BOWMORE Exploration Ltd.
TSX VENTURE : BOW

August 15, 2011 07:00 ET

BOWMORE Signs an Option to Acquire Up to 70% of the Standard Gold Property in the Abitibi Region of Quebec

MONTREAL, QUEBEC--(Marketwire - Aug. 15, 2011) - BOWMORE Exploration Ltd. (TSX VENTURE:BOW) ("The Company") is pleased to announce that it has signed an Option Agreement to acquire up to 70% of the Standard Gold Property (the "Property") in the Abitibi region of Quebec from Threegold Resources Inc. by way of an assignment agreement with Osisko Mining Corporation.

THE TRANSACTION

Pursuant to the Option Agreement (the "Agreement") between Threegold Resources Inc. and Bowmore Exploration Ltd., and the assignment agreement with Osisko Mining Corporation, the Company may acquire 51% interest in the Property and will have the exclusive rights to explore and develop the Property over the next 5 years in consideration of:

(i) A onetime cash payment of $20,000 to Osisko Mining Corporation for the assignment of the agreement.

(ii) Total cash payments of $280,000 to Threegold Resources Inc. as follows:

  1. $25,000 payable on the first anniversary date of the Agreement;
  2. $30,000 payable on the second anniversary date of the Agreement;
  3. $50,000 payable on the third anniversary date of the Agreement;
  4. $65,000 payable on the fourth anniversary date of the Agreement and;
  5. $110,000 payable on the fifth anniversary date of the Agreement.

(ii) Incur expenditures in the aggregate amount of at least $4,000,000 on or before the following dates:

  1. $300,000 within the first year of the date of the Agreement;
  2. $600,000 on the second anniversary date of the Agreement;
  3. $850,000 on the third anniversary date of the Agreement;
  4. $1,000,000 on the fourth anniversary date of the Agreement and;
  5. $1,250,000 on the fifth anniversary date of the Agreement.

At the end of this period, Bowmore will have acquired a 51% interest in the Property. The Company may acquire an additional 19% interest in the Property by incurring $6,000,000 in additional exploration expenditures during another five year period.

Mr. Paul Dumas, President of Bowmore, stated "We are very pleased with this recent transaction providing the Company with additional property within the mineral rich Abitibi Greenstone Belt. The Standard Gold property is adjacent to our existing Duverny Property and this adds excellent value to our existing portfolio in that part of the belt. Because of the existing strategic alliance we have with Osisko Mining Corporation and the significant interest they hold within the Company, it only makes sense to allow Bowmore to consolidate its position within the Duverny township area."

ABOUT THE PROPERTY

The Property is composed of 70 claims covering 3326 hectares and is located approximately 20 kilometers northeast of the town of Amos in the Abitibi region of Quebec. The Property is adjacent and contiguous to Bowmore's existing Duverny Property. The area is easily accessible by paved road from Amos and then from gravel roads penetrating trough various parts of Duverny Township. The property package now includes a long mineralized shear structure that includes the past-producing Standard Gold mine, which operated intermittently between 1935 and 1952, producing an unrecorded amount of gold.

The past-producing mine is located within a sheeted, sub vertical quartz-gold vein system trending north-northeast with a documented minimum surface extent of 200 metres by 200 metres and a minimum depth of 250 metres. The vein system is hosted within intensely carbonate-altered diorite wallrock and historical drilling suggests the wallrock contains low-grade gold mineralization. The vein system sits within a brittle, regionally carbonated diorite intrusion that stretches for about 4 kilometres within a shear zone. The shear zone extends for 9 kilometers onto the existing Duverny property to the northwest.

Historical drilling suggests potential for a low-grade bulk tonnage gold deposit at the site of the Standard Gold mine as well as elsewhere within the diorite body. Compilation of the property will be completed by the end of August with the aim of initiating a drill program before the end of September 2011.

Jean-Marie Pronovost, P. Geo is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein.

About BOWMORE

BOWMORE is a Canadian exploration mining company focused on precious metal exploration in Canada and Mexico.

The Company trades on the TSX Venture Exchange under the symbol "BOW".

Forward-looking statements:

Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; Actual results and future events could differ materially from those anticipated in such statements.

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.

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