News Release 14-04 Barkerville Gold Mines Reports Whole Hole Metallic Screen Fire Assay Results of Thirty Seven Diamond Drill Holes Conducted on Cow Mountain


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TSX:BGM / PK:BGMZF
02/24/2014 [ACCESSWIRE]

Vancouver, BC - Barkerville Gold Mines Ltd. (TSXV: BGM) (the "Company") announced today, results from complete hole metallic screen fire assay results of thirty seven diamond drill holes conducted on Cow Mountain in 2011.

As recommended in the Company's NI 43-101 report dated December 31, 2012 (the "Technical Report", see News Release dated June 19 2013) and mentioned in the news release dated December 9, 2013, all reject samples from drill core that was originally analyzed in 2011 with standard fire assays and unassayed infill core samples from those same holes collected in 2013 have been sent for 1,000 g metallic screen fire assay. Considering coarse grained gold is common in the area it has been determined that the original 30 g standard fire assay method possibly undervalued gold grade. Once all drill data has been received, the Company will provide a comparative analysis between new and original drill data. The Company will also provide an updated NI 43-101 resource estimate.

Metallic screen fire assay results of thirty seven drill holes have been received and significant intercepts are listed in Table 1. Highlights include:

CM11-83

-12.2 meters (40.0 feet) of 9.46 g/T (0.276 oz/t) gold between 224.6 and 236.8 meters (737.0 and 777.0 feet)

-including 9.1 meters (30.0 feet) of 12.49 g/T (0.364 oz/t) gold between 224.6 and 233.8 meters (737.0 and 767.0 feet)

-and including 6.1 meters (20.0 feet) of 18.11 g/T (0.528 oz/t) gold between 224.6 and 230.7 meters (737.0 and 757.0 feet)

-2.4 meters (7.9 feet) of 47.03 g/T (1.372 oz/t) gold between 261.9 and 264.3 meters (859.1 and 867.0 feet)

-2.6 meters (8.5 feet) of 11.51 g/T (0.336 oz/t) gold between 269.7 and 272.3 meters (884.7 and 893.2 feet)

-4.9 meters (16.2 feet) of 19.72 g/T (0.575 oz/t) gold between 316.8 and 321.8 meters (1,039.4 and 1,055.6 feet)

-including 3.2 meters (10.6 feet) of 30.00 g/T (0.875 oz/t) gold between 316.8 and 320.0 meters (1,039.4 and 1,050.0 feet)

CM11-59C

-2.2 meters (6.7 feet) of 10.31 g/T (0.301 oz/t) gold between 88.8 and 90.8 meters (291.2 and 297.9 feet), and

-1.1 meters (3.6 feet) of 15.51 g/T (0.452 oz/t) gold between 103.1 and 104.2 meters (338.1 and 341.7 feet)

CM11-29

-3.8 meters (12.4 feet) of 21.75 g/T (0.634 oz/t) gold between 44.5 and 48.3 meters (146.0 and 158.4 feet)

-1.7 meters (5.6 feet) of 9.33 g/T (0.272 oz/t) gold between 75.4 and 77.1 meters (247.4 and 253.0 feet)

CM11-28B

-1.2 meters (4.1 feet) of 52.41 g/T (1.529 oz/t) gold between 86.7 and 87.9 meters (284.4 and 288.5 feet)

CM11-23

-5.8 meters (19.0 feet) of 20.95 g/T (0.611 oz/t) gold between 2.4 and 8.2 meters (8.0 and 27.0 feet)

CM11-21

-2.3 meters (7.5 feet) of 5.64 g/T (0.164 oz/t) gold between 51.1 and 53.3 meters (167.5 and 175.0 feet)

  • o.including 1.1 meters (3.7 feet) of 10.96 g/T (0.320 oz/t) gold between 52.2 and 53.3 meters (171.3 and 175.0 feet)

CM11-20

-1.4 meters (4.7 feet) of 27.31 g/T (0.797 oz/t) gold between 17.8 and 19.2 meters (58.3 and 63.0 feet)

CM11-14

-1.0 meters (3.3 feet) of 12.43 g/T (0.363 oz/t) gold between 60.4 and 61.4 meters (198.0 and 201.3 feet)

CM11-09

-1.5 meters (5.0 feet) of 12.14 g/T (0.354 oz/t) gold between 48.8 and 50.3 meters (160.0 and 165.0 feet)

