Received by email:
File: 2011-10-06 - Summary of Results.pdf
NEWS RELEASE
Bard Ventures Ltd.
Suite 800 - 1199 West Hastings Street
Vancouver, BC, V6E 3T5
Tel.: (604) 687-2038 Fax: (604) 687-3141
Frankfiurt Exchange: BVU
October 6, 2011 TSX Venture Symbol: CBS
NEW EXPLORATION TARGETS TO BE TESTED
SUMMARY OF PREVIOUSLY REPORTED RESULTS FROM LONE PINE
SHOWS CONTINUED HIGH GRADE MINERALIZATION AND POSITIVE PRELIMINARY ECONOMIC
ASSESSMENT
NET PRESENT VALUE OF $505 MILLION ON THE ALASKITE ZONE
0.10% Molybdenum intersected over 573.4m including 0.04% Copper over 413.0m
Alaskite Zone
70.49 gm/t Silver over 214.7m (incl. 1,484 gm/t Silver over 6.3m)
.54g/t Gold over 188.27m; 0.16g/t Rhenium over 67.6m
0.09% Copper over 251.8m and
0.06% Molybdenum over 386.29m
Quartz Breccia Zone
Vancouver, British Columbia, Canada: Bard Ventures Ltd. (the "Company") is pleased to provide a summary of the
previously reported final results from its 2011 phase one exploration drill program on its Lone Pine Property (the
"Property"), along with conclusions and recommendations of the Company's NI-43-101 positive Preliminary Economic
Assessment on the Alaskite Zone completed in March 2011.
Positive results received from drill holes BD-11-67 to BD 11-70 demonstrates the continuity of high grade mineralizati
--->on
through areas of widely spaced drill hole intercepts (see News Releases dated September 6, 9, 19, 22 and 28, 2011). Th
--->e
Property is located 15 kilometers north-northwest of Houston, BC and is situated in the Omineca Mining Division.
ALASKITE ZONE:
A summary of significant drill hole intercepts from BD-11-67 is highlighted in the table below.
From (m) To (m) Interval (m) Molybdenum (%) Copper (%)
47.7 67.7 20.0 0.04
113.7 687.1 573.4 0.10
Incl 345.0 458.7 113.7 0.19
Incl 503.5 537.3 33.8 0.19
59.7 472.7 413.0 0.04
QUARTZ BRECCIA ZONE ("QBZ"):
A summary of significant drill hole intercepts from BD-11-69 is highlighted in the table below.
SILVER
From (m) To (m) Interval (m) gm/t Ag
18.6 233.3 214.7 70.49
Incl 49.3 51.0 1.7 711.0
Incl 142.5 148.8 6.3 1,483.83
And 146.3 146.8 0.5 15,920.00*
Incl 180.0 183.3 3.3 920.96
439.6 450.8 11.2 8.51
Incl 446.5 448.7 2.5 25.76
Neither the 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.
Bard Ventures Ltd.
News Release
October 6, 2011
Page 2 of 8
*15,920gm silver = 464 oz = 15.92kg
COPPER
From (m) To (m) Interval (m) % Cu
49.3 235.3 186.0 0.11
Incl 49.3 54.2 4.9 0.27
Incl 120.5 124.0 3.5 0.38
Incl 142.5 148.8 6.3 1.35
And 146.3 146.8 0.5 14.08
Incl 168.5 185.3 16.8 0.24
309.0 312.9 3.9 0.04
329.1 336.4 7.3 0.08
MOLYBDENUM
From (m) To (m) Interval (m) % Mo
329.1 446.5 117.4 0.09
Incl 373.9 382.3 8.4 0.60
There has been no low or high assay cutoffs applied to any analytical results as the project is still in the explorati
--->on phase.
The only interval that had non-detectable silver (<0.5gm/t) in the interval from 18.6 metres to 233.3 metres reported
--->above
was from 55.4 metres to 58.4 metres, a drilled width of 3.0 metres.
A summary of significant drill hole intercepts from BD-11-70 is highlighted in the table below.
