Barkerville Gold Mines Ltd.

Barkerville Gold Mines Ltd. ("the Company" or "Barkerville Gold") is a public company traded on the TSX Venture Exchange (BGM) and the Frankfurt exchange (IWUB). The Company is focused on the Historic Cariboo Goldfields, terminus of the famous Cariboo Gold Rush. 

 

The Company commenced operations in the Cariboo Goldfields in 1994 and since that time has focused on the exploration and development of its gold properties. Mineral tenures in the Historic Cariboo Goldfields encompass approximately 1,174 square km (117,442.5 hectares) or 290,207 acres over a 65 km long by 20 km wide belt. On the Cariboo Gold Project, 101 creeks have reported placer gold production. Recorded gold production from the area totals more than 3.8 million ounces, including an estimated 2.64 million ounces from placer mining and 1.23 million ounces from lode mining. 

 

In February 2010, the Company completed the acquisition of the QR Mine & Mill located 110 kilometers by highway and all-weather road from the town of Wells/Barkerville at the Cariboo Gold Project.

 

The QR Mill is a permitted, 900 tonne per day gold mill, originally built by Kinross Gold Corp. in 1994 for an estimated $40 million capital cost and was their first operating gold mine, which operated for three years and subsequently closed due to low gold prices. Cross Lake Minerals Ltd. acquired the project in 2005 and incurred an estimated $34.5 million on mill upgrades, mine development and a new three phase power line, which substantially offset initial start-up costs for Barkerville Gold.

 

The Company initiated mining operations in February 2010 at the QR West Zone which culminated in Barkerville Gold pouring its first gold dore bar in September 2010. The Company concluded mining operations in the West Zone in December 2011 as the QR Mine began seasonal maintenance. It is the Company's objective to process ore from the recently permitted Bonanza Ledge open pit mine on Barkerville Mountain at the QR mill once all conditions under the necessary permits are in place.

 

Additionally in 2011, the Company concluded an extensive diamond drilling program of 238 drill holes totaling 57,741.7 meters in several areas on its vast land package, including the Gold Quartz Mine located on Cow Mountain to both expand the current resource and to further investigate new gold zones outside the existing resource parameters. The Company has completed significant drilling and exploration programs and together with the historical data is compiling all information to determine geologic models and update mineral resource estimates to continue with exploration and development of the Cariboo Gold Projects.

 

Barkerville Gold will continue to spend time & resources on the permitting process and necessary pre and feasibility studies pertaining to two proposed open pit mines; The Bonanza Ledge deposit and the Gold Quartz deposit on Cow Mountain. The Company will continue its exploration campaigns that encompass four areas identified by Barkerville Gold as prime exploration targets, including in, around, and underneath the current 43-101 compliant resources on Barkerville and Cow Mountains. To the North and South of these primary targets, Island Mountain, and Grouse Creek will also be explored. Further blue-sky campaigns will be conducted over the remaining 9/10ths of the highly prospective 65 kilometer gold bearing belt assembled by the Company over the past 18 years.  


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