Kinross buying BCG (market cap $6m)
BCG.V (BCGold) ready to explode MARKET CAP $6m (RTQ 0.14 float 20m shares) huge news coming and Kinross IN
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2010) - BCGold Corp. (the "Company") (TSX VENTURE:BCG - News) is pleased to announce preparations to diamond drill extensions of 2 high-grade gold veins at Engineer Mine (or the "Mine"). The Company has contracted Ampex Mining Ltd. of Whitehorse, Yukon and Lyncorp Drilling Services Inc. of Smithers, B.C. to conduct a minimum $250,000 Phase I underground diamond drill program, scheduled to commence June 1, 2010. Crews will mobilize to site on May 15th to prepare the camp and set up a diamond drill on Level 5 of the mine, the main access level.
BCGold Corp. intends to drill at least 700 metres in 6 holes between the 5th and 8th levels of the Mine. The Company will target the dip extensions of 2 high-grade shoots defined by historic and recent sampling on the Engineer and Double Decker veins. BCGold Corp. recently reported channel sample results averaging up to 794.0 grams/tonne (g/t) gold and 642.3 g/t silver over 0.5 metres from the Engineer Vein and 537.7 g/t gold and 298.8 g/t silver over 0.48 metres from the Double Decker Vein. The samples were extracted from accessible vein exposures on Level 5 of the mine. (See BCGold Corp. News Release dated March 3, 2010). On Level 8, the deepest level of the Mine, historic sampling records indicate a 24.7 metre section of the Double Decker Vein averaging 38.0 g/t gold, including a 10.0 metre interval averaging 84.3 g/t gold, across the width of the drift (Brinker Report, 1927).
Potential Mineral Target
Engineer Mine currently has no publically reported mineral resources or reserves, but has a potential mineral target of 100,000 - 150,000 tonnes averaging 8 - 12 g/t gold, containing 26,000 - 57,000 ounces gold (see BCGold News Release dated March 18, 2009). This potential quantity and grade is conceptual in nature, based on a 3-D Vulcan(TM) model developed by BCGold Corp. that incorporates historic geological maps and sections, chip samples and production records. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in this target being delineated as a mineral resource.
Near Term Production Potential
The project offers excellent potential for near-term, small-scale gold production from existing underground headings on the formerly producing Engineer, Double Decker and Boulder veins. A successful 2010 drill program verifying recent and historic high gold grades from the Engineer and Double Decker veins could provide the Company with the motivation to dewater the 3 lowest levels of the Mine, which have been flooded since the early 1930s. BCGold Corp. holds a permit entitling it to dewater the Mine until April 15, 2011. Dewatering the Mine would provide access for rehabilitation, geological mapping, sampling and exploration followed by resource definition drilling, bulk sampling and test mining. A fully operational and permitted 25 tonne per day gravity separation mill at the Mine allows the Company to process bulk sample material immediately and on site.
About the Engineer Mine Property
The historic Engineer Mine was a high-grade gold producer that reached its zenith in the mid-1920s and ceased production in the early 1930s primarily due to water ingress issues and an antiquated mine water pumping system. There are more than 25 known veins on the property and only 4 have had limited production and exploration to date. All veins remain open at depth and little exploration has been conducted deeper than 200 metres below surface. Significant potential also exists for a bulk tonnage, lower grade gold resource associated with the Shear Zone "A" hydrothermal breccia system, partially drill tested by BCGold Corp. in 2008 (See BCGold Corp. News Release dated December 2, 2008).
BCGold Corp. has an option to earn 100% interest in the Engineer Mine Property and has spent approximately $1.4 million in exploration since acquiring the property in January, 2007.
BCGold Corp. Private Placement Oversubscribed and Completed at $1.2 Million
BC Gold Corp BCG
4/30/2010 3:05:07 PM
VANCOUVER, BRITISH COLUMBIA, Apr 30, 2010 (MARKETWIRE via COMTEX News Network) --
(TSXVENTURE: BCG) - BCGold Corp. ("the "Company") is pleased to announcethat its non-brokered private placement has been oversubscribed andcompleted. BCGold Corp. has issued 10,160,000 non-flow through units("NFT Units") at a price of $.08 per NFT Unit and 4,006,200 flowthrough units ("FT Units") at a price of $.10 per FT Unit, for grossproceeds of $1,213,420. The private placement was previously announcedon March 30, 2010.
Each NFT unit consisted of one common shareand one-half common share purchase warrant; each whole warrant entitledthe investor to purchase one additional common share for a period of 18months from the date of issuance at a price of
.15. Each FT Unitcomprises one flow through common share and one-half of one commonshare purchase warrant, each whole common share purchase warrantexercisable to purchase one additional common share at
.20 per sharefor a period of 18 months from the date of issuance. The securities aresubject to a 4 month hold period and may not be traded until August 31,2010 except as permitted by Canadian securities legislation and the TSXVenture Exchange.
The Company is pleased that Kinross GoldCorporation ("Kinross") maintained its relative interest ofapproximately 13% in BCGold Corp. and subscribed for 1,750,000 of theNFT Units. The remainder of the offering was subscribed by the DynamicGroup of Funds, MineralFields Group of Companies, and a number ofprivate investors. Finder's fees totalling $49,930 in cash, equal to 6%and 7% of the amount placed by certain finders, and 560,000 broker'swarrants options were paid by the Company. BCGold Corp. intends to usethe proceeds from the offering to offset general operating and directexploration project costs, primarily on the Company's Engineer MineProperty and Voigtberg Property in British Columbia.
No directors or insiders of the Company participated in this financing.