Barkerville Completes Purchase Of Second Gold Mill Facility
VANCOUVER, BC - Barkerville Gold Mines Ltd. reported that the TSX Venture Exchange has accepted for filing a share purchase agreement dated Sept. 2, 2010, between International Bethlehem Mining Corp., Bethlehem Resources (1996) Corp. and Barkerville Gold Mines Ltd. whereby Barkerville will acquire all the issued and outstanding shares of Bethlehem Resources, a private B.C. company. The purchase includes the Goldstream mill facility, tailings pond, and related mineral leases and claims that are located in the Revelstoke Mining Division, British Columbia.
The Goldstream Mill is a custom mineral processing plant fully permitted in its current location and is presently on care and maintenance. The facility has a name-plated milling capacity of 1,360 tonnes per day and residue from such operations can be accommodated in the adjacent tailings pond and surrounding properties. It is the Company's intention, subject to approvals, to relocate, refurbish and upgrade the Goldstream mill facility to the base of Cow Mountain, near Wells, British Columbia, where two of Barkerville's NI43-101 gold resources and proposed open-pit deposits are located in Central British Columbia. Upon relocation, the Company plans to upgrade the mill with an additional ball mill and a carbon-in-pulp circuit, to an increased capacity of 2,000 tonnes per day. The Company's Bonanza Ledge proposed open-pit mine on the adjacent Barkerville Mountain is currently in the B.C. Mines Act approval process. The Cariboo Gold Project, encompassing Cow Mountain, is anticipated to re-enter the B.C. Environmental Assessment Process in the 4th Quarter of 2011. The Company has been developing its Cariboo Gold Project in Barkerville, B.C., which encompasses (from northwest to south east) the former producing Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (now on care and maintenance), Aurum Mine, Island Mountain Mine, Cariboo Gold Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson Gold & Silver Mine and the Cariboo Hudson Mine. The Company commenced operations in the Cariboo District in 1994 and since that time has focused on the exploration and development of its gold properties. Mineral tenures in the Historic Cariboo Goldfields encompass approximately 1,112 square km (112,484 hectares) over a 60 km long by 20 km wide belt. In the Barkerville Gold Camp, 101 creeks have reported placer gold production. Recorded gold production from the area totals more than 3.8 million ounces, including an estimated 2.64 million ounces from placer mining and 1.23 million ounces from lode mining. On February 2, 2010, the Company reported that it closed the acquisition of the QR Mine, Mill and its associated assets and began gold mining operations at the QR Mine. The company's address is 15th Floor, 675 West Hastings Street, Vancouver, BC V6B 1N2, (604) 669-6463, fax: (604) 669-3041.