CM11-05

-1.2 meters (4.0 feet) of 22.71 g/T (0.662 oz/t) gold between 89.6 and 90.8 meters (294.0 and 298.0 feet)

CM11-03

-3.6 meters (11.8 feet) of 31.40 g/T (0.916 oz/t) gold between 64.5 and 68.1 meters (211.5 and 223.3 feet)

-including 1.2 meters (4.0 feet) of 91.19 g/T (2.660 oz/t) gold between 65.5 and 66.8 meters (215.0 and 219.0 feet)

CM11-01

-1.5 meters (4.8 feet) of 15.45 g/T (0.451 oz/t) gold between 57.8 and 59.2 meters (189.5 and 194.3 feet)

Table 1. SIGNIFICANT INTERCEPTS OF THE WHOLE HOLE

METALLIC SCREEN FIRE ASSAYS OF BOTH REJECT & INFILL CORE SAMPLES

OF DRILL HOLES CONDUCTED ON COW MOUNTIAN IN 2011


 ------------------------------------------------------------
 |HOLE ID |CORE SAMPLING INTERVAL     |METALLIC FIRE ASSAY  |
 |        |---------------------------|                     |
 |        |From  |To    |WIDTH        |                     |
 |        |-------------------------------------------------|
 |        |Feet                |Meter |Au (g/T)  |Au (oz./t)|
 |----------------------------------------------------------|
 |CM11-01 |189.5 |222.0 |32.5  |9.9   |2.60*     |0.076*    |
 |        |-------------------------------------------------|
 |        |including                                        |
 |        |-------------------------------------------------|
 |        |189.5 |194.3 |4.8   |1.5   |15.45     |0.451     |
 |        |-------------------------------------------------|
 |        |232.0 |239.7 |7.7   |2.3   |1.28      |0.037     |
 |----------------------------------------------------------|
 |CM11-02 |155.8 |158.2 |2.4   |0.7   |1.98      |0.058     |
 |        |-------------------------------------------------|
 |        |178.9 |182.9 |4.0   |1.2   |2.02      |0.059     |
 |        |-------------------------------------------------|
 |        |202.0 |213.7 |11.7  |3.6   |1.75*     |0.051*    |
 |        |-------------------------------------------------|
 |        |191.8 |202.8 |11.0  |3.4   |1.12*     |0.033*    |
 |        |-------------------------------------------------|
 |        |215.5 |220.5 |5.0   |1.5   |8.76*     |0.255*    |
 |        |-------------------------------------------------|
 |        |225.0 |245.0 |20.0  |6.1   |1.18*     |0.034*    |
 |----------------------------------------------------------|
 |CM11-03 |211.5 |223.3 |11.8  |3.6   |31.40*    |0.916*    |
 |        |-------------------------------------------------|
 |        |including                                        |
 |        |-------------------------------------------------|
 |        |215.0 |219.0 |4.0   |1.2   |91.19     |2.660     |
 |----------------------------------------------------------|
 |CM11-04 |191.8 |202.8 |11.0  |3.4   |1.12*     |0.057*    |
 |        |-------------------------------------------------|
 |        |215.5 |220.5 |5.0   |1.5   |8.76*     |0.255*    |
 |        |-------------------------------------------------|
 |        |225.0 |245.0 |20.0  |6.1   |1.18*     |0.034*    |
 |----------------------------------------------------------|
 |CM11-05 |294.0 |298.0 |4.0   |1.2   |22.71     |0.662     |
 |        |-------------------------------------------------|
 |        |353.5 |358.8 |5.3   |1.6   |1.26      |0.037     |
 |----------------------------------------------------------|
 |CM11-07 |No significant (>&=0.40 g/T Au) intercept        |
 |----------------------------------------------------------|
 |CM11-09 |65.0  |72.0  |7.0   |2.1   |1.25      |0.036     |
 |        |-------------------------------------------------|
 |        |160.0 |165.0 |5.0   |1.5   |12.14     |0.354     |
 |        |-------------------------------------------------|
 |        |187.0 |195.0 |8.0   |2.4   |1.09*     |0.032*    |
 |        |-------------------------------------------------|
 |        |238.5 |240.6 |2.1   |0.6   |9.32      |0.272     |
 |        |-------------------------------------------------|
 |        |249.0 |259.0 |10.0  |3.0   |1.27*     |0.037*    |
 |----------------------------------------------------------|
 |CM11-10 |61.0  |63.9  |2.9   |0.9   |2.10      |0.061     |
 |        |-------------------------------------------------|
 |        |152.5 |157.5 |5.0   |1.5   |2.04      |0.059     |
 |        |-------------------------------------------------|
 |        |241.6 |243.6 |2.0   |0.6   |1.52      |0.044     |
 |----------------------------------------------------------|
 |CM11-11 |Nosignificant(>&=0.40 g/T Au)intercept           |
 |----------------------------------------------------------|
 |CM11-12 |215.0 |222.1 |7.1   |2.2   |0.55      |0.016     |
