Consolidated Big Valley Resources Inc.

November 13, 2006 09:30 ET

Consolidated Big Valley Graduates to Tier 2

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 13, 2006) - Further to the TSX Bulletin dated November 10, 2006, Consolidated Big Valley Resources Inc. ("CBG") (TSX VENTURE:CBG) is pleased to announce that it has met the requirements to be reinstated as a TSX Venture Exchange Tier 2 listed Company. Effective at the opening November 13, 2006 the trading symbol for the Company changed from CBG.H to CBG.


In conjunction with the Company's graduation from NEX, the TSX has accepted for filing a Property Earn-in Agreement (Lease to Purchase Agreement) between CBG and Mousseau Tremblay Inc. ("MTI").

In consideration of the acquisition the Company will make cash payments in the amount of $175,000 in order to earn a 51% interest in the property, monthly building/land lease payments of $5,000 (plus applicable taxes) for up to 36 months; a further $175,000 on or before October 1,2009 to earn the remaining 49% interest; $0.50 per ton of ore treated in the Granada mill whose tailings are deposited in open pits located on the Property; and a 3% NSR with a buyout provision on 1.5% for $1 million. Should the Company make the final payment earlier than October 1, 2009, then the monthly lease payments and per ton tailings deposit fee immediately ceases.


Our news release of August 30, 2006 summarized the information received and reported in the July 28, 2006 NI 43-101 Report. The Company has now received an Amended Report on the Granada Mine Property, prepared by Doug Robinson, P.Eng., Consulting Geologist of Swastika, Ontario dated October 6, 2006, an independently qualified person. The amended report did not materially change the information provided in the earlier report and August 30, 2006 news release. The Company believes that the historical estimates and documentation provides a favourable indication of the gold potential of the Granada Mine Property, and intends to embark on an extensive recommended exploration program of the original five veins in order to quantify new resources plus upgrade historical resource categories to NI 43-101 compliance.

The Technical Report will be filed concurrently on SEDAR along with this News Release.


The Company has completed further non-brokered private placements. They total 5,086,250 units, of which 790,000 are flow-through common shares at $0.15; 295,000 non flow-through common shares at $0.12; and a further 4,001,250 non flow-through shares at $0.16 for total gross proceeds of $794,100. Each unit consists of one common share and a one year warrants as follows. The $0.15 flow-through and $0.12 non flow-through shares carry one half warrants (i.e. two warrants are required to acquire an further common share at $0.20); and the $0.16 non flow-through shares carry a full warrant and $0.21. The Company has also paid finder's fees of $29,490 in cash and 252,300 units (one common share and a one year warrant exercisable at $0.21).

All common shares issued under the private placement, including finder's fees, together with any common shares issuable on the exercise of the share purchase warrants, shall have a hold period expiring March 11, 2007. The proceeds from the financing will be used for exploration and development of its British Columbia and Quebec properties, Granada property payments, payment of current liabilities and working capital.


An arm's length Commercial Agreement dated May 11, 2006 (as amended on June 26, 2006) between the Company and RSW-Beroma Inc. whereby the Company has acquired a 100% interest in the RSW-Beroma, Granada gold concentrating mill located on the Granada Gold Mine Property. The acquisition costs for a 100% interest is comprised of a cash payment of $500,000 (has been paid) and 1,850 ounces of gold per year for a total of 5,550 ounces of gold over 3 years for an approximate total value of $3.33 Million based on approximately $600 per ounce. No common shares will be issued.


The Company has completed the issuance of 800,000 units at a price of $0.15 for a total of $120,000 debt. Each unit is comprised of one common share and one warrant entitling the holder to acquire one additional share at a price of $0.20 for one year. The shares and warrants are subject to a four-month hold period expiring March 11, 2007.


The Company has granted 1,150,000 incentive stock options to directors, consultants and employees, under its Stock Option Plan for a period of two years at a price of $0.16 per share, subject to regulatory approval. The shares granted are subject to a four-month hold period expiring March 11, 2007.


The Company expects to resume operation of the 250 ton per day Gold mill from surface ore stockpiled by previous operators within the next week. In addition compilation of all previous data will commence immediately.

The Company would like to thank all of its past and new investors for their patience and support throughout the past six months as we have continued through this application to meet the requirements to be reinstated as a TSX Venture Exchange Tier 2 listed Company.


Jake Bottay, President/Director

For further information visit the Company's website at The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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