VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2012) - BCGold Corp. (or the "Company") (TSX VENTURE:BCG)(PINKSHEETS:BCGOF) is pleased to announce that it has successfully dewatered 6 Level of the Engineer Mine and that dewatering of 7 Level is near completion. The Company is dewatering 6 and 7 Level of the underground mine workings to access the down-plunge extension of the 505-3 and 505-5 gold shoots discovered on 5 Level during the Company's 2011 bulk sampling of the Engineer Vein. The two gold shoots are a compelling exploration and bulk sampling target estimated to contain 6,000 to 8,600 tonnes between 5 and 7 Levels, grading 30 to 60 g/t Au, for up to 17,000 ounces of contained gold (see February 29, 2012 news release). One gold shoot is completely outside of the Inferred Mineral Resource previously defined by Snowden Mining Industry Consultants Limited.
The exploration crew is currently surveying, geologic mapping, and panel sampling the length of the Engineer Vein on 6 Level. Visible gold associated with roscoelite has been observed in the drift by BCGold Corp. geologists. From preliminary inspection it appears the old-time miners (circa 1925) drifted along the vein for approximately 84 metres but did not proceed with production mining.
The vein is open along strike in both directions on 6 Level. At the southwestern end the vein is observed to widen towards the end of the drift and is approximately 0.8 metres wide in the final face, which is near-vertical below the 505-3 gold shoot. At the northeast end the vein has flared into a stringer zone at the contact of a vertical fault. The old-timer miners stopped drift mining at the fault but subsequent drilling by BCGold Corp. and geological mapping on 5 Level have shown that the vein continues past the fault with only a minor offset. Drill hole BCGE10-11 intersected the vein approximately 25 metres past the fault, in what is now known to be part of the 505-5 gold shoot, and averaged 129.0 g/t Au over a 1.0 metre vein width (see December 1, 2010 news release). In addition to panel sampling the currently exposed vein, the mining crew will drill some short test holes into both ends of the drift to blast bulk sample material for processing at a later date.
Similar work will also be conducted on 7 Level when dewatering has been completed, estimated to be later this week. Historic level plans and records indicate that the old-time miners drifted along the Engineer Vein for approximately 173 metres, also with very little in the way of production mining, and that 7 Level was submerged under water shortly after the mine became a seasonal operation in 1928. The timber and ladders within the shaft and the narrow gauge track found on 6 Level are in excellent condition after being preserved under water. BCGold Corp. management expects the timber and track on 7 Level to be in similar condition.
Surface Exploration Update
BCGold Corp. is pleased to announce that a seven person exploration crew has commenced geological mapping, prospecting, soil and stream silt sampling over the 16 km2 Engineer Mountain volcanic complex approximately 2 km east of the current mine workings. The field portion of this program is expected to take approximately 2 weeks to complete. A major component of the program is to conduct a soil sampling orientation survey along a 3 km strike length of the Shear Zone "A" and Shear Zone "B" structures, targeting bulk-tonnage gold mineralization.
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.
About BCGold Corp.
BCGold Corp. (TSX VENTURE:BCG) is focused primarily on 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. Currently, institutional investors hold 21% of the Company's outstanding shares and Kinross Gold Corporation holds 5%.
BCGold Corp. is unique in that it not only exposes investors to the prospect of discoveries, but is also positioned to offset exploration costs by forward selling gold concentrate recovered from on-site processing of bulk sample material at the Company's high-grade gold Engineer Mine property.
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.