Barkerville Gold Mines Ltd.

Barkerville Gold Mines Ltd.

February 10, 2011 08:31 ET

Barkerville Intercepts 16.7 Meters Grading 15.9 g/T Gold in Replacement Mineralization on Cow Mountain and Hits 32.6 Meters Grading 10.8 g/T Gold 190m NW of Cariboo Gold Quartz Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2011) - Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB) (The "Company") announces the final results from its 2010 drill program at Cow Mountain and Barkerville Mountain. This last round of drilling for 2010 includes the discovery of replacement style gold mineralization on Cow Mountain and quartz-pyrite vein hosted gold mineralization approximately 190 meters mine grid NW of the Cariboo Gold Quartz proposed open pit mine. Highlights include:

  • 15.9 g/T gold over 16.7 meters (55.0 feet), including 42.0 g/T gold 3.0 meters (10.0 feet) and 27.3 g/T over 5 meters (16.4 feet) - (DDH CM10-13, semi massive to massive pyrite replacement mineralization in light grey/grey calcareous phyllite with lesser quartzite)
  • 10.8 g/T gold over 32.6 meters (107.0 feet), including 30.6 g/T gold over 10.7 meters (35.1 feet) - (DDH CM10-18, quartz-pyrite veins and pyrite blebs within argillite with lesser/minor quartzite, located approximately 190 meters mine grid NW of the proposed pit)

The Company also announces the start of the 2011 drill campaign on Cow Mountain. This year's drill program is intended to extend the proposed pit an additional 300 feet below the current resource level in an effort to double the tonnage of the current NI 43-101 resource. At the same time, drilling to twin some older, non-43-101 compliant drill holes is underway in an effort to return the resource to historic levels. Additional drill plans for this year to expand on the two new developments announced today will be forthcoming and the Company is already permitted to drill another 178 drill holes on top of the current 122 drill hole program underway on Cow Mountain.

J. Frank Callaghan states, "These are exciting developments around the proposed Cariboo Gold Quartz mine. The current NI 43-101 resource and our past drilling here have been based on gold hosted in a quartz stockworks. Finding gold in replacement mineralization similar to the style found at Bonanza Ledge and the neighboring historic Island Mountain Mine brings a new dimension to Cow Mountain. Additionally encountering a higher grading gold in quartz-pyrite veins 190 meters outside of the Cariboo Gold Quartz proposed open pit area really brings up the potential to extend the mineralized area."

Additional drilling on Cow Mountain was done in 2010 to test the footprint bounds of the Cariboo Gold Quartz proposed pit right to the historic tailings lake at the foot of the mountain.

The Company drilled an additional 10 holes (included in the final 2010 drill results) on Barkerville Mountain that were designed to provide a better understanding of the BC Quartz Vein and any possible extension of fine-grained pyrite replacement mineralization around the Bonanza Ledge gold deposit.

Full assay tables of the 2010 drill program are available on our website. To view, please visit the following link:

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)