BCGold Corp.
TSX VENTURE : BCG
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BCGold Corp.

December 14, 2011 08:30 ET

BCGold Corp. Reports Bulk Sample Concentrate Grades up to 6,485.8 g/t Gold (189.2 Oz/Ton) from Engineer Gold Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2011) - BCGold Corp. (TSX VENTURE:BCG)(PINKSHEETS:BCGOF) (or the "Company") is pleased to report partial assay results from its 2011 bulk sampling and test milling program at the Engineer Gold Mine in northwestern British Columbia. The Company has received assay results for 815 kg of Table Concentrate (reported below in Table 1) that was produced while test milling six composite bulk samples mined from remnant portions of the Engineer and Double Decker Veins above 5-Level, in some cases outside and adjacent to the currently stated mineral resource. This material was previously categorized as waste material by conventional chip sampling and drilling.

Gold was recovered in up to three separate concentrates from the on-site mill's recovery circuit for each of the six bulk samples. The Company awaits assay results for approximately 190 kg of Sluice Concentrate and approximately 5 kg of High-Grade Gold Stream Concentrate in order to estimate diluted mining head grades for each bulk sample. These results are expected in January 2012.

Gold assay highlights from Engineer Vein Table Concentrate include the following:

  • Bulk Sample 505-3B assayed 6,485.8 g/t Au (189.2 oz/t).
  • Bulk Sample 505-3A assayed 1,324.1 g/t Au (38.6 oz/t).
  • Bulk Sample 505-5 assayed 1,382.2 g/t Au (40.3 oz/t).
Table 1 - Engineer Mine 2011 Bulk Sample Table Concentrate Gold and Silver Grades*
Bulk Sample Tonnes Milled Concentrate Produced
(dry kg
) Table Concentrate Grade
Gold g/t Gold oz/t Silver g/t Silver oz/t
DD Trench 9.4 15.5 379.3 11.1 244.6 7.1
505-2 40.7 167.5 204.8 6.0 231.4 6.7
505-3A 35.5 172.3 1,324.1 38.6 607.7 17.7
505-3B 68.9 173.5 6,485.8 189.2 934.8 27.3
505-5 69.7 228.1 1,382.2 40.3 826.7 24.1
505-6 21.9 58.7 621.2 18.1 414.4 12.1
Total 246.1 815.6* - - - -
* Table Concentrate is a product of the finishing shaker table of a mill's recovery circuit, where approximately 2% of the total rock mass is upgraded to a potentially marketable product. Table Concentrate is the largest by volume of the three concentrates collected by BCGold Corp. (Table, Sluice, and High-Grade Gold Stream) and is most-likely the lowest grade. By itself the Table Concentrate underestimates the contained amount of gold in the in-situ bulk sample and the grades from the other two gold concentrates are required to properly back calculate in-situ grades.

"We are very pleased with these preliminary bulk sample results from Engineer Mine," states Brian P. Fowler, P.Geo., President and CEO of BCGold Corp. "The results clearly indicate that substantial gold occurs in portions of the Engineer and Double Decker Veins where conventional, smaller samples obtained by drilling or chip sampling can grossly underestimate gold content. Management anticipates that remaining concentrate assay results and resultant diluted mining head grade calculations will more than justify additional exploration, mine de-watering, test mining and milling in 2012."

Pending Sluice Concentrate Assays

As part of the test milling process, a sluice tray was inserted into the milling circuit to capture the coarse gold fraction from the ball mill slurry prior to either being rejected by the 30 mesh screen deck or being pumped to the triple deck Deister tables. Approximately 190 kg (wet) of Sluice Concentrate was collected while processing the six bulk samples. The Sluice Concentrate is being processed by the Metallurgical Division of Inspectorate Exploration and Mining Services Ltd. ("Inspectorate"). A decision to either upgrade the Sluice Concentrate to a dore bar or sell to a smelter along with the Table Concentrate will be made once assay results have been received.

Pending High-Grade Gold Stream Concentrate Assays

Approximately 5 kg of High-Grade Gold Stream was cut into a separate concentrate while processing bulk sample 505-3B over the finishing shaker table. A 2 to 5 cm wide gold stream was observed and collected at the finishing table while processing this sample. The 5 kg sample has been shipped to the Metallurgical Division of Inspectorate to be processed into a gold-silver dore bar. A report of the final weight and bullion fineness of the dore bar is expected in January 2012.

Wire Gold Specimens

In addition to gold recovered from the gravity separation mill as concentrate, approximately 14 kg of high-grade roscoelite with >5% "wire" gold were recovered while mining bulk sample 505-5. These samples were collected prior to being crushed at the mill and management believes their value as mineral specimens is much greater than the actual gold content. Mineral specimen dealers are being contacted to assist in marketing these samples.

Metallurgical Study

Gekko Systems of Ballarat, Australia has been contracted to conduct bench-scale gravity and leach amenability test work in order to determine gravity recovery potential of the Engineer Mine mill feed. The metallurgy samples have been shipped to Gekko and results are expected within the first three months of 2012.

Darren O'Brien, P.Geo., Vice President Exploration for BCGold Corp. and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.

Images and video of BCGold Corp.'s bulk sampling and test milling at Engineer Mine this year can be viewed on the Company's website (http://www.bcgoldcorp.com/index.php?id=162).

About the Engineer Mine

BCGold Corp. owns a 60% interest in the Engineer Mine property, with an option to earn a 100% interest.

Engineer Mine was a high-grade gold producer that came to peak production in the mid-1920s and ceased operation in the early 1930s. More than 560 kg of gold and 278 kg of silver were officially produced at realized grades exceeding 39 g/t Au and 20 g/t Ag, from high-grade epithermal quartz-carbonate veins on six of eight mine levels.

There are more than 25 known veins on the property and only four have undergone limited production and exploration to date. All veins remain open at depth and little exploration has been conducted deeper than 200 metres below surface.

The Company consolidated its land position around Engineer Mine in 2010 by signing an option agreement to acquire a 100% interest in the adjacent Gold Hill property. The 2,100 hectare Gold Hill property includes the Happy Sullivan high-grade gold epithermal prospect and a 2.2 kilometre segment of the highly prospective Shear Zone "B" structure.

BCGold Corp.'s 2011 exploration and bulk sampling program (see October 6, 2011 press release at http://www.bcgoldcorp.com/index.php?id=127) is Phase I of a two-phase, three-year, $10.2 million exploration and development program designed to increase the mineral resource at Engineer Mine and take the property to near-term production.

About BCGold Corp.

BCGold Corp. (TSX VENTURE:BCG) is a Vancouver-based junior resource company focused on copper and gold exploration and development in under-explored historic and emerging mining 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. Currently, institutional investors hold 21% of the Company's outstanding shares and Kinross Gold Corporation holds 8%.

On behalf of the Board of Directors,

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

Some statements in this news release contain forward-looking information or forward-looking statements. These statements include, but are not limited to, statements with respect to future expenditures 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 and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the timing and success of future exploration, development and production activities. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

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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