Vancouver, BC, July 28, 2014 -. Barkerville Gold (TSXV:BGM) (Frankfurt:IWUB) reported the pouring of its first gold dore bar from the Bonanza Ledge Mine at the company's Cariboo Gold Project near the town of Wells, in central British Columbia.
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The Bonanza Ledge was deemed a new discovery when it was first drilled in March, 2000 as at that time the company was exploring a separate high-grade historic gold target. From the initial discovery in 2000, it took until 2005 to receive a NI 43-101 resource estimate and complete a 13,000 wet tonne bulk sample, and another 4 years to obtain a positive pre-feasibility study in 2009. In December 2011, Barkerville obtained the Mines Act Permit to develop an open pit mine, and initiated production in March 2014.
The company has now poured the first dore bar, which weighed in at 11,528 grams, giving it a value in excess of $450,000.
The updated NI 43-101 Technical Report, dated December 31, 2012 is available on the company's website. The Report identified that 73,500 tonnes of ore per year could be produced at the Bonanza Ledge Mine, for a current mine life of 4 years, at an average grade of approximately 9 grams per metric tonne. This is the equivalent of 0.264 ounces per short ton.
The mine site is on the southwest flank of Barkerville Mountain at an elevation of approximately 1,480 metres or 4,850 feet above sea level and within roughly 2 kilometres of Highway 26. The company trucks the mineralized material to its QR mill facility near Quesnel for processing to gold dore. The QR Property, located approximately 110 kilometres by highway and all-weather road from the Barkerville Gold Camp, was acquired in February 2010 and includes a 900 tonnes per day gold milling facility and a permitted gold mine
In November 2010, the company acquired a second permitted mill currently on care and maintenance in Revelstoke.
In addition to the Bonanza Ledge Mine, the company's Cariboo Gold Project includes the Cow Mountain, Barkerville Mountain, and Island Mountain exploration targets and 7 past producing hard rock mines. The company has completed significant drilling and exploration programs and, together with the historical data, is compiling all information to determine the geologic models and updated technical reports to continue with exploration and development of the Cariboo Gold projects.
Barkerville currently trades at $0.455 and with 126.6 million shares outstanding, the company is capitalized at $57.6 million.
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For a more information, please visit Barkerville's website at www.barkervillegold.com (http://www.barkervillegold.com) phone 604-669-6463 or email info@barkervillegold.com (mailto:info@barkervillegold.com).
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