Bravo Gold Corp V.BVG

Report to shareholders

[Surycan]

December 1, 2008
Report to shareholders


In 2008, your Company actively explored our major 100% owned properties in Alaska, Nevada and British
Columbia, with primary focus on the Homestake Ridge property in British Columbia. Those efforts were
rewarded with some of the most spectacular drill intercepts reported during the past decade by our Company
and others in our peer group.

Utilizing drill data from past years, our geologic team significantly refined the geologic model of the Main
Homestake zone at Homestake Ridge. Drilling during 2008 was designed to test this model while in-filling
and extending higher grade mineralization. The current drill pattern should allow a substantial amount of the
March 2007 Inferred Resource to be upgraded into the category of an Indicated Resource, allowing scoping
studies to be undertaken. We also tested the theory that certain geologic features control the highest-grade
regions of the deposit. Although the model is still evolving in detail, its utilization has resulted in the best
mineralized intercepts received to date, highlighted by hole -87 containing a 7.6 meter bonanza intercept
averaging 181.58g/t Au, 71.55g/t Ag, and 0.376% Cu within a 73.0 meter interval averaging 20.99g/t Au
and 11.6g/t Ag (initial estimates of true thickness are 5.5m and 52.5m, respectively). A second geologic
feature appears to form a second high-grade region nearby, featured by hole -99 containing a 10.0 meter
intercept averaging 24.9g/t Au and 1,042.9g/t Ag within a 31.2 meter interval averaging 8.4g/t Au and
345g/t Ag (initial estimates of true thickness are 9.4m and 29.2m, respectively). Additional geological
modeling is underway that should allow us to extend these mineralized trends into untested areas in the 2009
exploration season.

We expect to complete an updated 43-101 compliant resource estimate for the Main Homestake zone early in
2009. Initial metallurgical studies are being initiated, with test work also planned during the first two quarters
of 2009. Initial road design was conducted during the 2008 field season in order to provide road access to the
Main Homestake zone from the partially completed hydroelectric access road over which our Company has
obtained access rights. Permitting for the new road is planned for 2009.

Other targets at Homestake Ridge were further evaluated during the 2008 field season. Results from the
Homestake Silver zone were particularly encouraging. The target lies approximately 400 meters southeast of
the Main Homestake zone. Geophysical and geochemical surface data suggested the same favorable
stratigraphy at the Main Homestake zone extends to Homestake Silver. Drilling at Homestake Silver in 2007
intersected favorable stratigraphy and resulted in significant intervals of anomalous to ore-grade silver
associated with lead and zinc minerals, but with only anomalous concentrations of gold. Drilling in 2008
intersected copper minerals with up to 16.5 meters (13.2m estimated true thickness) of 0.4g/t Au and 69.6g/t
Ag, with thinner intervals of +100g/t Ag. Mineral zoning clearly shows the system is getting stronger and
more gold-rich with depth, providing an exciting target for 2009.

Indeed, the entire region between the Main Homestake zone and Homestake Silver zone, and on to the
Vanguard Gold and Vanguard Copper zones, is highly prospective for more pods of high-grade gold and
silver mineralization. This +4 kilometer long trend will be further explored in the 2009 exploration season.

Other exploration work on our property included limited drilling at the Vanguard Gold and Vanguard Copper
zones at Homestake and at the nearby Silver Basin project. Assays are pending for holes from all of these
areas.

Additionally in 2008, we conducted a limited shallow drilling program at our Woewodski project, which lead
to a dramatic re-interpretation of the geology of the island as it applies to volcanogenic massive sulfide
mineralization. Several showings rich in zinc, lead, and silver occur in the same package of rocks and in a
similar environment as Hecla’s high-grade Greens Creek deposit. Previously interpreted as highly folded host
rocks, scattered drilling and an extensive 3D IP geophysics survey in this largely overburden-covered region
of the island indicate the rocks are in fact gently dipping to the south. This interpretation leaves untested a
major region where thick accumulations of massive base and precious metal sulfides should have occurred. A
relatively simple 2 to 3 -hole program is planned to test this new model in the 2009 exploration season.

Our Company continued to advance several of its thirteen “Carlin” -type gold prospects in the prolific Battle
Mountain-Eureka trend of central Nevada. Barrick continued to hold under option our Pete Hanson
project, although it did not report any work completed at the project. We continue to systematically evaluate
and develop exploration targets at our remaining properties. Targeting work is complete and permitting is inplace
or in-progress at Signal, Gabel, North Lone Mountain, and SF. Targeting is underway at Temple and
Shiva. We will continue to advance these projects and other projects during 2009.

We expect that 2009 will be an important year for the Company, particularly at Homestake Ridge as we
continue to aggressively expand and upgrade the known mineralization and evaluate other targets that could
host similarly rich mineralization. As always, we will continue to evaluate new opportunities and to acquire
attractive properties that add value to the Company.

The spectacular assays from Homestake Ridge resulted in the Company’s share price re-gaining part of the
value lost as all junior exploration company shares were indiscriminately sold off beginning late in 2007. We
believe that BVG shareholders will be well rewarded as market fears subside and realization of the
exceptional quality of the Homestake Ridge discovery expands, and we wish to thank them for their continued
patient support of our efforts.


Bravo Venture Group Inc.
“Joseph Anthony Kizis, Jr.”
Joseph Anthony Kizis, Jr.
President


Dec 11 2008 - Management information circular
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00009542

[robbie25]

I'm pleasd to hear they plan on having an updated 43-101 in early 2009.....hopefully in Jan....ANyone have any idea how many assays are pending, if any?

[Surycan]

7x Main zone2x Vanguard Copper2x Vanguard gold1x Homestake Silver2x Silver basin7x Woewodski Island

[Surycan]

in 2007 we got the resource calculation @ 2 marchthe complete Ni 43-101 report in aprilI think the 2008 update comes earlier in 2009