SILVER
From (m) To (m) Interval (m) gm/t Ag
47.4 55.2 7.8 9.04
123.7 198.1 74.4 8.51
Incl 178.1 187.1 9.0 28.41
295.8 311.7 15.9 6.27
329.9 334.4 4.5 10.24
395.1 399.7 4.6 15.4
COPPER
From (m) To (m) Interval (m) % Cu
47.4 59.3 11.9 0.17
86.7 338.5 251.8 0.09
Incl 178.1 196.1 18.0 0.13
Incl 221.5 280.6 59.1 0.14
Incl 293.0 311.7 18.7 0.18
360.1 365.2 5.1 0.41
377.4 385.3 7.9 0.16
MOLYBDENUM
From (m) To (m) Interval (m) % Mo
55.2 124.7 69.5 0.04
169.8 183.0 13.2 0.05
202.1 272.3 70.2 0.03
299.2 407.5 108.3 0.09
Incl 358.7 365.2 6.5 0.28
Incl 372.7 387.3 14.6 0.12
Neither the 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.
Bard Ventures Ltd.
News Release
October 6, 2011
Page 3 of 8
420.8 429.7 8.9 0.03
There has been no low or high assay cutoffs applied to any analytical results as the project is still in the explorati
--->on phase.
The only intervals that had non-detectable silver (<0.5gm/t) in the interval from 123.7 metres to 198.1 metres reporte
--->d above
are three isolated and scattered sample intervals varying from 1.5 metres to 2.0 metres in length.
Drill hole BD-11-68 is the third and final drill hole completed during the phase one drill program on the QBZ located
--->one
kilometer north of the Alaskite Zone Molybdenum-Copper-Silver Resource.
A summary of significant drill hole intercepts from BD-11-68 is highlighted in the table below.
COPPER
From (m) To (m) Interval (m) % Cu
24.0 326.7 302.7 0.08
Incl 41.2 68.0 26.8 0.13
Incl 100.1 120.8 20.7 0.13
Incl 148.8 166.5 17.7 0.11
Incl 185.6 207.3 21.7 0.18
Incl 297.6 303.6 6.0 0.29
MOLYBDENUM
From (m) To (m) Interval (m) % Mo
32.61 418.9 386.29 0.06
Incl 103.4 120.8 17.4 0.12
Incl 131.8 155.0 23.2 0.15
Incl 199.1 207.3 8.2 0.14
Incl 253.3 264.2 10.9 0.12
Incl 322.7 339.0 16.3 0.14
Vertical drill hole BD-11-68 intersected extensive intervals of copper and molybdenum mineralization from bedrock at 2
--->4.0
metres to a down hole depth of 418.9 metres through a broad zone of andesitic to basalt rich stratigraphy intercalated
---> with
intervals of crystal tuff, volcaniclastics and minor Alaskite dykes. The drill hole terminated at a down hole depth of
---> 590.4
metres. Molybdenum and chalcopyrite mineralization is vein hosted; silver mineralization is vein hosted and scattered
--->with
best results reporting from 179.2 grams per tonne silver over 1.0 metre to 6.6 grams per tonne silver over 4.9 metres.
Gold and rhenium analysis have been received from selected drill holes in the QBZ. Gold analyses were completed over t
--->he
entire length of those drill holes located along the western margin of the QBZ, where polymetallic copper-silver-
molybdenum mineralization was intersected over extensive intervals in six drill holes including BDQ-08-02 to BDQ-08-05
and BD-11-69 and BD-11-70. Along the eastern margin of the QBZ four drill holes (BD-07-02, BD-07-06, BDQ-08-01 and
BD-11-68) intersected broad intervals of near surface porphyry style molybdenum-copper mineralization; gold analysis w
--->as
completed across angled drill hole BDQ-08-01. Elevated and anomalous gold results were received in all drill holes alo
--->ng
the western margin of the QBZ with best results reporting up to 0.54 grams per tonne gold over 188.27 metres.
Rhenium enrichment is associated with molybdenum mineralization with best results reported from higher grade
molybdenum rich intervals. Rhenium analyses were completed over selected portions of angled drill hole BDQ-08-01 and
BD-11-70. Elevated and anomalous results were received from sections of higher grade molybdenum intercepts with best
results reporting from 0.45g/t Re over 5.1 metres to 0.16g/t Re over 67.6 metres. A summary of significant drill hole
--->results
for gold and rhenium are highlighted in the table below. All intervals are reported as drill core widths.
Neither the 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.
Bard Ventures Ltd.
