VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Bravada Gold Corporation (TSX VENTURE:BVA)(FRANKFURT:BRT) ("Bravada" or the "Company") has closed its previously reported non-brokered private placement by issuing 5,319,139 units at a price of $0.02 per unit for gross proceeds of $106,383. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.05 per share. Securities issued pursuant to this private placement, including common shares, share purchase warrants and finder's warrants issued as finder's fees, carry a legend restricting trading of the securities until February 12, 2014.
The private placement is being conducted pursuant to the TSX Venture Exchange ("TSXV") bulletin of April 12, 2013 - Private Placements - Extension and Modification of Temporary Relief from Certain Pricing Requirements. The private placement and payment of finder's fees are subject to acceptance for filing by the TSXV. The private placement has been approved by Bravada's board of directors, excluding those directors that have a direct interest in the private placement.
As required by the Temporary Relief policy of the TSX-V Bravada advises that it proposes to add the net proceeds from the placement to working capital to be expended as to payment of mineral claim fees of $83,224, property acquisition payments of $17,068, payment of accounts payable of $3,300 and payment of issuance costs of $2,000.
Baker Hughes Oilfield Operations, Inc. has notified Bravada that it has completed a third phase of drilling at Bravada's Shoshone Pediment gold and barite project. The program, designed to test for the presence of barite mineralization, consisted of an additional 12 reverse-circulation drill holes (719m). The total program during 2013 consisted of 43 holes, for total of 3,030 meters of drilling. The property is located along the Battle Mountain-Eureka Gold trend, which, in the project area, overlaps one of Nevada's most important regions for barite production. Baker Hughes has the option to acquire 100% of any barite ore, whereas Bravada will retain all other mineral rights, including gold, and will receive a split of the drill samples from the barite drilling for its independent geologic logging and assaying. Gold and other mineral values will be reported subsequent to evaluation by Bravada of assay data.
Baker Hughes makes annual payments to Bravada and pays claim maintenance fees during the option period and during any subsequent barite mining. Baker Hughes can exercise the option by paying to Bravada an option fee at any time within the six-year option period, which terminates in April 2015. Bravada will receive a quarterly royalty payment on any barite production greater than 150,000 tons. Should there be a discovery of both barite and other metals; each company would have the right to mine their respective minerals while stockpiling minerals belonging to the other party.
Barite was historically produced from an open pit adjacent to the Shoshone Pediment property, and the property lies along the northwesterly projection of a linear cluster of small gold deposits hosted in Upper Plate rocks along Slaven Canyon. Although gold mineralization may exist in the Upper Plate rocks, which also host the barite mineralization, Nevada's largest gold deposits typically occur in underlying Lower Plate carbonate host rocks, which have not been tested by drilling at Shoshone Pediment.
About Bravada Gold Corporation
Bravada is a member of the Manex Resource Group of companies with an exploration office in Reno, from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings strategically located within numerous productive gold trends in Nevada. Homestake Resource Corporation (HSR.V) owns 9.7% of Bravada's 120,153,421 outstanding common shares.
On behalf of the Board of Directors of Bravada Gold Corporation
Joseph A. Kizis, Jr., Director, President
For further information, please visit Bravada Gold Corporation's website at www.bravadagold.com.
Neither 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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada Gold Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.