25-Feb-2015
BCGold Corp. Closes Second Tranche of Private Placement and Announces Shares for Debt
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Vancouver, British Columbia, February 25, 2015 (TSX-V: BCG) - BCGold Corp. ("BCGold" or the
"Company") is pleased to announce that it has closed a second tranche of its private placement previously
announced on October 2, 2014. The Company has raised $30,000 through the issuance of 1,500,000 units
("Units") priced at $0.02 per Unit. This is in addition to $121,720 and announced by the Company in the
first tranche of the private placement (see December 18, 2014 news release).
Each Unit comprises one common share and one common share purchase warrant. Each warrant entitles
the holder to purchase one additional common share at a price of $0.05 per share for up to two years after
the date of issuance. All securities are subject to a four month hold period expiring June 26, 2015.
The TSX Venture Exchange has granted an extension to the deadline for filing final documentation for
this private placement, providing BCGold the opportunity to seek additional investors to fully subscribe
the $300,000 financing. Proceeds from this financing will be used to provide for costs associated with
securing a partner or financial backer for BCGold's Engineer Mine development and gold concentrate
production opportunity, further described below, and for general working capital purposes.
Shares for Debt
BCGold also announces that it has settled $157,533.50 of debt, through a combination of debtor
forgiveness ($93,266.00) and the issuance of 1,285,350 common shares of the company for debt, at a
price of $0.05 per share ($64,267.50). This transaction addresses unpaid fees to related and unrelated
parties, and is subject to regulatory approval. Shares are being issued to preserve cash committed to
project development and working capital, and will be subject to a 4 month hold period from the date of
issuance.
About BCGold
BCGold's primary asset is the 100% owned, historic high-grade gold Engineer Mine property, situated in
Northwestern B.C. At Engineer Mine, BCGold is uniquely positioned and fully permitted to mine and
mill accessible high-grade gold mineralization. In 2011 the Company successfully mined and milled 246
tonnes of vein material from the Engineer Vein on Level 5 and produced and monetized 800 kg of gravity
concentrate for $US107,000. The bulk sampling program identified 2 accessible high-grade gold
exploration targets on the Engineer Vein between 5 and 8 Levels, which are believed to contain between
12,000 to 17,000 ounces of gold, grading between 30 g/t to 60 g/t gold, in 8,000 to 14,000 tonnes of vein
material.(*) Mine de-watering, geological mapping and panel sampling of production drifts on 6 and 7
Level in 2012 confirmed the depth extension of these two exploration targets, and re-established a third
that was cut off by a dyke on 5 Level.
(*) The potential quality and grade of this exploration target is conceptual in nature, as there has been
insufficient exploration to define a mineral resource and that it is uncertain if further exploration will
result in the target being delineated as a mineral resource.
BCGold has an internal study that supports the premise to produce a minimum of 7,600 ounces of gold
over 3 summer seasons at Engineer Mine. The proposal is cash flow positive after 1 year with a maximum
drawdown of $1.4M.(**) Partial proceeds would provide for continued exploration for a +1 million ounce
bulk tonnage gold deposit, believed to exist on the property. The Company is aggressively sourcing a
qualified partner to finance this venture.
(**) Readers are cautioned that the Company has not completed a pre-feasibility or feasibility study which establishes mineral reserves with demonstrated economic and technical viability. Further, the Company cautions readers that any potential production may not be economically feasible and historically projects taken to production without establishing reserves through a feasibility study have a much higher risk of economic or technical failure.
Paul Wojdak, P.Geo., Vice President of Exploration for BCGold and a Qualified Person as defined by
National Instrument 43-101, has reviewed and approved the technical contents of this news release.
The Company has recently consolidated its land position at Engineer Mine, acquiring key claims believed
to overlay the source area for the Engineer Mine gold mineralizing system. The Company's strategy at
Engineer Mine is to focus exploration on an economic epithermal gold deposit, and to continue efforts to
secure a qualified partner to finance the gold concentrate production opportunity.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo.
President & CEO
For further information please contact:
Brian P. Fowler
President & CEO
Tel: 604-697-2401
Neither 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.