BCGold Corp.
TSX VENTURE : BCG

BCGold Corp.

November 27, 2006 10:00 ET

BCGold Corp. to Acquire Major Land Position in the Carmacks Copper-Gold Belt, Yukon

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 27, 2006) - BCGold Corp. ("BCGold" or "the Company") (TSX VENTURE:BCG) is pleased to announce that it has signed a letter agreement to acquire a 100% interest in 15 mineral properties ("Properties" or "Carmacks Copper-Gold Belt Properties") in the vicinity of and contiguous to the Minto and Carmacks (Williams Creek) copper-gold deposits in west-central Yukon.

BCGold has entered into a letter agreement with Mr. Shawn Ryan, a well-known and highly regarded Dawson City, Yukon-based prospector and project generator, to acquire 100% ownership in 557 mineral claims comprising more than 11,640 ha. The properties were staked based on their proximity to the Minto and Carmacks deposits, over areas with similar geological, geochemical and geophysical characteristics known to reflect near-surface, porphyry-style copper-gold mineralization.

Minto and Carmacks are porphyry-style, high grade bulk tonnage copper-gold deposits and are currently in the mine development and resource definition phases by their respective owners Sherwood Copper Corp. and Western Copper Corporation. Sherwood Copper Corp. is scheduled to commence commercial production at Minto in the second quarter of 2007 while production at Williams Creek is expected to start in the third quarter of 2008.

"It is not very often that one can acquire a claim package of such quality and size, in an under-explored region on the doorstep of two deposits in the mine development stage," says Mr. Brian P. Fowler, P.Geo., Vice President of BCGold. "The discovery potential for a "stand-alone" deposit and/or supplemental mill feed for the Minto and Williams Creek mining operations is excellent. One couldn't ask for better geological potential, logistics and project location."

BC Gold will be the Operator on the Properties and intends to advance them by conducting an aggressive, multi-disciplined exploration program in 2007. The Company will actively pursue joint venture partners/alliances to share exploration risk and expense.

BCGold can acquire a 100% interest in the Properties by making $300,000 in cash payments to Mr. Ryan, incurring a minimum of $900,000 in work expenditures on the Properties and issuing 1,000,000 Units to Mr. Ryan, over a four year term. Each "Unit" will consist of one common share of BCGold and one-half of one common share purchase warrant, each whole warrant being exercisable to purchase one common share of BCGold for two years following the date of issuance at a price per common share to be determined by taking the weighted average closing price of the common shares of BCGold on the TSX Venture Exchange (or such other stock exchange or quotation system as BCGold's shares may be traded or quoted on) for the twenty consecutive trading days immediately prior to the date of issuance plus 25%. All of the payment, expenditure and Unit obligations may be accelerated at BCGold's option. The acquisition is subject to TSX Venture Exchange approval.

A geological overview of the Carmacks Copper-Gold Belt and the Minto and Carmacks deposits can be found on BCGold's newly established website at www.bcgoldcorp.com.

Corporate Strategy

BCGold Corp. is a new resource-based junior mineral exploration company that believes British Columbia and Yukon hold the most promise for the discovery of significant new precious and base metal deposits, particularly in under-explored historic mining and exploration districts. BCGold acquires and advances conceptual, early and mid-stage, quality exploration opportunities towards resource development, primarily by joint venture with preferred partners in order to minimize share dilution and exploration risk.

ON BEHALF OF THE BOARD OF DIRECTORS

Freeman Smith, P.Geo., President and Chief Executive Officer

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.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • BCGold Corp.
    Sacha C. Fernandes
    Manager, Investor Relations
    (604) 773-7213
    or
    BCGold Corp.
    Freeman Smith, P. Geo
    President & CEO
    (250) 804-4931
    Website: www.bcgoldcorp.com