News Release
October 6, 2011
Page 4 of 8
Drill Hole From (m) To (m) Width (m) Gold (g/t) Rhenium (g/t)
BDQ-08-01 185.0 191.0 6.0 0.21
incl 189.0 191.0 2.0 0.34
217.0 221.0 4.0 0.12
309.0 333.0 24.0 0.11
401.0 407.0 6.0 0.12
9.0 11.0 2.0 0.30
BDQ-08-02 75.0 81.0 6.0 0.28
Incl 75.0 77.0 2.0 0.60
197.0 211.0 14.0 1.24
incl 203.0 209.0 6.0 2.62
401.0 403.0 2.0 0.30
409.0 411.0 2.0 0.57
BDQ-08-03 67.0 117.0 50.0 0.21
incl 99.0 101.0 2.0 1.36
137.0 151.0 14.0 0.17
incl 149.0 151.0 2.0 0.48
227.0 229.0 2.0 2.29
281.0 283.0 2.0 1.83
297.0 299.0 2.0 0.85
BDQ-08-04 211.0 213.0 2.0 0.35
293.0 311.0 18.0 0.28
Incl 297.0 307.0 10.0 0.39
319.0 323.0 4.0 0.43
329.0 345.0 16.0 0.14
363.0 551.27 188.27 0.54
Incl 377.0 385.0 8.0 1.81
Incl 407.0 421.0 14.0 1.24
Incl 431.0 433.0 2.0 2.22
Incl 441.0 449.0 8.0 1.86
Incl 475.0 477.0 2.0 1.49
Incl 515.0 517.0 2.0 1.01
Incl 531.0 547.0 16.0 0.72
BDQ-08-05 137.0 223.0 86.0 0.19
Incl 155.0 193.0 38.0 0.26
Incl 201.0 203.0 2.0 0.46
Incl 219.0 221.0 2.0 0.60
275.0 333.0 58.0 0.32
Incl 287.0 291.0 4.0 0.80
Incl 315.0 325.0 10.0 0.74
Incl 323.0 325.0 2.0 2.10
355.0 359.0 4.0 0.28
Neither the 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.
Bard Ventures Ltd.
News Release
October 6, 2011
Page 5 of 8
Drill Hole From (m) To (m) Width (m) Gold (g/t) Rhenium (g/t)
BD-11-69 45.0 51.0 6.0 0.63
incl 49.3 51.0 1.7 1.55
79.0 80.9 1.9 0.72
86.8 89.5 2.7 0.72
134.1 181.9 47.8 0.50
Incl 142.5 146.8 4.3 2.60
Incl 146.3 146.8 0.5 14.20
Incl 158.0 159.5 1.5 1.24
Incl 174.5 176.0 1.5 0.94
Incl 180.0 181.9 1.9 1.0
335.0 336.4 1.4 3.84
448.7 450.8 2.1 1.53
BD-11-70 299.2 305.0 5.8 0.16
310.0 311.7 1.7 0.36
319.7 387.3 67.6 0.16
incl 323.7 334.4 10.7 0.21
incl 352.1 353.3 1.2 1.21
incl 360.1 365.2 5.1 0.45
195.5 196.1 0.6 0.47
397.4 399.7 2.3 0.45
Rhenium compounds are included in molybdenum concentrates derived from porphyry copper deposits, and rhenium is
recovered as a byproduct from roasting such molybdenum concentrates. Important uses of rhenium have been in platinum-
rhenium catalysts, used primarily in producing lead-free, high-octane gasoline and in high-temperature superalloys use
--->d for
jet engine components. Rhenium analyses were completed in the Alaskite Zone (News Release dated January 20, 2009)
where elevated and anomalous rhenium results averaging 0.1g/t Re over 753.74 metres to 0.4g/t Re over 26.0 metres were
reported from high grade molybdenum intersection in holes BD-08-25 and BD-08-35. Rhenium analyses in the QBZ
returned similar results over shorter intervals through sections of higher grade molybdenum. Elevated and anomalous go
--->ld
assay results over significant widths from drill holes located along the western edge of the QBZ, where polymetallic c
--->opper-
silver-molybdenum mineralization were intersected, are considered significant.
All intervals are reported as drill core widths, and may not represent true width as there has not been enough drillin
--->g to
delineate the shape of the mineralization at this early stage of wide spaced exploration drilling.
Drill core samples from BD-11-67 to BD-11-70 were analyzed by Acme Analytical Laboratories in Vancouver utilizing the
Group 1E analysis. Analytical procedures consist of a 31 element ICP analysis followed by assay for any molybdenum ICP
analyses greater than 4000 ppm Mo. Gold analysis was performed by fire assay utilizing Group 3b methodology. Rhenium
analysis was completed utilizing ACME's Group 1F Ultra trace analysis by ICP Mass Spectrometry
The Company has completed a NI 43-101 positive Preliminary Economic Assessment on the Alaskite Zone (See news
release March 11, 2011).
