Mr. J. Frank Callaghan reports

BARKERVILLE PROVIDES ADDITIONAL UPDATE ON ITS TECHNICAL REVIEW AND PROJECTS

Barkerville Gold Mines Ltd. has provided an additional update to its shareholders on the status of its response to the cease trade order (CTO) issued by the British Columbia Securities Commission (BCSC) as disclosed in the company's press release dated Aug. 15, 2012, as well as a project update for the QR mine and the Bonanza Ledge mine.

The company reminds shareholders that the CTO will remain in place until the company files a National Instrument 43-101 technical report acceptable to the BCSC addressing all technical disclosure concerns. The company's directors and management, geological and engineering consultants, contractors, labs, and staff have been working diligently to prepare a comprehensive report, and it is nearing completion.

To assist the author, Peter George of Geoex Ltd., in the National Instrument 43-101 report, the services of Mintec Inc., Apex Geoscience Inc., Tenerox Geoservices, F. Wright Consulting Inc., Lorax Environmental Services Ltd., Knight Piesold Ltd., ALS Group, Inspectorate Canada, Amine-Fairbase Inc. and Snowden Mining Industry Consultants Pty., to name a few, have been retained by the company over the years and some more recently. Their work will form part of the appendicles to the report of Geoex.

Chief geologist Jim Yin, PhD, PGeo, a qualified person as required under National Instrument 43-101, reports that all twin drill holes, totalling 2,759.4 metres (9,053.1 feet), on Cow Mountain, at the Cariboo gold project near Wells in central British Columbia, drilled between Sept. 22 and Oct. 14, 2012, requested by Snowden, have been logged, photographed and density measured. Three saws are cutting core, and it is expected work will be completed this week. Cut core is shipped every day for assay. Database building of lithology, pending assays, recovery/RQD (rock quality designation), standards/blanks and surveys of all the twin drill holes, including channel samples of 2012 trenching on Cow Mountain, is under way. Assay results of these drill holes and trench results will be released as soon as they are available.

QR mine and mill

Glen Ventor, acting mine manager, reports the surface ore zone at the West zone have now been mined; trucking to the stockpile by the crusher is in progress. Dewatering the West zone underground to the 962 stope for mining is being readied. Power transformer delivery and installation are expected this week.

Additionally, the raising of the tailings storage facility dams at the QR mine site is on schedule and expected to reach target height this week. A grouting plan is still in progress and is being supervised by Klohn Crippen Berger Ltd.

Bonanza Ledge mine

Tom Hatton, mine superintendent for Wells, reports that final clearing of the laydown area for Bonanza Ledge is under way and stump tub grinding for reclamation is continuing. It is anticipated that all of the surface drills, excavators and trucks being used at QR will be moved to Bonanza Ledge upon completion of their work at the QR mine this month.

The technical information in this news release has been reviewed and approved by company chief geologist Jim Yin, PhD, PGeo, a qualified person as defined in National Instrument 43-101.

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