Jan 21 2013
Barkerville Gold Mines Ltd. ("Barkerville" or the "Company") wishes to provide additional annual general meeting and project updates and a report on the status of its proposed technical disclosure review response to the cease trade order (the "CTO") issued by the British Columbia Securities Commission (the "BCSC") as disclosed in the Company's press release dated August 15, 2012.
Annual General Meeting
The Board of Directors of the Company has now determined to hold its annual general meeting on April 16, 2013. The appropriate notices will go out shortly.
The Company reminds shareholders that its present CTO will remain in place until the Company files a final National Instrument 43-101 technical report (the "NI 43-101 Report) acceptable to the BCSC which addresses all technical disclosure comments of the BCSC.
As previously reported, as part of its BCSC response the Company engaged Snowden Mining Industry Consultants Pty ("Snowden") to assist in satisfying certain conditions of the BCSC underlying the CTO and, in particular, preparing an independent audit of the resource estimate provided for Cow Mountain which was the subject of the Company's original technical report, authored by Peter George of Geoex Ltd., which had been filed with the BCSC on August 14, 2012. The Company has been recently advised by each of Snowden and Geoex that they reasonably expect that a complete draft of their updated NI 43-101 Report should be available for review by the Company in the first week of February, such that the Company reasonably expects that it might be in a position to fully respond to the BCSC's technical disclosure comments and file a final and acceptable NI 43-101 Report on SEDAR by the final week of February.
QR Mine and Mill
Mr. Kevin McMurren, Mine Manager, reports: There are approximately 6,000 tonnes of ore in the mill stockpile remaining to be milled. Repairs have been completed on the secondary ball mill and as a result, throughput has increased. The detox circuit repairs have also been completed and chemicals are now being added to recover the gold from the leaching/CIP (carbon in pulp) circuit. In addition gold is being recovered through the gravity circuit daily. In a couple of days, the mill will ramp up from one 12 hour shift to two 12 hour shifts per day.
Roktek Services Inc. will start dewatering of the underground January 18th. This is expected to take less than one week. Underground mining will commence after the dewatering is completed. Two headings will be driven to two planned stopes. This will provide approximately 15,000 tonnes of additional mill feed.
The Company expects to be pouring gold dore bars in one week and to receive revenue from the sale of such one week thereafter. The revenues received from the sale of the gold dore bars is expected to provide additional working capital to the Company through April 2013.
Bonanza Ledge Mine
Mr. Tom Hatton Mine Superintendent for Wells reports; final clearing of the laydown area for Bonanza Ledge is completed and stump tub grinding for reclamation is nearing completion. Mining equipment including excavators, cats, trucks used at QR Mine for the dam raise were moved to Bonanza Ledge.