TORONTO, March 30, 2017 /CNW/ - Barkerville Gold Mines Ltd. (TSXV: BGM) ("BGM", or the "Company") announces that Mr. Greg Gibson has tendered his resignation today as a Director and Co-Chairman of the Company. Mr. Sean Roosen will continue as sole Chairman of the Company.
Mr. Gibson, along with the backing of Sprott Mining led by Mr. Eric Sprott, led the restructuring of BGM at a critical time and successfully set the subsequent stage for the current development of the Company, paving the way forward for the advancement of the BGM project to return to producer status.
Mr. Chris Lodder, President and CEO of BGM commented: "On behalf of the Board of Directors and management of BGM, we would like to thank Greg and Sprott Mining for their invaluable contributions to advancing the project to this stage. We look forward to completing their vision by our goal of bringing BGM back to successful producer status in short order."
Mr. Sean Roosen, Chairman of the Board added: "We are very grateful for the hard work done by Greg and the Sprott group, without their participation and cooperative spirit BGM wouldn't be at the advanced stage that it is at today. With further rapid advancement of the project, we are confident that BGM will become Canada's newest gold producer in 2017."
About Barkerville Gold Mines Ltd.
The Company is focused on developing its extensive land package located in the historical Cariboo Mining District of central British Columbia. Barkerville's mineral tenures cover 1,164 square kilometres along a strike length of 60 kilometres which includes several past producing hard rock mines of the historic Barkerville Gold Mining Camp near the town of Wells, British Columbia. The QR Project, located approximately 110 kilometres by highway and all weather road from Wells was acquired by Barkerville in 2010 and boasts a fully permitted 900 tonne/day gold milling and tailings facility. Test mining of the Bonanza Ledge open pit was completed in March of 2015 with 91,489 tonnes of ore milled producing 25,464 ounces of gold. The Company has completed a number of drilling and exploration programs over the past 20 years and is currently compiling this data with all historical information in order develop geologic models which will assist new management and provide the framework to continue to explore the Cariboo Gold Project. An extensive drill program is currently underway with the goal of delineating additional high grade gold mineralization. Major shareholders of Barkerville include Osisko Gold Royalties Ltd. and Osisko Mining Inc.
Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange ('TSXV') nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SOURCE Barkerville Gold Mines Ltd.
For further information: For further information on Barkerville Gold Mines Ltd. please contact: Chris Lodder, President & Chief Executive Officer, Suite 400-365 Bay Street, Toronto, Ontario, Canada, [email protected]