Bravo Venture Group Inc.

Bravo Venture Group Inc.

May 06, 2008 12:08 ET

Bravo Develops Infrastructure and Access at its 100% Owned Homestake Ridge Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2008) - Bravo Venture Group Inc. (TSX VENTURE:BVG)(FRANKFURT:B6I) reported today on what it termed extremely positive developments relating to infrastructure, access and eventual power supply for its 100% owned Homestake Ridge gold/silver property in northwest British Columbia.

The company said an agreement to lease exploration camp facilities at Alice Arm, 30 km south of the project, includes provision for access to a new road leading directly to the Homestake Ridge property and three new hydroelectric projects being developed by private interests in the Upper Kitsault Valley.

Bravo is planning an aggressive 2008 drilling program of approximately 7,500 metres designed to further expand and evaluate the existing 900,000 ounce inferred gold resource and to further evaluate several additional exploration areas. The summer multi-rig drill program will test extensions of the known deposit, particularly to the northwest. Several holes will also explore for possible bonanza-grade feeder faults beneath the known stratabound mineralization.

Bravo said the new agreement on infrastructure and access is expected to have a beneficial impact on 2008 and future exploration/development costs. "We will be able to drive within a few kilometers of the project this year and right onto the project in ensuing years," said company president Joe Kizis.

He noted that one of the three hydro generating facilities being constructed is within the Homestake Ridge property boundaries. "Having access to power generated on or within a few kilometers will greatly reduce potential mine development costs," he said.

Location, Access and History

The company has previously noted Homestake Ridge's advantageous location: the property is located just 30 km north of two historic mining towns, Alice Arm and Kitsault, both of which are on tidewater at Alice Arm, a branch of Observatory Inlet and part of the Portland inlet system. Kitsault can also be accessed by BC's highway network. Another famous historic mining town, Anyox, is located 22 km southwest of the project area, where the Granby Company operated a smelter that processed ores with copper and precious metals for the first few decades of the 20th century.

The towns were created during mining booms for silver (Dolly Varden mine, Alice Arm, in particular), copper (Hidden Creek mine, Anyox, in particular) and molybdenum (Kitsault mine, Kitsault, in particular). Lead, zinc and gold were also significant in the area, among other minerals.

The deep-sea port of Stewart BC is Canada's most northerly ice-free port, 32 km by air north-northwest of the Project, offering sheltered passage to the Pacific Ocean. Stewart has full highway and rail access, and a paved airport runway. In addition, the project is about 160 km northeast of Prince Rupert, Canada's second largest West Coast port and along the closest North American route to Asia. Prince Rupert's sheltered harbor is the deepest ice-free natural harbor in North America.


The Upper Kitsault River area is noted for its extensive mineralization with a rich mining history. Much of the investment made in these projects remains in the form of roads, railways, utilities, right-of-ways and historic camps that benefit the area including the Homestake Ridge project. Historic infrastructure such as the narrow gauge railway that served the Dolly Varden Mine from Alice Arm laid the groundwork for the modern road. Past operators of mines and mills also constructed dams for hydroelectric power and water supply (e.g. the Kitsault and Anyox dams).

Of immediate benefit to the project is Anyox Hydroelectric Ltd.'s work in the area. See The BC company is re-developing shutdown hydroelectric utilities in the area including the Anyox Dam, the Kitsault River dam, and a powerhouse at the confluence of the Kitsault River with Homestake Creek. As part of this work, Anyox has converted the narrow gauge rail line that ran from Alice Arm to the Dolly Varden mine into a substantial roadway that is now within kilometers of the Homestake Ridge project, reducing helicopter use for the company and increasing expected cost effectiveness for the 2008 exploration season.

In addition to the power generation plans for the Anyox and Kitsault dams, Anyox has plans for development of hydroelectricity on Homestake Creek inside the claim boundaries of the Homestake Ridge project. See This development would bring power and road access to or near the claim boundaries of the project, further enabling potential mine and mill development work at significant savings in project development costs.

2008 Exploration

In addition to the Main Homestake zone, additional targets have been identified along the mineralized horizon for over 3,000 metres of strike length. Two such targets, the Homestake Silver and Vanguard Gold zones, returned encouraging results from initial drilling during 2007 and will be further tested by drilling in 2008.

The Vanguard Gold zone, the Homestake Silver zone and the northwest extension of the Main zone are significant as they highlight the district-wide mineral potential of the Homestake Ridge project. Several other target zones have been identified, including the Vanguard Copper zone, where historical sampling of high-grade surface exposures in altered volcanic rock returned assays from chip and channel samples grading from 4.4% to 13.4% copper, 119 g/t to 296 g/t silver and 0.2 g/t to 3.8 g/t gold. An initial drill test of this zone is planned during the 2008 season.

Corporate Update

The company also reported that it has appointed Jeannine PM Webb, CGA as Chief Financial Officer ("CFO") of the company effective February 1, 2008. Mrs. Webb has 20 years of experience in the mining resource sector. She was a principal of Badger & Co. Management Corp. ("Badger & Co."), a private company providing full range financial, corporate and geological management services to junior public mineral exploration companies operating nationally and internationally. During this time, Mrs. Webb served as CFO and Corporate Secretary for companies under management with Badger & Co. She currently serves as CFO for a number of Manex Resource Group companies, in addition to serving as Corporate Secretary to Pacific Ridge Exploration Ltd.

The company also reported that Scott B. Hean having served as the company's previous CFO since 2006, been appointed VP Administration, effective February 1, 2008. Mr. Hean has held senior management and executive positions with J.P. Morgan of New York, primarily financing junior oil and gas companies and Bank of Montreal as Senior Vice President and Managing Director responsible for financing in the natural resources sectors in North America. Currently he is a Director and Chair of the Audit Committee, Sabina Silver Corporation (SBB on TSX-V) and Chair, Bill Reid Foundation Services Ltd. He has served on numerous not-for-profit Boards, including Outward Bound and B.C. Children's Hospital. Graduating from Simon Fraser University in 1973 and from the Ivey School of Business, London, Ontario, in 1975, Mr. Hean recently graduated from the Institute of Corporate Directors, Directors Education Program.

The company also reported today that it has granted 660,000 incentive stock options to directors, officers, employees and consultants, each exercisable at $0.30 per share and for a period of five years.

The granting of the stock options is subject to regulatory approval.

On behalf of the Board of Directors

Joseph A. Kizis Jr., Director, President, Bravo Venture Group Inc.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. We seek safe harbor.

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