Barkerville Gold Mines Ltd.

Barkerville Gold Mines Ltd.

November 17, 2010 08:31 ET

Barkerville Receives Drill Permits for Exploration on Barkerville Mountain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2010) - Barkerville Gold Mines Ltd. (the "Company")(TSX VENTURE:BGM)(FRANKFURT:IWUB) announces that it has received drilling permits for 900 drill holes totaling 193,500 meters of drilling from the Government of British Columbia for exploration on Barkerville Mountain located in central British Columbia. The permit takes in all of Barkerville Mountain, an area of approximately 2,700 hectares encompassing the Company's Bonanza Ledge proposed open pit mine (currently in the BC Mines Act review process) and the new discovery area originally announced in September (see News Releases Sept 20, 2010 and Oct 4th 2010).

Detailed drill plans for winter 2010/2011 drill programs at the new discovery zone as well as beneath and along strike of the Bonanza Ledge proposed open pit will be announced as they are finalized.

J. Frank Callaghan, President & CEO states: "With the Company's gold production now fully underway, we are pleased to be able to focus on accelerating gold resource expansion and exploration. In the past, most of our resources were spent on the delineation and permitting of our two original gold deposits. This large exploration permit allows us to now aggressively explore the Bonanza Ledge area to depths largely unexplored and along a 2 km strike corridor. An exciting addition is the new discovery area 100 meters away from the proposed open pit having bedrock trenching samples returning up to 618 g/t gold and will be a significant part of this winter's drill program".

About Barkerville Gold Mines Ltd.

The Company continues to develop its Cariboo Gold Project in Barkerville, B.C., which encompasses (from northwest to south east) the former producing Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (now on care and maintenance), Aurum Mine, Island Mountain Mine, Cariboo Gold Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson Gold & Silver Mine and the Cariboo Hudson Mine. The Company commenced operations in the Cariboo District in 1994 and since that time has focused on the exploration and development of its gold properties. Mineral tenures in the historic Cariboo goldfields encompass approximately 1,112 square km (112,484 hectares) over a 60 km long by 20 km wide belt. In the Barkerville Gold Camp, 101 creeks have reported placer gold production. Recorded gold production from the area totals more than 3.8 million ounces, including an estimated 2.64 million ounces from placer mining and 1.23 million ounces from lode mining. The Company began gold dore production at its QR Mine in September 2010 and has not hedged any 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.

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)