BCGold Corp.
TSX VENTURE : BCG

BCGold Corp.

July 02, 2009 13:11 ET

BCGold Corp. Engineer Mine Property Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 2, 2009) - BCGold Corp. ("BCGold" or the "Company") (TSX VENTURE:BCG) announces that pursuant to the Engineer Mine Property Agreement, Amendment No.2, the Company has elected not to proceed with de-watering the lowermost mine workings at this time. By the terms of the amended agreement, dated March 9, 2009, BCGold has made a $30,000 payment to the property vendor, Engineer Mining Corp ("EMC") on July 1, 2009. This cash payment allows BCGold to defer dewatering Engineer Mine indefinitely and nullifies a previous 30% net profits interest agreement with EMC for the sale of gold extracted from a specified section of the Double Decker vein between the 5th and 8th mine levels. BCGold retains an option to earn 100% interest in the Engineer Mine Property with no underlying royalties.

The decision not to dewater at this time was based primarily on the expense and unknowns associated with dewatering and rehabilitating long-since abandoned mine workings. The Company has limited means and capital and at this time is concentrating its exploration dollars on the Carmacks Copper-Gold Properties in Yukon, which management believes presents the most exploration upside and value to shareholders. The Company will continue to evaluate a number of exploration and development proposals for the Engineer Mine Property, which could include drilling later this year or proceeding by joint venture agreement with another party.

"This was a difficult decision for the Company" cites Brian P. Fowler, P.Geo., President and Chief Executive Officer of BCGold. "Management carefully weighed all associated costs, risks and impact on the Company's share structure in formulating this decision. The Company remains convinced the exploration and development potential for the Engineer Mine Property is excellent, and BCGold will only advance the property within its means in a deliberate and responsible fashion".

About BCGold Corp.

BCGold Corp. (TSX VENTURE:BCG) is a Vancouver-based junior resource company focused on copper and gold exploration in under-explored historic mining and exploration districts in British Columbia and Yukon. BCGold Corp. acquires and develops conceptual, early and mid-stage, exploration opportunities and advances them towards resource development by using internal expertise, engaging preferred joint venture partners, and creating strategic alliances with major exploration and mining companies.

On behalf of the Board of Directors,

Brian P. Fowler, P. Geo., President & CEO

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future payments, expenditures and unit issuances and exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing of future payments, expenditures and unit issuances and the timing and success of future exploration, development and production activities.

Neither 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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