15-Sep-2015
BCGold Corp. Amends Property Agreement with Guardsmen Resources Inc.
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Vancouver, British Columbia, September 15, 2015 (TSX-V: BCG) - BCGold Corp. ("BCGold") is pleased to announce that the Company and Guardsmen Resources Inc. ("Guardsmen") have amended the Gold Hill Option Agreement entered into on September 30, 2010 (see news release dated October 4, 2010), and subsequently amended on August 25, 2013 and September 29th, 2014, (see news releases dated August 27, 2013 and October 7, 2014), subject to TSX Venture Exchange approval.
In consideration for a fee of $900.00 and a warrant for 200,000 BCGold common shares to Guardsmen, at the lowest price permitted by the TSX Venture Exchange, with an expiration date 4 years from the date of issue (such issue date not to be more than 30 days after September 15 2015), to be issued to Guardsmen within 15 days of Exchange approval, the following agreement components have been amended:
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A one year extension to fulfill certain option terms in order to acquire interests in Guardsmen's Gold Hill property, previously amended and requiring BCGold to make a $25,000 property payment and incur $133,333 in eligible exploration expenditures by September 30, 2015 to earn a 75% interest.
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A one year extension requiring BCGold to make a final option payment of $25,000 and incur an additional $133,334 in eligible exploration expenditures, for a 100% interest in the Gold Hill property, on or before September 30, 2015.
BCGold has incurred $313,711 in eligible exploration expenditures and paid Guardsmen $60,000 in option payments to date, having earned a 50% interest in the Gold Hill Property. The Company can now earn a 100% interest in the Gold Hill Property after completing an additional $186,289 in eligible exploration expenditures and by making a cash payment of $50,000 to Guardsmen by September 30, 2016.
About Gold Hill Property
The Gold Hill Property is strategically located adjacent to BCGold's 100% owned historic Engineer Mine Property, situated on Tagish Lake 32 kilometres southwest of Atlin, B.C. The Gold Hill Property hosts the historic Happy Sullivan gold mine and overlays a number of large, regional-scale, 2nd order fault structures offthe terrane bounding Llewellyn Fault, that are known to host broad, continuous zones of epithermal goldbearing, hydrothermal breccia mineralization.
Work on the Gold Hill property to date by BCGold includes geological mapping, sampling, soil geochemical and airborne geophysical surveys. The exploration focus has been definition of trenching and diamond drill targets.
About BCGold
BCGold is a Vancouver-based junior resource company focused on copper and gold exploration in underexplored, historic and emerging mining districts in British Columbia and Yukon. The Company acquires and develops conceptual, early and mid-stage exploration opportunities and advances them towards resource
development.
BCGold's primary gold asset is the 100% owned, historic high-grade gold Engineer Mine property, situated 32 km southwest of Atlin, B.C. At Engineer Mine, the Company is uniquely positioned and fully permitted for small-scale mining and on-site milling. In 2011 the Company successfully mined and milled 246 tonnes of veinmaterial from the Engineer Vein on Level 5 and produced and monetized 800 kg of gravity concentrate for a return of $US107,000. This bulk sampling program identified 2 accessible high-grade gold exploration targets on the Engineer Vein between 5 and 8 Levels. Subsequent mine de-watering, geological mapping and panel sampling in 2012 confirmed the existence of these two exploration targets on 6 and 7 Levels, and re-established a third that was cut off by a dyke on 5 Level.
BCGold is seeking the means to finance a $2 million seasonal mining and on-site milling operation at Engineer Mine, mining up to 15,000 tonnes of mineralized material and producing between 7,000 to 10,500 ounces of gold in concentrate.* The Company is aggressively marketing this opportunity to qualified investors and mining groups. The current U.S. currency exchange rate and lower fuel prices allow for small, high-grade gold mines in Canada, such as Engineer Mine, to continue to represent excellent investment opportunities.
*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.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo.
President & CEO
For further information, please contact:
Brian P. Fowler
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.
Some statements in this news release contain forward-looking information or forward-looking statements. These statements include, but are not limited to, statements with respect to future expenditures and exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the timing and success of future exploration, development and production activities. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.