Bravo Gold Corp.

Bravo Gold Corp.

September 01, 2010 09:30 ET

Bravo Plans $3.0 Million Flow-Through Financing to Expand Homestake Ridge Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2010) -


Bravo Gold Corp. (TSX VENTURE:BVG)(FRANKFURT:B6I) reported today that the company proposes to issue up to a total of 15 million Units at a price of $0.20 per Unit for gross proceeds of $3.0 million which may be increased. Each Unit consists of one flow-through common share and one-half non flow-through share purchase warrant; each whole share purchase warrant is exercisable to purchase one additional non flow-through common share at a price of $0.25 for a period of two years. Net proceeds from this placement are intended to be expended on a planned expansion of the company's current 12,000 meter to approximately 15,000 meter drill program at the Homestake Ridge project located in NW British Columbia. Finder's fees may be payable. The private placement and finder's fees are subject to regulatory approval.

About Bravo

Bravo Gold Corp. has a 100 percent interest in the Homestake Ridge project located in a prolific mineral belt in northwestern British Columbia. Bravo has identified at Homestake Ridge a current NI43-101 compliant Indicated Resource, at a 3.0 g/t AuEq. cut-off, of 191,000 ozs gold and 1,350,000 ozs silver plus an Inferred Resource of 348,000 ozs gold and 7,990,000 ozs silver (1). Two deposits, potentially exploitable by underground mining methods, have been indentified to date and multiple exploration targets remain to be tested on the large, 2761ha property. Bravo also holds a 34 percent interest in Bravada Gold Corp (TSX VENTURE:BVA), which is exploring 13 projects in the Battle Mountain-Eureka Gold trend in Nevada.


Joseph A. Kizis Jr., President

  1. The current estimate, as reported in NR-07-10, was prepared by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) and carried out using a block model constrained by 3D wireframes of the mineralized zones. The block model comprised an array of blocks measuring 5 m x 5 m x 5 m, with grades for Au, Ag, Cu, Pb, and Zn interpolated using Inverse Distance to the Third Power (ID3) weighting. At a 3.0g/t AuEq. cut-off, the model identified an indicated resource of 888,000 tonnes averaging 6.7g/t Au, 47.2g/t Ag and 0.15% Cu and an inferred resource of 2,340,000 tonnes averaging 4.6g/t Au, 105.5g/t Ag and 0.13% Cu.

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.

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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