Bold Ventures Inc.

Bold Ventures Inc.

May 07, 2009 08:30 ET

Bold Ventures Announces Letter Of Intent With JK Gold Mexico Of Durango

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2009) - BOLD Ventures Inc. (TSX VENTURE:BOL) ("Bold" or the "Company") announces the completion of a Letter of Intent with JK Gold Mexico of Durango, ("JK Gold") whereby Bold will purchase 50% of Minera el Potrero de Durango ("MEP"), a Mexican mining company incorporated under the Federal Laws of Mexico. MEP is a 90% subsidiary of JK Gold. MEP has recently acquired the Causas Project, which has over 28,000 ha of mineral claims in the San Dimas District in the State of Durango. The Causas is located on the border of the States of Sinaloa and Durango, some 125 km northeast of Mazatlan in west central Mexico.

The Causas Project

The Causas project is located in the State of Durango in Mexico and is contiguous (southeast along strike) to the San Dimas Gold and Silver Mine Complex that is owned and operated by Goldcorp. The San Dimas gold - silver deposit is one of the most significant precious metal deposits in Mexico. Historically, production from the San Dimas district is estimated at 10.3 million ounces of gold and 707 million ounces of silver. Goldcorp's average production over the last five years is 147,240 ounces of gold and 6,894,720 ounces of silver annually. The Causas project encompasses over 28,000 ha which is more than 20% larger in size than Goldcorp's property.

The Causas Project occurs in the central part of the Sierra Madre Occidental volcanic pile which contains rocks reflecting two separate periods of magmatism which were active between 100-45 million years ago and 32-23 million years ago. The known epithermal veins that have been identified on the property and will be the subject of further exploration are contained within rhyolitic, andesitic and granodioritic rocks of the older magmatic episode.

The climate in the Sierra Madre is dry for about 10 months of the year, with the raining season occurring in July and August. The district is accessible via road, from Durango about a six hour drive, or a one hour flight. The area is serviced by an existing power distribution system that crosses the Causas project.

The San Dimas gold and silver district is marked by gold and silver bearing veins, in average about 2 m wide and with strike lengths known for well over 2,000 m. This epithermal system is characterized by so-called 'Favourable Zones', which are gold and silver bearing to depth of more than 300 m. Historically, about 30% of all vein material contains ore. The more than 100 known veins in the district run northwest to southeast with many offshoots perpendicular to the main structures. Many of the known structures extend on to the Causas claims.

The Causas project, despite its proximity to Goldcorp's San Dimas mines was never systematically explored according to available records. Therefore Bold expects to initiate a comprehensive mapping and sampling program of the aforementioned veins and structures in the upcoming exploration season. This program will focus on 10 identified zones of interest, in one, an over 1,000m long structure has produced channel samples of 39.9 g/t Au and 1,135 g/t Ag over 1.2 m. A second structure located, 1,000m away has also produced samples highlighted by 20.4 g/t Au and 861 g/t Ag over 1.6 m. The assays were carried out by SGS Durango in January 2008.

Acquisition Terms

In order to acquire 50% of the issued shares of MEP, Bold will advance $321,450 USD, as follows:

Acquisition, Land Fees and Taxes $186,500. USD
Phase 1, Channel Sampling Program $134,950. USD
Total $321,450. USD

Bold, after conclusion of Phase 1 has the option to increase its ownership in MEP. For each USD $200,000 Bold receives a further 1% ownership of MEP up to a maximum of 70%. JK Gold will be carried until a positive Feasibility Study is completed, at which time JK Gold can choose to participate in financing or revert into a 3% NSR. All funds will be advanced in the form of loans from Bold to MEP and are subject to financing.

In addition to the cash purchase price for shares in MEP, Bold will issue and allot to JK Gold the following shares of Bold:

On or before December 31, 2009 200,000 Shares
On or before December 31, 2010 200,000 Shares
On or before December 31, 2011 200,000 Shares
On or before December 31, 2012 200,000 Shares
On or before December 31, 2013 1,000,000 Shares

Provided however that Bold has not returned its share interest in MEP to JK Gold. If Bold chooses to surrender its shares in MEP to JK Gold, there will be no further share issuances or loans for exploration expenditures by Bold.

Phase 1 and 2 Exploration

Upon conclusion of the Phase 1 exploration program designed to collect 600 assays from channel samples and to form the basis for a NI 43-101 Technical Report, this Technical Report is expected to be concluded by September of 2009.

After conclusion of Phase 1, the partners will decide on an immediate Phase 2 program for which Bold will advance loans of a minimum of 300,000 USD for further exploration on the Causas Project.

Bold previously announced on April 17, 2009, a non-brokered private placement of up to 2,000,000 units (each unit consisting of one share and one full warrant) at a price of $0.10 per unit. Each warrant will be exercisable for a period of 24 months from the closing of the private placement. Each warrant is exercisable into one share at 0.15 cents per share for a period one year after closing and 0.20 cents per share for the second year after closing. The funds raised pursuant to the offering will be used for the Causas Project and not as previously announced as to working capital.

Investor Relations

The company is also pleased to announce that is has entered into an agreement with Kingside Management to provide Investor Relations services to the company. The company shall pay $5,500.00 per month and provide 250,000 stock options at a strike price of ten cents per share to Kingside Management as per their compensation agreement.

Stock Option Plan

The Company has agreed to grant incentive stock options to Directors and Consultants to purchase up to 1,290,000 shares at a price of $0.10 per share exercisable for a period of two years. The Board of Directors has agreed to surrender its current incentive options of 680,000 priced at $0.25 cents per share or to re-price subject to TSX Policy.

Qualified Person

This news release has been read and approved by John D. Jenks, P.Geo., a Qualified Person under NI 43-101 Technical Report.

About Bold Ventures

Bold Ventures is a Tier 2 natural resource company on the TSX Venture Exchange, trading symbol BOL, with 12,960,440 shares issued to date. The Company's main emphasis is on two Copper-Nickel exploration properties located in the McFaulds Lake "Ring of Fire" area of Northern Ontario. Bold has an option agreement with Noront Resources to acquire a 50% in the RING STAR NICKEL Project, and has earned a 50% interest in the WEST NICKEL project with Melkior Resources. Bold has signed a letter of intent with JK Gold Mexico of Durango to purchase a 50% interest in the Causas Project (over 28,000 ha of mineral claims) in the San Dimas District in the State of Durango, Mexico.

On behalf of the board of directors of Bold Ventures Inc.

Gary F. Zak, President and CEO

This press release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Security Exchange Act of 1934, and involves a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange and the British Columbia Securities Commission. All statements, other than of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

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

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