Conclusions and Recommendations
P&E concludes that the Property has favourable economic potential as an open pit mine producing Mo and Cu concentrates
--->.
The base case economic analysis contemplates an average life-of-mine strip ratio of 5:1 (including the pre-stripping),
---> a
40,000 tonnes per day mill feed rate and a 12 year mine life. Pre-production capital expenditures, including contingen
--->cies,
are estimated to be $435 million. The Property has an estimated pre-tax net present value ("NPV") of $505 million (at
--->a 5%
discount rate) and an internal rate of return (the "IRR") of 12.4% using a base case Mo price of US$19.00 per pound an
--->d Cu
price of US$3.00 per pound. These prices correspond to the approximate three year trailing average prices of these met
--->als as
of December 31, 2010.
Neither the 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.
Bard Ventures Ltd.
News Release
October 6, 2011
Page 6 of 8
The estimated average resource grades including mine dilution and losses and the Life-of-Mine metal production from th
--->e
Property, are listed in the following table:
Recovered Recovered
ORE Mo Cu
Mo Cu
Mineral Resource Pound Pound
Tonnes % %
Classification (millions) (millions)
Measured & Indicated 146,365,000 0.069 0.034 189.3 65.2
Inferred 16,679,000 0.081 0.034 25.3 7.4
P&E notes that the PEA is preliminary in nature and its mineable tonnage includes Inferred Resources that are consider
--->ed too
speculative geologically to have economic considerations applied to them that would enable them to be categorized as
mineral reserves. There is no certainty that the projections in a preliminary assessment incorporating these resources
---> will be
realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The potentially
mineable mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing
Committee on Reserve Definitions.
P&E recommends that the Company advance the project with additional exploration and delineation drilling, as well as w
--->ith
studies in metallurgical, geotechnical and environmental matters, with the intention to continue the project to the fe
--->asibility
stage.
Economic Analysis
The economic analysis uses a simple pre-tax cash flow model where undiscounted revenues during the 12 year mine life a
--->re
projected on an annual basis. The mine would produce a Mo concentrate and a Cu concentrate. The currency exchange rate
used was $0.95USD/$1.00CDN.
Highlights:
- Total Undiscounted Cash Flow of $1,234 million
- With a 5% Discount Rate (base case): $505 million
- With a 7% Discount Rate: $321 million
- With a 10% Discount Rate: $112 million
- Internal Rate of Return of 12.4%
- Project payback period from start of production is 8.6 years
- Maximum negative cumulative cashflow of $624 million occurs in the fourth year of production
The following sensitivity table demonstrates the positive effect on project economics if higher Molybdenum prices are
realized during the 12 year mine life:
Sensitivity of Project Economics to Mo Prices at Various Discount Rates
Mo US$ per
IRR NPV (millions of $) @
Pound
0% 5% 7% 10%
$19.00 12.4% 1,233 505 320 112
$20.00 14.4% 1,459 651 445 206
$22.50 19.1% 2,024 1,017 757 443
$25.00 23.6% 2,589 1,383 1,068 679
$27.50 27.8% 3,153 1,749 1,380 915
$30.00 32.0% 3,718 2,115 1,691 1,152
Neither the 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.
Bard Ventures Ltd.
News Release
October 6, 2011
Page 7 of 8
Development Plan
The mine has been planned as a conventional open-pit mining operation producing 40,000 tonnes per day of mill feed at
--->full
production. The plan anticipates mining 14.0 million tonnes of ore annually based on a 350 day operating year. The
stripping ratio for the first 7 years of operation (excluding prestripping of some 10 million tonnes) is approximately
---> 7.0:1 but
reduces to an average of 1.8:1 for the remaining 5 years of operations. Overall pit slopes have been designed at
approximately 50 degrees.
Drilling will be carried out by electric, track mounted drill units. Operating bench heights of 15 metres have been as
--->sumed
for the ore and waste mining operations. Electric hydraulic shovels with 327 tonne waste haul trucks and 222 tonne ore
---> haul
trucks are contemplated for this operation, with annual total material movement of up to 114 million tonnes (325,000 t
--->onnes
per day).
Mining operations will commence with an initial mill feed grade of 0.035% Mo, which increases as the mine deepens. In
--->the
last 7 years of the mine life, the average Mo grade will be approximately 0.091%. Cu grades will remain relatively con
--->stant
throughout the mine life at approximately 0.034%. The project is expected to produce 214 million pounds of Mo and 72
million pounds of Cu over a 12 year mine life. Process recoveries of 85% for Mo and 65% for Cu were utilized in the ca
--->sh
flow model while the metal payables were 98.5% for Mo and 85% Cu.
