Barkerville Gold Mines Ltd.

Barkerville Gold Mines Ltd.

August 31, 2011 02:22 ET

Barkerville Increases Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2011) - Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB) (the "Company") announces that it has increased its Board of Directors to six with the appointment of Mr. David McMillan and Mr. Minaz Dhanani (CFO and Corporate Secretary) to join the re-elected J. Frank Callaghan (President and CEO), Andrew H. Rees, Craig Thomas and Farshad Shirvani as directors. The expanded Board will facilitate the Company's recent transition into gold production and will look to add directors in the future as it expands its operational and exploration programs and pursues strategic opportunities. The Company put its first gold mine into production approximately one year ago and anticipates it will have the Mines Act permit to put its second gold mine, Bonanza Ledge into production shortly.

Mr. McMillan has extensive experience in corporate finance M&A, and capital markets. He was an officer and director of a national securities firm until 2000. He holds board positions on several publicly traded mining and oil & gas companies and is an advisor to various venture capital companies.

Mr. Dhanani has been the CFO of the Company since 2008.

The appointments are subject to regulatory approval.

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.

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.

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