 |----------------------------------------------------------|
 |CM11-13 |205.0 |226.3 |21.3  |6.5   |1.11*     |0.032*    |
 |----------------------------------------------------------|
 |CM11-14 |195.0 |215.0 |20.0  |6.1   |3.02*     |0.088*    |
 |        |-------------------------------------------------|
 |        |including                                        |
 |        |-------------------------------------------------|
 |        |198.0 |201.3 |3.3   |1.0   |12.43     |0.363     |
 |----------------------------------------------------------|
 |CM11-15 |No significant (>&=0.40 g/T Au) intercept        |
 |----------------------------------------------------------|
 |CM11-17 |76.0  |77.2  |1.2   |0.4   |1.94      |0.057     |
 |        |-------------------------------------------------|
 |        |316.0 |317.5 |1.5   |0.5   |6.39      |0.186     |
 |----------------------------------------------------------|
 |CM11-18 |66.0  |69.0  |3.0   |0.9   |2.43      |0.071     |
 |        |-------------------------------------------------|
 |        |109.1 |115.0 |5.9   |1.8   |1.69      |0.049     |
 |        |-------------------------------------------------|
 |        |129.6 |136.0 |6.4   |2.0   |5.05*     |0.147*    |
 |        |-------------------------------------------------|
 |        |156.0 |162.0 |6.0   |1.8   |6.51      |0.190     |
 |        |-------------------------------------------------|
 |        |636.0 |647.7 |11.7  |3.6   |3.05*     |0.089*    |
 |----------------------------------------------------------|
 |CM11-19 |127.0 |134.0 |7.0   |2.1   |3.40      |0.099     |
 |        |-------------------------------------------------|
 |        |332.0 |337.0 |5.0   |1.5   |1.02      |0.030     |
 |        |-------------------------------------------------|
 |        |882.0 |917.0 |35.0  |10.7  |3.17*     |0.093*    |
 |----------------------------------------------------------|
 |CM11-20 |58.3  |63.0  |4.7   |1.4   |27.31     |0.797     |
 |        |-------------------------------------------------|
 |        |862.0 |866.0 |4.0   |1.2   |1.33      |0.039     |
 |        |-------------------------------------------------|
 |        |1191.0|1196.4|5.4   |1.6   |1.13      |0.033     |
 |        |-------------------------------------------------|
 |        |1223.0|1230.2|7.2   |2.2   |1.86      |0.054     |
 |----------------------------------------------------------|
 |CM11-21 |95.0  |99.7  |4.7   |1.4   |1.61      |0.047     |
 |        |-------------------------------------------------|
 |        |167.5 |175.0 |7.5   |2.3   |5.64*     |0.164*    |
 |        |-------------------------------------------------|
 |        |including                                        |
 |        |-------------------------------------------------|
 |        |171.3 |175.0 |3.7   |1.1   |10.96     |0.320     |
 |        |-------------------------------------------------|
 |        |197.1 |203.7 |6.6   |2.0   |3.32      |0.097     |
 |        |-------------------------------------------------|
 |        |279.4 |283.7 |4.3   |1.3   |1.22      |0.036     |
 |        |-------------------------------------------------|
 |        |295.0 |299.6 |4.6   |1.4   |1.80      |0.052     |
 |        |-------------------------------------------------|
 |        |557.6 |565.0 |7.4   |2.3   |4.64      |0.135     |
 |        |-------------------------------------------------|
 |        |575.0 |578.3 |3.3   |1.0   |1.07      |0.031     |
 |        |-------------------------------------------------|
 |        |853.0 |862.7 |9.7   |3.0   |1.51*     |0.044*    |
 |----------------------------------------------------------|
 |CM11-22 |380.8 |395.0 |14.2  |4.3   |1.23*     |0.036*    |
 |----------------------------------------------------------|
 |CM11-23 |8.0   |27.0  |19.0  |5.8   |20.95     |0.611     |
 |----------------------------------------------------------|
 |CM11-24 |No significant (>&=0.40 g/T Au) intercept        |
 |----------------------------------------------------------|
 |CM11-26 |No significant (>&=0.40 g/T Au) intercept        |
 |----------------------------------------------------------|
 |CM11-28B|75.8  |76.8  |1.0   |0.3   |6.08      |0.177     |
 |        |-------------------------------------------------|
 |        |123.7 |132.6 |8.9   |2.7   |4.79      |0.140     |
 |        |-------------------------------------------------|
 |        |171.2 |172.5 |1.3   |0.4   |15.14     |0.442     |
 |        |-------------------------------------------------|
 |        |284.4 |288.5 |4.1   |1.2   |52.41     |1.529     |