The mine plan contemplates transporting the resource by truck to a primary crushing and processing plant near the open
---> pit.
The processing plant will utilize the conventional processes of crushing, grinding and froth flotation to produce sepa
--->rate
concentrates of Cu and Mo. The plant tailings will be pumped to a tailings management facility. Waste rock will be
deposited in an adjacent rock storage facility.
Estimated mine closure and site rehabilitation cost allowances have been included in the economic analysis. During min
--->e
operation, health and safety and environmental protection costs, including effluent treatment, have also been estimate
--->d.
Eugene Beukman, President and Chief Executive Officer of the Company stated: "The PEA ascribes an estimated pre-tax
NPV to the Property of approximately $505 million, using a discount rate of 5%. The Molybdenum price used in this PEA
was US$19.00 per pound, which approximates the December 31, 2010 three year trailing average price. We are very
encouraged by these results and we still believe we can improve the project economics through continued infill drillin
--->g of
Inferred Resources and in further exploration of the Quartz Breccia Zone and 61 Zone on the Property, which are in clo
--->se
proximity to the area evaluated by the PEA. In addition, we are strongly optimistic that the price of Molybdenum which
---> will
actually be realized during the proposed mine life, will be significantly higher than utilized in this PEA. This would
---> result in
a substantially higher NPV and the IRR. Bard will continue to advance this strategic deposit which is well located in
--->terms
of ideal infrastructure, secure land tenure in a politically stable geographic location."
P&E Mining Consultants Inc. is an internationally recognized, well established geological and mine engineering consult
--->ing
firm specializing in the areas of NI 43-101 geological reports, resource estimates, preliminary economic analyses of m
--->ining
projects and preliminary feasibility studies. This PEA was completed under the direction of Eugene Puritch, P.Eng. and
---> Kirk
Rodgers, P.Eng. of P&E who were responsible for mine design, production scheduling and overall financial analysis.
Alfred Hayden, P. Eng. of EHA was responsible for metallurgical process capital and operating costs.
Each of the individuals named above is a Qualified Person, as defined in National Instrument 43-101, and is independen
--->t of
the Company.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. A copy of the Report is
available on SEDAR at www.sedar.com.
The company plans to follow up on numerous drill targets and proposes step out drill holes in the QBZ and will evaluat
--->e the
61 Zone immediately to the north of the Alaskite Zone resource. The proposed drill holes will test elevated and anomal
--->ous
Mo, Cu, Zn and Ag soil geochemical and rock grab results as well as the granite contacts and bounding stratigraphy.
Neither the 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.
Bard Ventures Ltd.
News Release
October 6, 2011
Page 8 of 8
The Property has an ideal location for operations with established infrastructure including:
Highway 16;
A natural gas pipeline;
a major hydro power transmission line and transformer substation; and
is located only 15 kilometers from the CN rail line in Houston, BC.
Bard is earning a 100% interest in the Property under the terms of an option agreement (News Release dated
September 15, 2006). The Lone Pine Exploration is being conducted under the supervision of Qualified Person, Rick Kemp
--->,
P.Geo., Vice-President, Exploration. Mr. Kemp has read and approved the technical content of this news release.
On behalf of:
Bard Ventures Ltd.
"Eugene Beukman"
Eugene Beukman, President
For further information please visit our website at www.bardventures.com
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of t
--->he U.S. Private
Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, t
--->hat address future
production, reserve potential, exploration and development activities and events or developments that the Company expe
--->cts, are
forward-looking statements. Although management believes the expectations expressed in such forward-looking statements
---> are based on
reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments m
--->ay differ materially
from those in the forward-looking statements. Factors that could cause actual results to differ materially from those
--->in forward-looking
statements include market prices, exploration and development successes, continued availability of capital and financi
--->ng, and general
economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
Neither the 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.
File: 2011-10-06 - Summary of Results.doc
NEWS RELEASE
Bard Ventures Ltd.
