Mr. Chris Lodder reports

BARKERVILLE ANNOUNCES INCREASE TO PREVIOUSLY ANNOUNCED BOUGHT DEAL AND CONCURRENT PRIVATE PLACEMENT FINANCING

Barkerville Gold Mines Ltd. has amended the terms of its previously announced bought deal private placement financing to increase the size of the offering to $23,503,000.

Under the terms of the upsized offering, a syndicate of underwriters led by Haywood Securities Inc. has agreed to purchase, on a bought deal private placement basis, 24.74 million units of the company at a price of 95 cents per unit for gross proceeds of $23,503,000. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each whole warrant shall be exercisable to acquire one common share at a price of $1.30 per share for a period of 18 months from the closing of the upsized offering. The underwriters have been granted the option to purchase up to an additional 15 per cent of the number of units issuable under the upsized offering, exercisable in whole or in part at any time up to 48 hours prior to the closing of the upsized offering.

In addition, the company intends to complete a concurrent non-brokered private placement of 16,657,962 units on the same terms and conditions as the upsized offering with Osisko Gold Royalties Ltd. and Osisko Mining Inc. for gross proceeds of $15,825,064.

The net proceeds received by the company from the upsized offering and the concurrent private placement will be used for exploration and development of the company's properties in British Columbia and for working capital and general corporate purposes.

The closing of the upsized offering is expected to occur on or about May 16, 2017, and is subject to the receipt of regulatory approvals, including the approval of the TSX Venture Exchange. In consideration for their services, the underwriters will receive a cash commission equal to 6 per cent of the gross proceeds of the upsized offering.

As insiders of the company intend to subscribe for units pursuant to the concurrent private placement, the issuance of those units to the insiders will be considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company intends to rely on the exemptions from the requirements of MI 61-101 in respect of any insider participation.

About Barkerville Gold Mines Ltd.

The company is focused on developing its extensive land package located in the historical Cariboo mining district of central British Columbia. Its mineral tenures cover 1,164 square kilometres along a strike length of 60 kilometres, which include several past-producing hard-rock mines of the historical Barkerville gold mining camp near the town of Wells, B.C. The QR project, located approximately 110 kilometres by highway and all-weather road from Wells, was acquired by Barkerville in 2010 and boasts a fully permitted 900-tonne-per-day gold milling and tailings facility. Test mining of the Bonanza Ledge open pit was completed in March, 2015, with 91,489 tonnes of ore milled producing 25,464 ounces of gold.

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