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Barkerville Gold clarifies, retracts Aug. 15 disclosure

2013-08-20 22:59 ET - News Release

Mr. J. Frank Callaghan reports

BARKERVILLE GOLD MINES LTD. CLARIFIES AND UPDATES ITS MOST RECENT NEWS RELEASE DISCLOSURE

Barkerville Gold Mines Ltd. is providing clarification respecting screen metallic reassays in its most recent news release dated Aug. 15, 2013. The company provided a project update on its Gold Quartz, Bonanza Ledge and historical Island Mountain mine projects located near Wells, B.C., and the QR mine located near Quesnel, B.C.

The company confirms that it continues to work toward completing recommendations put forward in its most recent NI 43-101 technical report on its Cariboo gold project dated Dec. 31, 2012, which was filed on June 18, 2013. See the company's news release dated June 19, 2013.

The company initially wishes to clarify a statement contained in the third paragraph of the company's recent news release regarding the core samples prepared for screen metallic fire reassays. The subject paragraph contains a statement regarding expected results from the reassaying of drill core currently under way, to wit, an increase of previously published grades in the order of 10 to 15 per cent. This statement does not reflect the findings of the company's most recent technical report.

The technical report stated in Section 1.4.1. that, "QA/QC in 2009 and later sampling and assaying indicated reasonable quality of the results; however, new work indicated that the original fire assay results did not account for all of the gold in the samples, and metallic screen fire assays gave higher grade results (in the order of 15 per cent to 20 per cent higher)."

This statement only applies to holes that Snowden Mining Industry Consultants Inc. asked to be twinned when compiling the technical report and reflects the difference between the original fire assays and the reassays done by metallic screen fire assaying. While the technical report discloses the difference between regular fire assays and metallic screen fire assays in the context of the number of samples from the twinned drill holes, it does not extend this quantification to the overall grade of the mineral resources. Accordingly, the company hereby retracts such projected grade increase, confirms that it is premature to quantify any increase in grade based on the limited data presently available and confirms that there is no guarantee that metallic screen fire assaying will result in any increase in overall resource grade. (Metallic screen fire assay is a more comprehensive assay method for samples that potentially contain coarse gold than the standard fire assay technique generally used by exploration companies. Metallic screen fire assay involves three different assay methods. The company's 1,000-gram samples cost on average two times the amount of a standard fire assay.)

The above technical information has been reviewed and approved by Ivor W.O. Jones, FAusIMM (CP), of Snowden, a qualified person for the purposes of NI 43-101 and one of the qualified persons for the company's recent NI 43-101 technical report.

The company also wishes to clarify the status of the assay data referenced in the recent news release, that being: "of these 6,817 infill core samples, 6,535 have been cut and shipped to Acme Analytical Laboratories Ltd. for screen metallic assay. Of the 6,535 samples in the lab, 4,802 have been analyzed, and 1,733 are pending. In addition, 4,132 reject samples of diamond drill holes conducted on Cow Mountain in 2011 have been assembled and will be shipped to the lab for metallic reassays." (Reject samples are any crushed core from the original core that were retained by the company when the original core sample was shipped for assay analysis.) The 6,817 samples are unsampled drill core from sections of drill holes that were previously selectively sampled. On completion of the preparation and shipment of all the samples, the company's geologists will then compile the results of core not previously assayed and now being assayed by metallic screen fire assay, and the reassay of the previously fire assayed samples and those results will be published. It is the company's view that to release partial results from numerous incomplete holes would be misleading at this time.

Status of TSX Venture Exchange reinstatement application by the company

As disclosed in its recent news release, the company confirms that it continues to be in the process of making, but has not yet made, its formal application to the TSX Venture Exchange to have its common shares reinstated for trading.

As previously disclosed, the company continues to explore various financing options, including debt financing, forward gold sales or a gold streaming agreement, and, predicated on first securing the same, the company confirms that it then intends to make its formal reinstatement application to the TSX Venture Exchange. Barkerville will continue to report on the progress of its pending reinstatement application and further financing options as information becomes available. The company hopes it will be in a position to do so shortly.

The company's new corporate presentation is now available on the company's website.

The technical information contained in this news release has been reviewed and approved by the company's chief geologist, Jim Yin, PhD, PGeo, a qualified person for the purposes of NI 43-101.

We seek Safe Harbor.

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