Vancouver, British Columbia, June 29, 2012 - Barkerville Gold Mines (TSXV:BGM) (Frankfurt:1WUB) announces a NI 43-101 compliant, indicated resource estimate of 10,626,100 ounces of gold at its Cariboo Gold project, near Wells in British Columbia. This resource estimate, prepared by Geoex Limited, covers only the Gold Quartz open pit model on Cow Mountain.
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There is also a NI 43-101 compliant estimation of the geological potential of the 6.4 kilometre Island Mountain, Cow Mountain and Barkerville Mountain trend, which is only the central portion of a much larger 67 kilometre trend on the company's 1,118 square kilometre property.
The 10,626,100 ounces of gold in the Geoex model, is based on estimates of 69,039,000 tons with an average grade of 0.154 ounces per ton, using a cut-off of 0.025 ounces per ton. There is also the geological potential beneath the pit for an additional 1,000 feet is estimated to be 62 to 76 million tons grading 0.12 to 0.16 ounces per ton, with contained gold of 7 to 10 million ounces.
Frank Callaghan, Barkerville's President and CEO stated, "This resource estimate on 10% of the Company's prospective gold belt, which I believe puts the Cariboo Gold Project into the world class category, coupled with the Company's recent news announcing it has received the necessary permits to begin production on its Bonanza Ledge discovery, is a testament to the team we've assembled and 18 years of hard work and perseverance. The current resource estimate has been made possible through the compilation of over 7,100 drill holes totalling 347,000 meters completed by the company and previous operators, with the most significant results coming from an expanded drill program which was completed in December, 2011."
"Management received heavy opposition to the expanded drill program this past winter from the brokerage community as reflected in Barkerville's share price, but we believed strongly in our team of highly skilled geological professionals and are proud of the results the company has achieved."
Island Mountain, with a total of 3,947 drill holes, has a geological potential for both the open pit and underground scenario and has twice the strike length of the Cow Mountain scenario. This could be another 180 to 304 million tons grading 0.12 to 0.16 ounces per ton, with contained gold of 29 to 40 million ounces.
Then there is Barkerville Mountain, again with the same geological potential as Island Mountain for both the open pit and underground scenario, and also twice the strike length of the Cow Mountain scenario. It has had a total of 538 drill holes, and with an assay data range similar to Cow Mountain, has the geological potential for another 180 to 304 million tons grading 0.12 to 0.16 ounces per ton, with contained gold of 29 to 40 million ounces.
The company is currently permitted for start-up of open pit mining of the Bonanza Ledge deposit on Barkerville Mountain. It is anticipated that the company will initiate permitting for an open pit operation on Cow Mountain, which is less than 2 miles from the Bonanza Ledge deposit.
The company has been active in this area since the mid-1990s, and now has a project encompassing 7 past producing hard rock mines and 3 NI 43-101 gold deposits, including the QR Mine and Mill.
Because of the size of the property, exploration will be ongoing for many years.
Following the trading halt, Barkerville opened at $1.35 today, up 66%, and with only 106 million shares outstanding, is capitalized at approximately $143 million.
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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