Suite 800 - 1199 West Hastings Street
Vancouver, BC, V6E 3T5
Tel.: (604) 687-2038 Fax: (604) 687-3141
Frankfiurt Exchange: BVU
October 6, 2011 TSX Venture Symbol: CBS
NEW EXPLORATION TARGETS TO BE TESTED
SUMMARY OF PREVIOUSLY REPORTED RESULTS FROM LONE PINE
SHOWS CONTINUED HIGH GRADE MINERALIZATION AND POSITIVE PRELIMINARY ECONOMIC ASSESSMENT NET PRESENT VALUE OF $505 MILLI
--->ON ON THE ALASKITE ZONE
0.10% Molybdenum intersected over 573.4m including 0.04% Copper over 413.0m
Alaskite Zone
70.49 gm/t Silver over 214.7m (incl. 1,484 gm/t Silver over 6.3m)
.54g/t Gold over 188.27m; 0.16g/t Rhenium over 67.6m
0.09% Copper over 251.8m and
0.06% Molybdenum over 386.29m
Quartz Breccia Zone
Vancouver, British Columbia, Canada: Bard Ventures Ltd. (the "Company") is pleased to provide a summary of the previo
--->usly reported final results from its 2011 phase one exploration drill program on its Lone Pine Property (the "Property
--->"), along with conclusions and recommendations of the Company's NI-43-101 positive Preliminary Economic Assessment on
--->the Alaskite Zone completed in March 2011.
Positive results received from drill holes BD-11-67 to BD 11-70 demonstrates the continuity of high grade mineralizati
--->on through areas of widely spaced drill hole intercepts (see News Releases dated September 6, 9, 19, 22 and 28, 2011).
---> The Property is located 15 kilometers north-northwest of Houston, BC and is situated in the Omineca Mining Division.
ALASKITE ZONE:
A summary of significant drill hole intercepts from BD-11-67 is highlighted in the table below.
From (m)
To (m)
Interval (m)
Molybdenum (%)
Copper (%)
47.7
67.7
20.0
0.04
113.7
687.1
573.4
0.10
Incl 345.0
458.7
113.7
0.19
Incl 503.5
537.3
33.8
0.19
59.7
472.7
413.0
0.04
QUARTZ BRECCIA ZONE ("QBZ"):
A summary of significant drill hole intercepts from BD-11-69 is highlighted in the table below.
SILVER
From (m)
To (m)
Interval (m)
gm/t Ag
18.6
233.3
214.7
70.49
Incl 49.3
51.0
1.7
711.0
Incl 142.5
148.8
6.3
1,483.83
And 146.3
146.8
0.5
15,920.00*
Incl 180.0
183.3
3.3
920.96
439.6
450.8
11.2
8.51
Incl 446.5
448.7
2.5
25.76
*15,920gm silver = 464 oz = 15.92kg
COPPER
From (m)
To (m)
Interval (m)
% Cu
49.3
235.3
186.0
0.11
Incl 49.3
54.2
4.9
0.27
Incl 120.5
124.0
3.5
0.38
Incl 142.5
148.8
6.3
1.35
And 146.3
146.8
0.5
14.08
Incl 168.5
185.3
16.8
0.24
309.0
312.9
3.9
0.04
329.1
336.4
7.3
0.08
MOLYBDENUM
From (m)
To (m)
Interval (m)
% Mo
329.1
446.5
117.4
0.09
Incl 373.9
382.3
8.4
0.60
There has been no low or high assay cutoffs applied to any analytical results as the project is still in the explorati
--->on phase. The only interval that had non-detectable silver (<0.5gm/t) in the interval from 18.6 metres to 233.3 metre
--->s reported above was from 55.4 metres to 58.4 metres, a drilled width of 3.0 metres.
A summary of significant drill hole intercepts from BD-11-70 is highlighted in the table below.
SILVER
From (m)
To (m)
Interval (m)
gm/t Ag
47.4
55.2
7.8
9.04
123.7
198.1
74.4
8.51
Incl 178.1
187.1
9.0
28.41
295.8
311.7
15.9
6.27
329.9
334.4
4.5
10.24
395.1
399.7
4.6
15.4
COPPER
From (m)
To (m)
Interval (m)
% Cu
47.4
59.3
11.9
0.17
86.7
338.5
251.8
0.09
Incl 178.1
196.1
18.0
0.13
Incl 221.5
280.6
59.1
0.14
Incl 293.0
311.7
18.7
0.18
360.1
365.2
5.1
0.41
377.4
385.3
7.9
0.16
MOLYBDENUM
From (m)
To (m)
Interval (m)
% Mo
55.2
124.7
69.5
0.04
169.8
183.0
13.2
0.05
202.1
272.3
70.2
0.03
299.2
407.5
108.3
0.09
Incl 358.7
365.2
6.5
0.28
Incl 372.7
387.3
14.6
0.12
420.8
429.7
8.9
0.03
There has been no low or high assay cutoffs applied to any analytical results as the project is still in the explorati
--->on phase. The only intervals that had non-detectable silver (<0.5gm/t) in the interval from 123.7 metres to 198.1 metr
--->es reported above are three isolated and scattered sample intervals varying from 1.5 metres to 2.0 metres in length.
