TORONTO, April 24, 2018 (GLOBE NEWSWIRE) -- Barkerville Gold Mines Ltd. (TSXV:BGM) ("Barkerville" or the "Corporation") is pleased to announce that it has entered into an agreement to purchase twelve mineral claims covering an area of 5300 hectares (the "Purchased Claims") located in the Cariboo Gold District in British Columbia (the "Acquisition").
The Purchased Claims, which are contiguous with other mineral tenures currently held by Barkerville, are accessible by highway, exploration trails and partially deactivated logging roads. The area, which includes the Lightening Creek alluvial field, has been explored intermittently since the 1870s with such recent exploration consisting of geological mapping, geochemical sampling, diamond drilling and geophysics. Most of the area's major creeks have also hosted placer operations. The acquisition of these claims is in line with Barkerville's current strategy to acquire neighbouring claims of geological importance.
As consideration for the Acquisition, the Corporation has agreed to pay the vendor a cash purchase price of $300,000 in immediately available funds, and to issue the vendor an aggregate of three million common shares in the capital of the Corporation ("Common Shares"). The Common Shares issuable in connection with the Acquisition will be subject to a four-month and one day hold period in accordance with applicable securities legislation. The Acquisition remains subject to TSXV approval.
For more information on Barkerville Gold Mines Ltd., please contact:
Chris Lodder
President and Chief Executive Officer
155 University Avenue, Suite 1410
Toronto, Ontario, Canada
clodder@barkervillegold.com
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. 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 ability of the Corporation, if at all, to obtain approval for the Acquisition from the TSX Venture Exchange. Although the Corporation 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 Corporation 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.
Neither the 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.