Mountain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 15, 2012) - Further to the news releases on the high grade VG-cosalite-quartz-pyrite zones discovered by the Company on Cow Mt. reported respectively on June 27, July 26, September 13, October 18 and December 12, Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB) (the "Company") reports more significant intercepts of 2011 drill results conducted on Cow Mt. recently.

Highlights include (Table 1):


  • 27.4 m (90.0 feet) of 7.09 g/T (0.207 oz/t) gold between 215.2 and 242.6 meters (706.0' and 796.0')
    • including 12.2 meters (40.0 feet) of 15.7 g/T (0.457 oz/t) gold between 215.2 and 227.4 meters (706.0' and 746.0')
      • including 9.1 meters (30.0 feet) of 20.8 g/T (0.606 oz/t) gold between 215.2 and 224.3 meters (706.0' and 736.0')


  • 3.6 m (11.8 feet) of 6.56 g/T (0.191 oz/t) gold between 44.8 and 48.4 meters (147.0' and 158.8')


  • 4.7 m (15.5 feet) of 11.313 g/T (0.330 oz/t) gold between 213.8 and 218.5 meters (701.5' and 717.0' )
    • including 1.2 meters (4.0 feet) of 43.382 g/T (1.265 oz/t) gold between 215.5 and 216.7 meters (707.0' and 711.0')


  • 15.4 m (50.6 feet) of 3.59 g/T (0.105 oz/t) gold between 352.7 and 368.1 meters (1,157.0' and 1,207.6')
    • including 8.9 meters (29.1 feet) of 5.98 g/T (0.174 oz/t) gold between 354.8 and 363.7 meters (1,164.0' and 1,193.1')


  • 4.1 m (13.6 feet) of 22.328 g/T (0.651 oz/t) gold between 143.6 and 147.7 meters (471.0' and 484.6')


  • 22.7 m (74.5 feet) of 5.736 g/T (0.167 oz/t) gold between 55.7 and 78.4 meters (182.8' and 257.3')
    • including 14.8 meters (48.5 feet) of 8.679 g/T (0.253 oz/t) gold between 57.2 and 71.9 meters (187.5' and 236.0')
      • including 5.0 meters (16.5 feet) of 22.911 g/T (0.668 oz/t) gold between 66.9 and 71.9 meters (219.5' and 236.0')


  • 23.5 m (77.2 feet) of 5.597 g/T (0.163 oz/t) gold between 193.4 and 217.0 meters (634.6' and 711.8')
    • including 10.0 meters (32.7 feet) of 12.52 g/T (0.365 oz/t) gold between 197.2 and 207.2 meters (647.0' and 679.7')
      • including 4.2 meters (13.7 feet) of 26.763 g/T (0.781 oz/t) gold between 197.2 and 201.4 meters (647.0' and 660.7')


  • 7.7 m (25.3 feet) of 8.560 g/T (0.250 oz/t) gold between 90.8 and 98.5 meters (298.0' and 323.3')
    • including 1.9 meters (6.3 feet) of 34.053 g/T (0.993 oz/t) gold between 96.6 and 98.5 meters (317.0' and 323.3')


  • 11.1 m (36.3 feet) of 12.75 g/T (0.372 oz/t) gold between 21.5 and 32.6 meters (70.7' and 107.0')
    • including 3.0 meters (9.7 feet) of 47.627 g/T (1.389 oz/t) gold between 21.5 and 24.5 meters (70.7' and 80.4')

The significant intercept of drill holes CM11-74 mentioned above includes a high grade (40%) pyrite replacement band in grey/tan colored phyllite between 221.8 meters (727.7 feet) and 223.5 meters (733.4 feet).

All the significant intercepts described above and in Table 1 may not be the true width. The true width will be figured out after assay results of more drill holes at the same setups are received.

2011 Drilling Program on both Cow and Barkerville Mt. were completely finished by December 23, 2011 and results will be released as they become available. In total, 235 drill holes, which includes those got stuck and abandoned, were conducted on both Cow and Barkerville Mountains. These drill holes include 167 exploration drill holes conducted on Cow Mt., 46 exploration (41) and environmental (5) drill holes on Barkerville Mt., and 22 monitoring water holes on both Cow and Barkerville Mountains. Pending assay results of the other drill holes will be published as soon as they are received.

Drill core processing included descriptive logging and sampling for geochemical analyses. The NQ & NQ2-size drill core was cut/split in two halves using saws and 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 ALS Minerals in North Vancouver and Inspectorate Exploration & Services Ltd. in Richmond, B.C. for analysis. Sample preparation and geochemical assaying is done at ALS and Inspectorate Labs respectively, following their own internal standards for quality control and verification. The gold assaying method uses a standard fire assay with AA finish and a metallic gold assay for those samples with visible gold. Both ALS and Inspectorate are 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 1,147 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 the first quarter of fiscal 2011 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 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)