News Releases
07-Oct-2014
BCGold Corp. Amends Gold Hill Property Agreement with Guardsmen Resources Inc.
read pdfVancouver, British Columbia, October 7, 2014 (TSX-V: BCG) - BCGold Corp. (''BCGold") is pleased to
announce that the Company and Guardsmen Resources Inc. (“Guardsmen”) have amended the Gold Hill Option
Agreement entered into on September 30, 2010 (see news release dated October 4, 2010), and subsequently
amended on August 25, 2013 (see news release dated August 27, 2013), subject to TSX Venture Exchange
approval.
In consideration for a fee of $900.00, including GST and payable upon signing, to Douglas Alan Sarkissian,
B.Comm, LL.B., Director and Executive Vice President for Guardsmen, for execution of this amending
agreement, and a warrant for 200,000 BCGold common shares to Guardsmen, at the lowest price permitted by
the TSX Venture Exchange, with an expiration date 4 years from the date of issue (such issue date not to be
more than 30 days after September 15 2014), to be issued to Guardsmen within 15 days of Exchange approval,
the following agreement components have been amended:
- A one year extension to fulfill certain option terms in order to acquire interests in Guardsmen’s Gold Hill property, previously amended and requiring BCGold to make a $25,000 property payment and incur $133,333 in eligible exploration expenditures by September 30, 2014 to earn a 75% interest.
- A one year extension requiring BCGold to make a final option payment of $25,000 and incur an additional $133,334 in eligible exploration expenditures, for a 100% interest in the Gold Hill property, on or before September 30, 2014.
BCGold has incurred $313,711 in eligible exploration expenditures and paid Guardsmen $60,000 in option
payments to date, having earned a 50% interest in the Gold Hill Property. The Company can now earn a 100%
interest in the Gold Hill Property after completing an additional $186,289 in eligible exploration expenditures
and by making a cash payment of $50,000 to Guardsmen by September 30, 2016.
About Gold Hill Property
Work on the Gold Hill property to date by BCGold includes geological mapping, sampling, soil geochemical and
airborne geophysical surveys in 2011 and 2012. The exploration focus has been definition of trenching and
diamond drill targets along broad shear zone structures known to host epithermal, hydrothermal breccia gold
mineralization on the property and BCGold’s adjacent and 100% owned Engineer Mine property.
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
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 forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.