VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2011) - Bard Ventures Ltd. (News - Market indicators)(FRANKFURT:BVU) (the "Company") is pleased to announce that it has arranged a non-brokered private placement (the "Offering") of up to $1,000,000 through the sale of 12,500,000 units at a price of $0.08 per unit (the "Units").
Each Unit will consist of one (1) common share and one (1) share purchase warrant. Each such share purchase warrant will entitle the holder thereof to purchase one (1) common share of the Company for a period of two (2) years from the closing of the Offering at an exercise price of $0.12 per common share.
The proceeds will be used for mobilizing the drill crew to commence exploration on the Company's Lone Pine property (the "Property"). The Property has a positive Preliminary Economic Assessment ("PEA") of the Alaskite Zone Resource (see News Release dated March 1, 2011) with a $505 million NPV. Mineral resources that are not mineral reserves do not have demonstrated economic viability. These funds will primarily be used to drill the Quartz Breccia Zone as well as the 61 Zone. The most significant recent results on these Zones were 176.0m of 19.05gm/t Silver, and 20m of 442.18gm/t Silver, 147.0m of 0.086% Copper and 442.6m of 0.044% Molybdenum (for detailed information see news release dated March 4, 2011).
This Offering is subject to receipt of all necessary approvals including approval of the TSX Venture Exchange and the Company's Board. The Company may pay a commission pursuant to the Policies of the TSX Venture Exchange.
Eugene Beukman, President, stated, "The Company is very pleased with this financing and intends to commence drilling on these prospective targets as soon as possible". A diamond drill program to test the highly prospective targets is planned. This information will be used to add data to the existing PEA with the intention of increasing the size of the resource.
The property has an ideal location for operations with established infrastructure including:
- Highway 16;
- A natural gas pipeline;
- a major hydro power transmission line and transformer substation; and
- is located only 15 kilometers from the CN rail line in Houston, BC.
Bard is earning a 100% interest in the Property under the terms of an option agreement (see news release dated September 15, 2006). The Lone Pine Exploration is being conducted under the supervision of Qualified Person Rick Kemp, P.Geo., Vice President, Exploration.
On behalf of:
Bard Ventures Ltd.
Eugene Beukman, President
Follow us on Twitter at: www.twitter.com/bardventures
Join the Molybdenum Group on Facebook at: www.facebook.com/group.php?gid=113244697106
Become a Bard Ventures Fan on Facebook at: www.facebook.com/home.php?#/pages/Bard-Ventures/88081448028?ref=nf
For further information please visit our website at: www.bardventures.com
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
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.