 |        |-------------------------------------------------|
 |        |454.0 |456.6 |2.6   |0.8   |30.10     |0.878     |
 |        |-------------------------------------------------|
 |        |498.5 |499.5 |1.0   |0.3   |4.03      |0.118     |
 |        |-------------------------------------------------|
 |        |528.6 |541.6 |13.0  |4.0   |1.78*     |0.052*    |
 |        |-------------------------------------------------|
 |        |583.9 |584.9 |1.0   |0.3   |1.49      |0.043     |
 |        |-------------------------------------------------|
 |        |743.3 |747.1 |3.8   |1.2   |3.04      |0.089     |
 |        |-------------------------------------------------|
 |        |926.6 |931.5 |4.9   |1.5   |1.10      |0.032     |
 |        |-------------------------------------------------|
 |        |1115.4|1116.5|1.1   |0.3   |1.48      |0.043     |
 |        |-------------------------------------------------|
 |        |1216.4|1219.6|3.2   |1.0   |1.50      |0.044     |
 |        |-------------------------------------------------|
 |        |1291.3|1292.7|1.4   |0.4   |2.92      |0.085     |
 |----------------------------------------------------------|
 |CM11-29 |146.0 |158.4 |12.4  |3.8   |21.75*    |0.634     |
 |        |-------------------------------------------------|
 |        |including                                        |
 |        |-------------------------------------------------|
 |        |156.4 |157.7 |1.3   |0.4   |52.61     |1.534     |
 |        |-------------------------------------------------|
 |        |247.4 |253.0 |5.6   |1.7   |9.33      |0.272     |
 |        |-------------------------------------------------|
 |        |290.9 |292.0 |1.1   |0.3   |17.34     |0.506     |
 |        |-------------------------------------------------|
 |        |313.0 |315.6 |2.6   |0.8   |1.31      |0.038     |
 |        |-------------------------------------------------|
 |        |547.3 |552.0 |4.7   |1.4   |1.15*     |0.034*    |
 |        |-------------------------------------------------|
 |        |600.5 |605.6 |5.1   |1.6   |1.90      |0.055     |
 |        |-------------------------------------------------|
 |        |879.0 |886.5 |7.5   |2.3   |2.93*     |0.085*    |
 |        |-------------------------------------------------|
 |        |1113.2|1114.4|1.2   |0.4   |3.23      |0.094     |
 |        |-------------------------------------------------|
 |        |1178.0|1183.7|5.7   |1.7   |1.86      |0.054     |
 |----------------------------------------------------------|
 |CM11-49 |45.6  |51.6  |6.0   |1.8   |3.10*     |0.090*    |
 |        |-------------------------------------------------|
 |        |79.7  |122.0 |42.3  |12.9  |1.70*     |0.050*    |
 |        |-------------------------------------------------|
 |        |327.6 |329.0 |1.4   |0.4   |5.42      |0.158     |
 |        |-------------------------------------------------|
 |        |342.6 |344.4 |1.8   |0.5   |4.64      |0.135     |
 |        |-------------------------------------------------|
 |        |423.3 |432.7 |9.4   |2.9   |2.90*     |0.085*    |
 |        |-------------------------------------------------|
 |        |783.0 |784.8 |1.8   |0.5   |4.08      |0.119     |
 |        |-------------------------------------------------|
 |        |791.6 |794.2 |2.6   |0.8   |1.15      |0.034     |
 |        |-------------------------------------------------|
 |        |811.6 |812.6 |1.0   |0.3   |4.35      |0.127     |
 |        |-------------------------------------------------|
 |        |868.3 |873.3 |5.0   |1.5   |1.50      |0.044     |
 |        |-------------------------------------------------|
 |        |989.0 |992.2 |3.2   |1.0   |2.15      |0.063     |
 |        |-------------------------------------------------|
 |        |1069.5|1080.7|11.2  |3.4   |1.68*     |0.049*    |
 |        |-------------------------------------------------|
 |        |1212.6|1214.2|1.6   |0.5   |48.88     |1.426     |
 |        |-------------------------------------------------|
 |        |1232.0|1252.6|20.6  |6.3   |2.65*     |0.077*    |
 |----------------------------------------------------------|
 |CM11-50 |167.4 |173.9 |6.5   |2.0   |0.45      |0.013     |
 |----------------------------------------------------------|
 |CM11-51 |82.7  |91.2  |8.5   |2.6   |1.20      |0.035     |
 |        |-------------------------------------------------|
 |        |99.6  |116.5 |16.9  |5.2   |1.47*     |0.043*    |
 |        |-------------------------------------------------|
 |        |171.5 |192.0 |20.5  |6.2   |3.28*     |0.096*    |
 |        |-------------------------------------------------|
