Barkerville Gold Mines Ltd.

TSX VENTURE : BGM
FRANKFURT : IWUB


Barkerville Gold Mines Ltd.

April 05, 2013 17:25 ET

Barkerville Gold Mines Ltd. Provides Technical Update on Cariboo Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 5, 2013) - Barkerville Gold Mines Ltd. ("Barkerville" or the "Company") (TSX VENTURE:BGM)(FRANKFURT:IWUB) wishes to provide and report on the status of its response to the cease trade order (the "CTO") issued by the British Columbia Securities Commission (the "BCSC"), and disclosed in the Company's news release dated August 15, 2012.

The Company reminds shareholders that the CTO will remain in place until the Company files a National Instrument 43-101 technical report acceptable to the BCSC and addresses all technical disclosure concerns.

On March 22, 2013, Barkerville submitted a comprehensive response letter and an updated draft technical report on its Cariboo Gold Project (the "Updated Technical Report Draft") to the BCSC for its review in connection with the CTO. The Updated Technical Report Draft, co-authored by Peter T. George, P. Geo., of Geoex Limited ("Geoex"), Ivor W.O. Jones, FAusIMM(CP), of Snowden Mining Industry Consultants Inc. ("Snowden"), and Michael B. Dufresne, M.Sc., P. Geol, of Apex Geosciences Ltd., is intended to replace the technical report filed by the Company in August 2012, and to address the disclosure issues raised by the BCSC. Snowden and Apex are independent mining and geological consulting firms that have not previously reported on the Cariboo Gold Project.

Snowden assisted Geoex and the Company in their review of the most appropriate estimation method to be applied to the drilling results for Cow Mountain, completed an independent Mineral Resource estimate for the Cow Mountain sector of the Cariboo Gold Project and reviewed QA/QC and data verification employed at Cow Mountain. Snowden also assisted in making recommendations for the Cariboo Gold Project that are included in the Updated Technical Report Draft. Apex assisted Geoex in defining the exploration targets for the Cariboo Gold Project.

On April 4, 2013, the BCSC issued a comment letter to the Company on the Updated Technical Report Draft. The Company, Snowden and Geoex are currently working to address the BCSC's comments and the Company presently expects that it will be filing a response letter and revised technical report for the BCSC to review by mid to end of next week.

J. Frank Callaghan, President and CEO

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 cover 1,164 km2 along a strike length of 60 km and approximate width of 20 km, 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. The Company began pouring doré gold in September 2010, continued until December 2011, and resumed in January 2013. In November 2010, the Company acquired a second permitted mill currently on care and maintenance in Revelstoke, B.C. 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 completed significant drilling and exploration programs and, together with the historical data, is compiling all information to determine the geologic models and updated technical reports to continue with exploration and development of the Cariboo Gold projects.

This news release has been prepared on behalf of the Board of Directors of the Company which takes full responsibility for its contents.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions, including the listing and trading of the Company's common shares on the TSX Venture Exchange. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward- looking information include, among others, the Company's ability to engage and retain qualified key personnel, employees and affiliates, to obtain capital and credit and to protect its property rights.

The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.

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.

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