Bashaw Capital Corp.

Bashaw Capital Corp.

October 11, 2005 14:19 ET

Bashaw Capital Cuts 12.42 g/t Gold Over 7.58 Metres at Mike Lake

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 11, 2005) - Robert Carne, President of Bashaw Capital Corp. (TSX VENTURE:BCV) is pleased to report that the first round of reconnaissance diamond drilling has encountered significant gold values in two of the four areas tested on its Mike Lake gold project in the Yukon.


North Zone
Hole NV05-2 - 7.67 g/t over 18.43 m
Hole NV05-12 - 12.42 g/t over 7.58 m

Spartan Vein
Hole SV05-1 - 5.80 g/t over 1.00 m

The 2005 drill program comprised 2220 metres of drilling in 18 diamond drill holes and tested four of the nine targets outlined to date over the property. Twelve holes tested the North Zone, a sulphide rich horizon that has been traced by geophysics for one kilometer and is still open under talus cover. All the holes yielded geochemically anomalous values with five of the six holes drilled over a 150 m strike length at the east end of the zone returning particularly good gold results.

"Mike Lake covers a very extensive mineralizing system and the results from the North Zone are especially encouraging because the 12.42 g/t gold over the 7.58 m intercept came from the hole drilled furthest to the east," states Bashaw Capital's president, Robert Carne, "so mineralization remains open along strike and at depth."

The most significant results are tabulated as follows.

Table I - Drill Results - North Zone

Hole From To Interval Gold
Number (m) (m) (m) (g/t)
NV05-1(i) 1.40 3.66 2.26 0.50
and 7.80 9.10 1.30 1.15
NV05-2 42.37 60.80 18.43 7.67
including 57.61 60.80 3.19 38.60
NV05-3 71.32 72.49 1.17 1.49
NV05-5 59.73 61.87 2.14 0.71
NV05-7(i) 106.74 107.75 1.01 0.67
NV05-12 75.74 83.32 7.58 12.42

(i) Only crossed part of the mineralized zone.

The only hole drilled at the Spartan Vein tested about 70 m downdip from a strong, well mineralized surface exposure (43.7 g/t gold across 0.91 m). The vein narrowed in the hole to only 15 cm; however, the interval that included the vein material still assayed 5.80 g/t gold across 1.00 m. Previous drilling at the Spartan Vein yielded intersections of 4.39 g/t gold over 1.40 m and 21.51 g/t gold over 1.28 m, which coupled with the 2005 assay suggests good grade potential especially if wider parts of the vein can be identified at structural junctions or sinusoidal flexures.

Two holes drilled at the Skarn Zone yielded long intervals of anomalous gold and copper values but failed to identify any zones of immediate economic interest. A third hole near the top of the gold-in-soil geochemical anomaly was abandoned in overburden because the drill site was unstable.

Two holes were attempted at the Birdie-Bindie Zone. The first was lost in overburden and the second yielded subeconomic gold values. These holes were located more than 300 m along strike from the main surface exposure and did not adequately test this target.

Five of the nine main target areas at the Mike Lake property received no drilling in 2005 and none of the nine was systematically tested. The untested areas include some of the most geochemically and geophysically prospective targets on the claim block. Many of these areas were assigned a lower priority in 2005 because they are logistically more difficult to access.

The first round of drilling, together with the geophysical surveys and geological mapping, has greatly advanced the Company's understanding of the very large mineralized system. An aggressive drill program is planned for 2006 using funds the Company has already raised.

The drill program at Mike Lake was performed under the supervision of W.A. Wengzynowski, P.Eng. who is the qualified person for NI43-101 purposes. All analyses were conducted at ALS Chemex in North Vancouver, B.C.


Robert C. Carne, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this news release.

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