Consolidated Big Valley Resources Inc.
TSX VENTURE : CBG

December 18, 2006 16:01 ET

Consolidated Big Valley Resources Inc.: Granada Mine Property-Open Pit Mining Commences

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 18, 2006) - Consolidated Big Valley Resources Inc. (TSX VENTURE:CBG) announces that its mining consultant C.A. Veilleux, has reviewed the open pit design of pit No. 2A, which is also on vein No. 2 and has increased it from 55,000 tonnes to 142,000 tonnes of mineable ore. Mining of the open pit will be done in three stages to evaluate the grade of the ore with depth of the open pit. The open pit is fully permitted and mining has commenced.

The Company has estimated that it will produce 16,000 ounces of gold in its first year of production at a cash cost of 322 US dollars per ounce.

Shareholders Gold Purchase Program - Accepting Payment & Revisions

Consolidated Big Valley Resources Inc. will begin accepting payment from shareholders of the Company for the future delivery of gold bullion until March 31, 2007 or until the 12,000 ounces of production have been allocated, whichever occurs first. Terms for the shareholders gold purchase program have also been revised for the sale of up to 20 ounces of gold bullion to a shareholder of the Company who has direct ownership of at least 50,000 common shares of the Company, at a price of $322 (U.S.) per ounce. The program will accommodate the delivery of up to 12,000 ounces of gold over a three-year period, payable quarterly, beginning June 30, 2007.

The shareholders gold purchase program is exclusive to shareholders of the Company of record date of March 31, 2007, who are accredited investors and who hold at least 50,000 common shares of the Company. The terms of this Agent Agreement and future gold sales are subject to regulatory approval.

The contents of this press release has been reviewed and approved by Mr. Frank J. Basa, P.Eng., a qualified person under National Instrument #43-101.

ON BEHALF OF THE BOARD OF DIRECTORS

Frank J. Basa, P.Eng., Vice President/Director

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.

This press release has been prepared by management.

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

Contact Information

  • Consolidated Big Valley Resources Inc.
    Frank J. Basa, P.Eng.
    Vice President/Director
    (604) 683-6648
    (604) 683-1350 (FAX)
    Website: www.bigvalleyres.com