Bonaventure Enterprises Inc.
TSX VENTURE : BVT
FRANKFURT : YQG

May 17, 2010 13:46 ET

Bonaventure Enterprises Inc.: New Pass Project Resource Estimate Updated and Clarified

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2010) - BONAVENTURE ENTERPRISES INC. ("Bonaventure" or "the Company") (TSX VENTURE:BVT)(FRANKFURT:YQG) announces amendments to its News Release that was disseminated on May 14, 2010. In addition, the NI 43-101 Report that was SEDAR filed on May 14, 2010 requires amendments, and will be refilled within 10 days.

The Company reported the total of Indicated plus Inferred resources in its last release which is not allowed by the Exchange. The following release removes the total resource figures. Bonaventure has contracted Paul D. Noland (B.Sc., P. Geo) to prepare an updated 43-101 compliant technical report on its New Pass Project, located in Central Nevada, approximately 27 miles west of Austin. This soon to be released report contains an Indicated Mineral Resource of 15,515,488 short tons (14,075,414 metric tons) at 0.022 ounce per ton (0.75 grams/metric ton) gold equivalent or 341,750 ounces of gold equivalent comprised of 282,986 ounces of gold at an average grade of 0.018 ounces per ton (0.62 grams/metric ton) and 3,139,054 short tons (2,847,702 metric tons) of silver at an average grade of 0.202 ounces per ton (6.92 grams/metric ton). It also contains an Inferred Resource of 62,894,589 short tons (57,057,011 metric tons) at 0.022 oz/ton gold equivalent (0.75 grams/metric ton) or 1,383,272 ounces of gold equivalent comprised of 1,132,103 ounces of Au at an average grade of 0.018 ounces per ton (0.62 grams/metric ton) and 12,704,706 ounces of Ag at an average grade of 0.202 ounces per ton (6.92 grams/metric ton).

These resources were determined at a cut-off grade of 0.01 oz/ton gold equivalent and a gold to silver ratio of 60/1. For this ratio metallurgical recoveries and net smelter returns are assumed to be 100%. A breakdown of the gold and silver credits is shown below. The 'Total of Indicated and Inferred Resources', as was quoted in a previous version of this press release, has been omitted here in order to comply with TSX Exchange and CI43-101 directives.

Indicated Resource
Total Short Tons Avg Grade Au EQ (oz/ton) Contained Ounces (Au EQ) Avg Grade, Ag Only (oz/ton) Contained Ounces, Ag Only Avg Grade, Au Only (oz/ton) Contained Ounces, Au Only
15,515,488 0.022 341,750 0.202 3,139,054 0.018 282,986
             
Inferred Resource
Total Short Tons Avg Grade Au EQ (oz/ton) Contained Ounces (Au EQ) Avg Grade, Ag Only (oz/ton) Contained Ounces, Ag Only Avg Grade, Au Only (oz/ton) Contained Ounces, Au only
62,894,589 0.022 1,383,272 0.202 12,704,706 0.018 1,132,103

The Indicated Resource was done using 137 drill holes over a strike length of 3,800 feet. Vulcan software was utilized to create a 'Block Model' of the resource volumes and weighted average grade. For the 'Inferred resource' a simple 3-D polygon was constructed around the known resource and all geologic permissive areas adjacent, along strike and down dip over a strike length of 5,300 feet also using Vulcan. The Inferred Polygon includes areas where drill densities were not sufficient for an 'Indicated Resource', yet mineralized geologic formations as determined by both drilling and outcrop mapping and/or favorable geochemistry are demonstrated to persist. The same average grades were used as for the Drill Indicated resource. Bonaventure is pleased with the results of the report and plans to increase the Drill Indicated resource with additional drilling as soon as possible.

Qualified Person

These results have been prepared under the guidance of geologist Paul D. Noland (B.Sc., P. Geo), who is designated as the Qualified Person with the ability and authority to verify the authenticity and validity of this data.

About Bonaventure Enterprises Inc.

Bonaventure Enterprises Inc. is a Canadian based resource and exploration company traded publicly under the symbol BVT on the TSX Venture Exchange and YQG on the Frankfurt Stock Exchange. In Nevada, the Company holds 100% of the mineral exploration properties including Cottonwood, and Northern Lights. The Company also has an option agreement with U.S. Gold Corporation (TSX: UXG) whereby it has earned a 50% interest in the New Pass (Eureka) and Squaw Creek (Carlin Trend) Properties. Bonaventure also has uranium, poly-metallic and diamond assets in the Athabasca Basin. Bonaventure is focused on the creation of shareholder value and building a first-tier company through the acquisition and development of large projects demonstrating the ability to host large mineral deposits.

On behalf of the Board of Directors

Richard Kern, President

For further information on the Company, please visit our website at www.bonaventure.us. The Company's public documents may be accessed at www.sedar.com.

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

  • Bonaventure Enterprises Inc.
    Richard Kern
    President
    (604) 718-2800
    (604) 718-2808 (FAX)
    www.bonaventure.us