Drill hole BD-11-68 is the third and final drill hole completed during the phase one drill program on the QBZ located
--->one kilometer north of the Alaskite Zone Molybdenum-Copper-Silver Resource.
A summary of significant drill hole intercepts from BD-11-68 is highlighted in the table below.
COPPER
From (m)
To (m)
Interval (m)
% Cu
24.0
326.7
302.7
0.08
Incl 41.2
68.0
26.8
0.13
Incl 100.1
120.8
20.7
0.13
Incl 148.8
166.5
17.7
0.11
Incl 185.6
207.3
21.7
0.18
Incl 297.6
303.6
6.0
0.29
MOLYBDENUM
From (m)
To (m)
Interval (m)
% Mo
32.61
418.9
386.29
0.06
Incl 103.4
120.8
17.4
0.12
Incl 131.8
155.0
23.2
0.15
Incl 199.1
207.3
8.2
0.14
Incl 253.3
264.2
10.9
0.12
Incl 322.7
339.0
16.3
0.14
Vertical drill hole BD-11-68 intersected extensive intervals of copper and molybdenum mineralization from bedrock at 2
--->4.0 metres to a down hole depth of 418.9 metres through a broad zone of andesitic to basalt rich stratigraphy intercal
--->ated with intervals of crystal tuff, volcaniclastics and minor Alaskite dykes. The drill hole terminated at a down ho
--->le depth of 590.4 metres. Molybdenum and chalcopyrite mineralization is vein hosted; silver mineralization is vein ho
--->sted and scattered with best results reporting from 179.2 grams per tonne silver over 1.0 metre to 6.6 grams per tonne
---> silver over 4.9 metres.
Gold and rhenium analysis have been received from selected drill holes in the QBZ. Gold analyses were completed over
--->the entire length of those drill holes located along the western margin of the QBZ, where polymetallic copper-silver-m
--->olybdenum mineralization was intersected over extensive intervals in six drill holes including BDQ-08-02 to BDQ-08-05
--->and BD-11-69 and BD-11-70. Along the eastern margin of the QBZ four drill holes (BD-07-02, BD-07-06, BDQ-08-01 and BD
--->-11-68) intersected broad intervals of near surface porphyry style molybdenum-copper mineralization; gold analysis was
---> completed across angled drill hole BDQ-08-01. Elevated and anomalous gold results were received in all drill holes a
--->long the western margin of the QBZ with best results reporting up to 0.54 grams per tonne gold over 188.27 metres.
Rhenium enrichment is associated with molybdenum mineralization with best results reported from higher grade molybdenu
--->m rich intervals. Rhenium analyses were completed over selected portions of angled drill hole BDQ-08-01 and BD-11-70.
---> Elevated and anomalous results were received from sections of higher grade molybdenum intercepts with best results r
--->eporting from 0.45g/t Re over 5.1 metres to 0.16g/t Re over 67.6 metres. A summary of significant drill hole results
--->for gold and rhenium are highlighted in the table below. All intervals are reported as drill core widths.
