News Releases
27-Aug-2013
BCGold Corp. Amends Gold Hill Property Agreement with Guardsmen Resources Inc.
read pdfVancouver, British Columbia, August 27, 2013 (TSX-V: BCG) - BCGold Corp. ("BCGold" or the
"Company") is pleased to announce that the Company and Guardsmen Resources Inc. ("Guardsmen") have
amended the Gold Hill Option Agreement (the “Gold Hill Agreement”) entered into on September 30, 2010 (see October 4, 2010 news release).
In consideration for 100,000 BCGold share purchase warrants, each such warrant entitling the holder to acquire one common share of BCGold at a price of $0.055 per share for a term of approximately four years (the "Warrants"), to be issued to Guardsmen within 30 days of the execution of the amending agreement, and a cash payment of $1,250 to Guardsmen upon issuance of the Warrants, the Gold Hill Agreement has been amended as follows:
- BCGold’s obligations to make a $25,000 property payment and incur $133,333 in eligible exploration expenditures by September 15, 2013 to earn a 75% interest in Guardsmen’s Gold Hill property has been extended by one year to September 15, 2014 (BCGold has incurred $104,119 in eligible expenditures to date).
BCGold’s option to acquire an additional 25% interest (100% total interest) in the Gold Hill property, upon a
final cash payment to Guardsmen of $25,000 and an additional $133,334 in eligible exploration expenditures on or before September 30, 2014 remains unchanged.
BCGold has incurred $337,452 in eligible exploration expenditures and paid Guardsmen $60,000 in option
payments to date, having earned a 50% interest in the Gold Hill property. Work on the property by BCGold
includes geological mapping, sampling, and soil geochemical and airborne geophysical surveys in 2011 and
2012. The exploration focus has been definition of broad shear zone structures known to host epithermal,
hydrothermal breccia gold mineralization on the Gold Hill property and BCGold’s adjacent 100% owned
Engineer Mine property.
“BCGold is pleased that Guardsmen has agreed to this amendment, which effectively reduces BCGold’s 2013
expenditure requirements by nearly $160,000 and provides the Company with the opportunity to fulfill option
terms under what is expected to be better market conditions next year,” states Brian P. Fowler, P.Geo., President and CEO of BCGold.
Issuance of the Warrants remains subject to acceptance by the TSX Venture Exchange.
About BCGold
BCGold is a Vancouver-based junior resource company focused on generative copper and gold exploration in
under-explored 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 by sourcing preferred joint venture partners and exploration alliances. BCGold has generated 27
early to mid-stage gold and copper-gold properties in British Columbia and Yukon.
BCGold’s primary gold asset is the 100% owned, historic high-grade gold Engineer Mine property, where the
Company has defined a compelling gold concentrate production opportunity through continued bulk sampling
and on-site milling. The Company continues to seek a qualified partner to advance this opportunity.
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 for the purposes of applicable securities laws. These statements include, but are not limited to, statements with respect to contemplated financings, use of proceeds of financings, reorganizations 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, the completion of reorganizations and the timing and success of future exploration, development and production activities. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of its mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. 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.