 |        |208.0 |209.3 |1.3   |0.4   |3.51      |0.102     |
 |----------------------------------------------------------|
 |CM11-54 |533.7 |538.4 |4.7   |1.4   |1.06      |0.031     |
 |        |-------------------------------------------------|
 |        |1047.3|1048.5|1.2   |0.4   |1.86      |0.054     |
 |        |-------------------------------------------------|
 |        |1109.3|1117.0|7.7   |2.3   |2.21*     |0.065*    |
 |        |-------------------------------------------------|
 |        |1166.3|1171.6|5.3   |1.6   |1.40*     |0.041*    |
 |----------------------------------------------------------|
 |CM11-55 |1100.0|1107.2|7.2   |2.2   |1.26      |0.037     |
 |        |-------------------------------------------------|
 |        |1110.3|1116.3|6.0   |1.8   |1.87      |0.055     |
 |----------------------------------------------------------|
 |CM11-56 |No significant (>&=0.40 g/T Au) intercept        |
 |----------------------------------------------------------|
 |CM11-57 |404.7 |413.2 |8.5   |2.6   |1.26      |0.037     |
 |        |-------------------------------------------------|
 |        |786.9 |790.7 |3.8   |1.2   |1.37      |0.040     |
 |        |-------------------------------------------------|
 |        |814.5 |816.0 |1.5   |0.5   |3.59      |0.105     |
 |        |-------------------------------------------------|
 |        |823.2 |839.6 |16.4  |5.0   |1.09*     |0.032*    |
 |----------------------------------------------------------|
 |CM11-58 |472.5 |479.0 |6.5   |2.0   |1.14      |0.033     |
 |        |-------------------------------------------------|
 |        |679.8 |687.9 |8.1   |2.5   |1.70      |0.050     |
 |----------------------------------------------------------|
 |CM11-59C|247.2 |253.9 |6.7   |2.0   |2.02      |0.059     |
 |        |-------------------------------------------------|
 |        |291.2 |297.9 |6.7   |2.0   |10.31*    |0.301*    |
 |        |-------------------------------------------------|
 |        |338.1 |341.7 |3.6   |1.1   |15.51     |0.452     |
 |        |-------------------------------------------------|
 |        |588.6 |589.6 |1.0   |0.3   |1.07      |0.031     |
 |        |-------------------------------------------------|
 |        |617.8 |619.0 |1.2   |0.4   |1.60      |0.047     |
 |----------------------------------------------------------|
 |CM11-61 |No significant (>&=0.40 g/T Au) intercept        |
 |----------------------------------------------------------|
 |CM11-73 |No significant (>&=0.40 g/T Au) intercept        |
 |----------------------------------------------------------|
 |CM11-75 |441.3 |449.8 |8.5   |2.6   |1.28*     |0.037*    |
 |----------------------------------------------------------|
 |CM11-83 |341.9 |344.7 |2.8   |0.9   |2.83      |0.083     |
 |        |-------------------------------------------------|
 |        |361.8 |362.8 |1.0   |0.3   |20.72     |0.604     |
 |        |-------------------------------------------------|
 |        |737.0 |777.0 |40.0  |12.2  |9.46*     |0.276*    |
 |        |-------------------------------------------------|
 |        |including                                        |
 |        |-------------------------------------------------|
 |        |737.0 |767.0 |30.0  |9.1   |12.49*    |0.364*    |
 |        |-------------------------------------------------|
 |        |and including                                    |
 |        |-------------------------------------------------|
 |        |737.0 |757.0 |20.0  |6.1   |18.11*    |0.528*    |
 |        |-------------------------------------------------|
 |        |and including                                    |
 |        |-------------------------------------------------|
 |        |751.4 |757.0 |5.6   |1.7   |40.03     |1.168     |
 |        |-------------------------------------------------|
 |        |793.4 |795.7 |2.3   |0.7   |49.33     |1.439     |
 |        |-------------------------------------------------|
 |        |859.1 |867.0 |7.9   |2.4   |47.03     |1.372     |
 |        |-------------------------------------------------|
 |        |884.7 |893.2 |8.5   |2.6   |11.51     |0.336     |
 |        |-------------------------------------------------|
 |        |1039.4|1055.6|16.2  |4.9   |19.72*    |0.575*    |
 |        |-------------------------------------------------|
 |        |including                                        |
 |        |-------------------------------------------------|
 |        |1039.4|1050.0|10.6  |3.2   |30.00*    |0.875*    |
 ------------------------------------------------------------

