Bravo Gold Corp.

Bravo Gold Corp.

April 13, 2012 15:01 ET

Bravo Gold to Change Name to Homestake Resource Corporation (HSR) and Complete Share Consolidation on April 16, 2012

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2012) - Bravo Gold Corp. (TSX VENTURE:BVG)(FRANKFURT:B6I) ("Bravo" or the "Company") announces that the TSX Venture Exchange has approved the Company's share consolidation on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation Common Shares. The TSX Venture Exchange has also approved a corporate name change to "Homestake Resource Corporation" and its ticker symbol to "HSR". Commencing on April 16, 2012, the Company's common shares will trade on a post-consolidation basis under its new name Homestake Resource Corporation, trading symbol HSR.

"Our new corporate name and ticker symbol will emphasize the Company's major asset, the Homestake Ridge property, and better reflect the growing importance of silver, copper, lead, and zinc in addition to gold being discovered at the Company's Homestake and Kinskuch properties," said Joe Kizis, President of Bravo Gold Corp. "And with these corporate changes, we look forward to continuing to expand the resource base at our Homestake Ridge and Kinskuch properties to become the next major gold-silver district in British Columbia."

The company plans an aggressive 2012 exploration and development program on the Homestake Ridge and Kinskuch properties located in northwestern British Columbia that will concentrate on the drill delineation of the newly discovered South Reef deposit at Homestake Ridge and extensive drilling of a potential mineral deposit at Kinskuch discovered in the 2011 exploration season. In addition, the program will include additional exploration drilling, ground geophysics and further evaluation of several other encouraging exploration targets. A defined resource at South Reef and possibly at Kinskuch, together with any new discoveries, will be accretive to the NI43-101 compliant resources at the two deposits already discovered and delineated by Bravo at the Homestake Ridge property, which should significantly enhance the potential development of this strongly mineralized district.

Letters of transmittal with respect to the consolidation will be mailed out to the Company's shareholders after the effective date. Shareholders will be required to send their certificates representing pre-consolidation common shares with a properly executed letter of transmittal to the Company's transfer agent, Computershare Investor Services Inc. Additional copies of the letter of transmittal can be obtained by contacting Computershare Investor Services Inc., Shareholders Services Department, at 1-800-564-6253. All shareholders who duly complete letters of transmittal and submit their pre-consolidation common share certificates to Computershare will receive new share certificates representing the number of post-consolidation common shares to which they are entitled to pursuant to the terms of the consolidation. No fractional shares will be issued and any fraction of a share will be rounded down to the nearest whole number of common shares. The Company currently has 215,411,092 common shares issued and outstanding. Upon completion of the share consolidation, there will be 21,541,109 Common Shares issued and outstanding.

The Company's current outstanding warrants and stock options will be adjusted on the same basis as the share consolidation. There are currently 36,953,889 Share Purchase Warrants and 3,924,504 Agent's Options (the "Warrants") issued and outstanding with exercise prices ranging from $0.10 to $0.48 per share and which are exercisable in September 2012, June and December 2013 and February 2014. Upon completion of the share consolidation there will be an aggregate of 4,087,839 Warrants with exercise prices ranging from $1.00 to $4.80 per share.

A new website will be effective April 16, 2012

About Bravo

Bravo owns a 100 percent interest in the Homestake Ridge project, which is located in a prolific mineral belt in northwestern British Columbia. The project is being advanced as a potential high-grade underground mining operation with a current NI43-101 compliant Indicated Resource, at a 3.0 g/t AuEq. cut-off, of 191,000 oz gold and 1,350,000 oz silver (215,500 oz AuEq) plus an Inferred Resource of 530,000 oz gold and 13,470,000 oz silver (775,900 oz AuEq)(1). Two deposits have been delineated to date, with a third, South Reef, discovered late in 2011. Multiple exploration targets remain to be tested on the large 2585 hectare property. Bravo holds an option to acquire the 596-square-kilometre Kinskuch project located adjacent to, and to the southeast of, Bravo's Homestake Ridge project. Bravo holds a 9.76 percent interest in Bravada Gold Corporation (TSX VENTURE:BVA), which is exploring 21 projects in Nevada.

Robert Macdonald (P.Geo) is the Qualified Person as defined by National Instrument 43-101 for the Homestake Ridge project and has reviewed and approved the technical contents of this release.

On behalf of the Board of Directors

Joseph A. Kizis Jr., Director, President, Bravo Gold Corp.

  1. The current estimate was prepared by Roscoe Postle Associates Inc. (RPA). Mineral Resources on the Main Homestake deposit were estimated previously in 2010 using a block model constrained by 3D wireframes of the mineralized zones. Mineral Resources on the Homestake Silver deposit were estimated in 2011 using a block model constrained by pierce points projected to 2D surfaces. The Main Homestake block model comprised an array of blocks measuring 5 m x 5 m x 5 m, with grades for Au, Ag, and Cu interpolated using ID3 weighting. The Homestake Silver block model comprised an array of blocks measuring 10 m x 10 m. At a 3.0g/t AuEq. cut-off, the models identified an indicated resource of 888,000 tonnes averaging 6.7g/t Au, 47.2g/t Ag and 0.15% Cu and a cumulative inferred resource of 4,060,000 tonnes averaging 4.3g/t Au, 158g/t Ag.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravo Gold Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

We seek safe harbor.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.

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