PEA..... LONE PINE PROPERTY
POSITIVE PRELIMINARY ECONOMIC ASSESSMENT REPORT AVAILABLE
Bard Ventures Ltd. (“
Bard” or the “Company”) announced today that the complete NI 43-101 positive Preliminary
Economic Assessment (“PEA”) on the Lone Pine property covering the Molybdenum (“
Mo”), Copper (“Cu”) rich
Alaskite Zone (the “
Property”) has been filed on SEDAR at www.sedar.com. The Property is located
approximately 15 kilometers north-northwest of Houston, British Columbia. The independent PEA was prepared by
P&E Mining Consultants Inc. (“
P&E”), of Brampton, Ontario, with EHA Engineering Ltd. (“EHA”) providing the
metallurgical components. P&E concludes that the Property has favourable economic potential as an open pit mine
producing Mo and Cu concentrates.
The base case economic analysis contemplates an average life-of-mine strip ratio of 4.98:1 (including the prestripping),
a 40,000 tonnes per day mill feed rate and a 12 year mine life. Pre-production capital expenditures,
including contingencies, are estimated to be $435 million. The Property has an estimated pre-tax net present value
(“
NPV”) of $505 million (at a 5% discount rate) and an internal rate of return (the “IRR”) of 12.4% using a base
case Mo price of US$19.00 per pound and Cu price of US$3.00 per pound. These prices correspond to the
approximate three year trailing average prices of these metals as of December 31, 2010. Mineral resources that are
not mineral reserves do not have demonstrated economic viability. (Please see news release dated 21
st January,
2011 for a complete discussion of the report.)
P&E recommends that the Company advance the project with additional exploration and delineation drilling, as well
as with studies in metallurgical, geotechnical and environmental matters, with the intention to continue the project to
the feasibility stage.
Highlights of the PEA
The mine has been planned as a conventional open-pit mining operation producing 40,000 tonnes per day of mill
feed at full production. The plan anticipates mining 14.0 million tonnes of ore annually based on a 350 day
operating year. Overall pit slopes have been designed at approximately 50 degrees.
Mining operations will commence with an initial mill feed grade of 0.035% Mo, which increases as the mine
deepens. In the last 7 years of the mine life, the average Mo grade will be approximately 0.091%. Cu grades will
remain relatively constant throughout the mine life at approximately 0.034%. The project is expected to produce
214 million pounds of Mo and 72 million pounds of Cu over a 12 year mine life. Process recoveries of 85% for Mo
and 65% for Cu were utilized in the cash flow model while the metal payables were 98.5% for Mo and 85% Cu.
Estimated mine closure and site rehabilitation cost allowances have been included in the economic analysis. During
mine operation, health and safety and environmental protection costs, including effluent treatment, have also been
estimated.
Page 2
News Release
Bard Ventures Ltd.
March 1, 2011
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.
The Property has an ideal location for operations with established infrastructure including:
?
Highway 16;
?
a natural gas pipeline;
?
a major hydro power transmission line and transformer sub-station; and
?
is located only 15 kilometers from the CN rail line in Houston, BC.
Bard is earning a 100% interest in the Property under the terms of an option agreement (the “
Agreement”) (see
News Release dated September 15, 2006). All conditions have been met and the Property remains in good standing
with the vendors. The Company will earn its 100% interest in terms of the Agreement. The Lone Pine exploration
work is being conducted under the supervision of Qualified Person, Rick Kemp, P.Geo., Vice-President-Exploration
of Bard.