News Releases
19-Aug-2013
BCGold Corp. Consolidates and Expands Engineer Gold Mine Property
read pdfVancouver, British Columbia, August 19, 2013 (TSX-V: BCG) - BCGold Corp. ("BCGold" or the "Company") is pleased to announce that it has signed a letter agreement with Blind Creek Resources Ltd. ("Blind Creek") to option nine mineral claims (the "Claims") bordering the Company’s historic Engineer Mine and Gold Hill properties on Tagish Lake, 32 km west of Atlin, British Columbia.
Several high-grade gold veins and broad, gold-bearing shear structures previously defined by BCGold on the Engineer Mine and Gold Hill properties are known to extend onto the Claims. This agreement consolidates BCGold’s Engineer Mine area land position into one contiguous claim block that now covers the entire Engineer Mine gold and silver mineralizing system and totals 3,537 ha in area. This provides for a much more systematic exploration and development approach by the Company.
The agreement, subject to TSX Venture Exchange approval, provides BCGold with the option to earn a 100% interest in the Claims over four years through the issuance of 1.25 million BCGold common shares, staged cash payments of $225,000, and incurrence of $400,000 in exploration work expenditures. Blind Creek retains a 2% net smelter return on the Claims, which can be reduced to 0.5% by BCGold for a price of $1.5 million.
"BCGold is very pleased to finalize this agreement," states Brian P. Fowler, P.Geo., President and CEO of BCGold. "It was a long time coming and it exemplifies BCGold’s commitment to gold exploration and development in the Engineer Mine gold camp. We are pleased that through this agreement we can expose BCGold shareholders to renewed and enhanced prospects of exploration discovery and near-term mine development."
About BCGold
BCGold is focused on exploration and development of its historic Engineer Mine property package situated in northwestern British Columbia. Since 2007 the Company has incurred more than $4.0 million in expenditures to demonstrate the exploration upside and near-term mining potential of the property. BCGold is unique in that it exposes investors to the prospect of discoveries while being positioned to offset exploration costs by monetizing / forward-selling gold concentrate recovered from on-site processing of high-grade gold bulk samples at Engineer Mine.
BCGold has generated 27 early to mid-stage gold and copper-gold properties in British Columbia and Yukon that it will continue to advance through sourcing preferred joint venture partners.
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
Email: [email protected]
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 forwardlooking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.