Note: Uncut and uncapped grade; * weighted grade

All the significant intercepts in CM11 drill holes described above and in Table 1 may not be the true width. Due to the complexity of analyzing three types of quartz veins; namely, strike, diagonal & orthogonal veins, the true width will be determined after the Company's 3D geological model is updated.

The standard fire assay technique was conducted on a relatively small (30 g) aliquot of sample material that may or may not be truly representative of the gold content of the sample as a whole, particularly if coarse gold or visible gold is present that is notoriously difficult to homogenize within a sample pulp. The Metallic Screen technique utilized in the Company's Double Assay Program effectively evaluates 1,000 grams of pulverized material for each sample and was specifically developed by laboratories to measure coarse or visible gold within pulverized sample materials to provide a more representative estimate of overall gold content.

The collection of reject samples, infill core sampling and core sample cutting of 239 Cow Mt. drill holes conducted in 2007, 2009, 2010 & 2011 has been completed. News on complete holes that include metallic screen fire assay results of reject samples and lead collection fire assay results of previously unassayed infill core samples will be published as they become available. The Company is in the process of utilizing this information to update the drill hole database.

Drill core processing included descriptive logging and sampling for geochemical analyses. The NQ-size drill core was cut/split in two halves using saws at the Company's Lowhee Creek Compound in Wells-Barkerville, central B.C. One-half of the core is put in a sample bag. After all the samples are placed in the rice bags at the mine site, they are transported by BGM's personnel to a shipping company in Quesnel for trans-shipment to ACME Analytical Laboratories Ltd. in Vancouver, which is under the Bureau Veritas Group Company, for analysis. Sample preparation and geochemical assaying is done at ACME, following their own internal standards for quality control and verification. The gold assaying method uses a 1,000 grams metallic screen gold assay and 50 g lead collection fire assay. ACME is certified under the Assayers Certification Program of B.C.

The information contained in this news release has been reviewed and approved by the Company's Chief Geologist Jim Yin, Ph.D., a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

"J. Frank Callaghan"

J. Frank Callaghan

President and CEO

About Barkerville Gold Mines Ltd.

The Company has focused on exploration and development of gold projects in the Cariboo Mining District in central B.C from the mid-1990s to present. The Company's mineral tenures cover 1,164 km2 along a strike length of 60 km and approximate width of 20 km, including the Cariboo Gold Project, the Bonanza Ledge Gold Project, the Barkerville Mountain and Island Mountain exploration targets and seven past producing hard rock mines. The QR Property was acquired in February 2010 and includes a 900 tonne/day gold milling facility and a permitted gold mine located approximately 110 km by highway and all-weather road from the Barkerville Gold Camp. In November 2010, the Company acquired a second permitted mill currently on care and maintenance in Revelstoke, B.C. 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. This news release has been prepared on behalf of the Board of Directors of the Company which takes full responsibility for its contents.

Cautionary Statement on Forward-Looking Information

Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions, including the listing and trading of the Company's common shares on the TSXV. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.

The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward- looking information include, among others, the Company's ability to engage and retain qualified key personnel, employees and affiliates, to obtain capital and credit and to protect its property rights.

The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

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