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Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB)
(the "Company") reports the remaining assay results of 2010 from
175 channel samples at the new discovery zone on Barkerville
Mountain announced in September 2010 (see
news release September 20, 2010). The new zone has now been
mapped and extends the original discovery area to 125 meters long in
trenching and up to 26 meters wide in 18 channels. A diamond drill
program for the new discovery zone is slated to begin in March 2010. The
Company is permitted to drill up to 900 holes for 193,500 meters on Barkerville Mountain over the next three years and is
able to drill throughout the year.
New highlights are as follows:
Channel
2:
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10.3
meters (33.7 feet) of 16.7 g/T (0.49 oz/t)
gold including,
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--
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5.5
meters (18.2 feet) of 30.6 g/T (0.89 oz/t)
gold, and
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--
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3.26
meters (10.7 feet) of 50.2 g/T (1.46 oz/t)
gold
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Channel
3:
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15.8
meters (52.0 feet) of 4.61 g/T (0.13 oz/t)
gold including,
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--
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9.8
meters (32.1 feet) of 7.43 g/T (0.22 oz/t)
gold, and
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--
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1.1
meters (3.5 feet) of 40.5 g/T (1.18 oz/t)
gold
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Channel
4:
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23.1
meters (75.8 feet) of 9.78 g/T (0.29 oz/t)
gold including,
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--
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10.1
meters (33.2 feet) of 22.3 g/T (0.65 oz/t)
gold, and
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--
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0.58
meters (1.9 feet) of 268.0 g/T (7.82 oz/t)
gold
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Channel
5:
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16.9
meters (55.3 feet) of 1.64 g/T (0.05 oz/t)
gold including,
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--
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9.3
meters (30.5 feet) of 2.89 g/T (0.08 oz/t)
gold
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Channel
6:
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17.5
meters (57.5 feet) of 4.72 g/T (0.14 oz/t)
gold, including,
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--
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6.6
meters (21.6 feet) of 12.4 g/T (0.36 oz/t)
gold
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Channel
8:
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11.9
meters (39.0 feet) of 7.04 g/T (0.21 oz/t)
gold, including,
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--
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4.1
meters (13.5 feet) of 19.6 g/T (0.57 oz/t)
gold
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In total, 175 channel samples were collected from 18
channels along a large, 125 meter trench with the channel intervals being
approximately 6 meters.
The complete assay table for this news release is
available at the following link: http://www.barkervillegold.com/s/DrillResults.asp.
The reconnaissance rock channel samples were
collected with a geological hammer and put in plastic bags. The plastic
sample bags were marked on the outside, using a black felt marker pen, with
identifying samples numbers. In addition, the paper end-of-sample tags were
placed inside the upper portion of the bags; the tops of the bags were tied
closed with ribbons, sometimes the top of the plastic bags were secured with
staples. After all the samples are placed in the rice bags at the mine site,
they are transported by the Company's personnel to a shipping company in Quesnel, BC for trans-shipment to Eco Tech Lab (ETL) in
Kamloops, B.C. Sample preparation and geochemical assaying is done at Eco
Tech Lab, following their own internal standards for quality control and
verification. The gold assaying method uses a standard fire assay with AA
finish. Metallic gold assays were done to confirm the fire assay results
considering existence of visible gold in the samples. ETL is certified under
the Assayers Certification Program of B.C.
About Barkerville Gold
Mines Ltd.
Since the mid 1990s the Company has focused on
exploration and development of gold projects in the Cariboo
Mining District in central B.C. The Company's mineral tenures now cover over 1,225
square kilometers, encompassing seven past producing hard rock mines and
three NI 43-101 gold deposits, including the QR Mine & Mill. 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
kilometers by highway and all-weather road from the Barkerville
Gold Camp. Mining operations commenced at QR in February 2010 and the Company
began pouring doré gold in September 2010.
In November 2010, the Company acquired a second permitted mill currently on
care and maintenance in Revelstoke, B.C. for
relocation to the Barkerville Gold Camp near Wells,
B.C. and upgrade it to a 2,000-tonne/day facility subject to government
approvals. In November 2010 the Company and the Lhtako
Dene First Nation also signed a Project Agreement
in relation to its Bonanza Ledge and Cariboo Gold
Projects. The Company has not hedged any of its future gold production.
The technical information in this News Release has
been reviewed and approved by Chief Geologist Jim Yin, PhD, P.Geo, a qualified person as defined in National
Instrument 43-101.
On behalf of the Board of Directors,
J. Frank Callaghan, President and CEO
This News Release contains forward-looking
statements. Forward-looking statements are statements which relate to future
events and conditions and therefore involve inherent risks and uncertainties.
These statements are only predictions and involve known and unknown risks,
uncertainties and other factors that may cause our or our industry's actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. While these forward-looking statements, and any assumptions
upon which they are based, are made in good faith and reflect our current
judgment regarding the direction of our industry, actual results will almost
always vary, sometimes materially, from any estimates, predictions, projections,
assumptions or other future performance suggested herein. Except as required
by applicable law, the Company does not intend to update any of the
forward-looking statements to conform these statements to actual results. All
phases of the Company's operations are subject to environmental regulation
and governmental approval and permits and there can be no assurance that the
Company will obtain all the requisite permits for future development. Mining
is an inherently risky business with large capital expenditures and cyclical
metals markets.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.
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