Blue Gold Mining Inc.
TSX VENTURE : BGX

Blue Gold Mining Inc.

October 11, 2012 07:00 ET

Blue Gold Intersects 304.2 Metres of 0.44 g/t Gold and 0.15% Copper at Ball Creek Project, Northwestern BC

Best Drill Hole to Date Confirms Main Zone Mineralization is Open to South and West

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2012) - Blue Gold Mining Inc. (TSX VENTURE:BGX) ("Blue Gold") is pleased to announce strong intervals of gold and copper porphyry mineralization from step-out holes at the Main Zone on the Ball Creek Project (the "Project") in northwestern British Columbia.

Hole BC12-54 was drilled to a depth of 307.0 metres and returned 0.44 g/t gold and 0.15% copper over its entire length including 0.50 g/t gold and 0.24% copper over 102.0 metres. Hole BC12-54 was a northwesterly directed hole on the same cross-section as previously reported hole BC12-48 (see Blue Gold news release dated September 27, 2012) and the results clearly highlight the potential for extending the known porphyry mineralization to the south and west.

New highlight drill results

Southern Main Zone: Hole BC12-54 on the southwestern edge was mineralized from surface to the bottom of the hole and returned:

  • 0.44 g/t gold and 0.15% copper over 304.2 metres including:
    • 0.50 g/t gold and 0.24% copper over 102.0 metres

Central Main Zone: Hole BC12-50 was a 300 metre step-out designed to test the central part of the Main Zone in an area with little previous work and returned:

  • 0.24 g/t gold and 0.09% copper over 336.3 metres including:
    • 0.32 g/t gold and 0.15% copper over 126.8 metres starting from surface and;
    • 0.39 g/t gold and 0.14% copper over 42.0 metres starting at depth of 305.0 metres

For a complete table of 2012 drill results, please click:
http://bluegoldmining.com/sites/default/files/ballcreekdrillresults1210.pdf

To view maps and cross sections with 2012 drilling at Main Zone, please click:
http://bluegoldmining.com/sites/default/files/ballcreekcrosssections_1210.pdf

"With the best holes to date continuing to expand mineralization to the south, the 2012 drill program has clearly demonstrated that the gold and copper porphyry mineralization at the Main Zone is more widespread than previously thought. It is also clear that, despite the aggressive step-out drilling campaign, we have yet to define the limits of mineralization," states Dr. Mark O'Dea, President and CEO of Blue Gold.

The Ball Creek project may be the next in what are a series of large copper-gold porphyry deposits that characterize this region of northern BC. Ball Creek is ideally suited for development given it is located eight kilometres from road, air strip and power needs. Results of the multi-faceted program are now being integrated into comprehensive geological and exploration models.

All technical information contained in this release has been reviewed and approved by Scott Heffernan, P. Geo., Vice-President - Exploration for Blue Gold and a "qualified person" within the meaning of National Instrument 43-101. Historic exploration work and drill assays completed by Paget Minerals have not been verified by Mr. Heffernan; however Paget Minerals has given him no reason to doubt their authenticity.

Blue Gold's exploration activities at Ball Creek have been supervised by Scott Heffernan, P. Geo., Vice-President - Exploration for Blue Gold and Henry Awmack, P.Eng. COO of Equity Exploration Consultants Ltd, who are responsible for all aspects of the work, including the quality control/quality assurance program. Drill composites were calculated using a minimum cut-off of 0.10 g/t Au. Drill intersections are reported as drill thicknesses. True widths of the mineralized intervals are interpreted to be 30 to 100% of the reported lengths. On-site personnel at the project rigorously collect and track samples which are then sealed and shipped to the ALS Minerals (ALS) laboratory facilities in Terrace, British Columbia for preparation and then forwarded to ALS laboratory facilities in North Vancouver, British Columbia for geochemical analysis for gold by Fire Assay of a 30 gram charge with an AA finish and for 51 elements by aqua regia digestion and a combination of ICP-MS and ICP-AES (Assay package ME-MS41). ALS' North Vancouver Canada analytical facility is certified to standards within ISO 9001:2008 and has received accreditation to ISO/IEC 17025:2005 from the Standards Council of Canada (SCC). Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards.

ABOUT BLUE GOLD

Blue Gold is a gold growth company with a single-minded goal - to dream big and deliver big results. Our mandate therefore is simple, deliberate, and unambiguous: hold out for truly remarkable opportunities - the type of opportunities which our deep experience and science-based methodologies can identify, transform and grow into remarkable value and profits for our shareholders.

For details on Blue Gold's activities, visit www.bluegoldmining.com.

All statements in this release, other than statements of historical fact, are "forward-looking information" with respect to Blue Gold within the meaning of applicable Canadian securities laws, including statements that address reserve potential, exploration drilling, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of other studies, proposed exploration and development of our exploration properties and the estimation of mineral resources. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Blue Gold to differ materially from those anticipated in such forward-looking information. Such forward-looking information, including, but not limited to, completion of expenditure obligations under Ball Creek earn-in agreement, proposed exploration and development of the Ball Creek property, future issuances of Common Shares as consideration to complete the acquisition of the Ball Creek Option Agreement from Paget Minerals Corp.; estimated future working capital, funds available, uses of funds, future capital expenditures, exploration expenditures and other expenses for specific operations; information with respect to exploration results, the timing and success of exploration activities generally, and other factors which may cause the actual results, performance or achievement of Blue Gold to be materially different from any future results, performance or achievements expressed or implied by such forward looking information.

Such factors include, among others, include risks related to reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Ball Creek property as well as specific historic data associated with and drill results from the property, information from Paget Minerals Corp., current exploration and development activities; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form for the year ended June 30, 2011 dated January 6, 2012, which is available under Blue Gold's SEDAR profile at www.sedar.com.

Although Blue Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Blue Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.

Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Blue Gold, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Blue Gold does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.

Neither the 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.

Contact Information

  • Blue Gold Mining Inc.
    Mark O'Dea
    Chairman and CEO
    1-604-683-7790

    Blue Gold Mining Inc.
    Sean Tetzlaff
    Chief Financial Officer
    1-604-683-7790
    www.bluegoldmining.com