Drill Hole
From (m)
To (m)
Width (m)
Gold (g/t)
Rhenium (g/t)
BDQ-08-01
185.0
191.0
6.0
0.21
incl
189.0
191.0
2.0
0.34
217.0
221.0
4.0
0.12
309.0
333.0
24.0
0.11
401.0
407.0
6.0
0.12
9.0
11.0
2.0
0.30
BDQ-08-02
75.0
81.0
6.0
0.28
Incl
75.0
77.0
2.0
0.60
197.0
211.0
14.0
1.24
incl
203.0
209.0
6.0
2.62
401.0
403.0
2.0
0.30
409.0
411.0
2.0
0.57
BDQ-08-03
67.0
117.0
50.0
0.21
incl
99.0
101.0
2.0
1.36
137.0
151.0
14.0
0.17
incl
149.0
151.0
2.0
0.48
227.0
229.0
2.0
2.29
281.0
283.0
2.0
1.83
297.0
299.0
2.0
0.85
BDQ-08-04
211.0
213.0
2.0
0.35
293.0
311.0
18.0
0.28
Incl
297.0
307.0
10.0
0.39
319.0
323.0
4.0
0.43
329.0
345.0
16.0
0.14
363.0
551.27
188.27
0.54
Incl
377.0
385.0
8.0
1.81
Incl
407.0
421.0
14.0
1.24
Incl
431.0
433.0
2.0
2.22
Incl
441.0
449.0
8.0
1.86
Incl
475.0
477.0
2.0
1.49
Incl
515.0
517.0
2.0
1.01
Incl
531.0
547.0
16.0
0.72
BDQ-08-05
137.0
223.0
86.0
0.19
Incl
155.0
193.0
38.0
0.26
Incl
201.0
203.0
2.0
0.46
Incl
219.0
221.0
2.0
0.60
275.0
333.0
58.0
0.32
Incl
287.0
291.0
4.0
0.80
Incl
315.0
325.0
10.0
0.74
Incl
323.0
325.0
2.0
2.10
355.0
359.0
4.0
0.28
Drill Hole
From (m)
To (m)
Width (m)
Gold (g/t)
Rhenium (g/t)
BD-11-69
45.0
51.0
6.0
0.63
incl
49.3
51.0
1.7
1.55
79.0
80.9
1.9
0.72
86.8
89.5
2.7
0.72
134.1
181.9
47.8
0.50
Incl
142.5
146.8
4.3
2.60
Incl
146.3
146.8
0.5
14.20
Incl
158.0
159.5
1.5
1.24
Incl
174.5
176.0
1.5
0.94
Incl
180.0
181.9
1.9
1.0
335.0
336.4
1.4
3.84
448.7
450.8
2.1
1.53
BD-11-70
299.2
305.0
5.8
0.16
310.0
311.7
1.7
0.36
319.7
387.3
67.6
0.16
incl
323.7
334.4
10.7
0.21
incl
352.1
353.3
1.2
1.21
incl
360.1
365.2
5.1
0.45
195.5
196.1
0.6
0.47
397.4
399.7
2.3
0.45
Rhenium compounds are included in molybdenum concentrates derived from porphyry copper deposits, and rhenium is recove
--->red as a byproduct from roasting such molybdenum concentrates. Important uses of rhenium have been in platinum-rheniu
--->m catalysts, used primarily in producing lead-free, high-octane gasoline and in high-temperature superalloys used for
--->jet engine components. Rhenium analyses were completed in the Alaskite Zone (News Release dated January 20, 2009) whe
--->re elevated and anomalous rhenium results averaging 0.1g/t Re over 753.74 metres to 0.4g/t Re over 26.0 metres were re
--->ported from high grade molybdenum intersection in holes BD-08-25 and BD-08-35. Rhenium analyses in the QBZ returned s
--->imilar results over shorter intervals through sections of higher grade molybdenum. Elevated and anomalous gold assay
--->results over significant widths from drill holes located along the western edge of the QBZ, where polymetallic copper-
--->silver-molybdenum mineralization were intersected, are considered significant.
All intervals are reported as drill core widths, and may not represent true width as there has not been enough drillin
--->g to delineate the shape of the mineralization at this early stage of wide spaced exploration drilling.
Drill core samples from BD-11-67 to BD-11-70 were analyzed by Acme Analytical Laboratories in Vancouver utilizing the
--->Group 1E analysis. Analytical procedures consist of a 31 element ICP analysis followed by assay for any molybdenum IC
--->P analyses greater than 4000 ppm Mo. Gold analysis was performed by fire assay utilizing Group 3b methodology. Rheniu
--->m analysis was completed utilizing ACME's Group 1F Ultra trace analysis by ICP Mass Spectrometry
The Company has completed a NI 43-101 positive Preliminary Economic Assessment on the Alaskite Zone (See news release
--->March 11, 2011).
Conclusions and Recommendations
P&E concludes that the Property has favourable economic potential as an open pit mine producing Mo and Cu concentrates
--->. The base case economic analysis contemplates an average life-of-mine strip ratio of 5:1 (including the pre-strippin
--->g), a 40,000 tonnes per day mill feed rate and a 12 year mine life. Pre-production capital expenditures, including co
--->ntingencies, are estimated to be $435 million. The Property has an estimated pre-tax net present value ("NPV") of $50
--->5 million (at a 5% discount rate) and an internal rate of return (the "IRR") of 12.4% using a base case Mo price of US
--->$19.00 per pound and Cu price of US$3.00 per pound. These prices correspond to the approximate three year trailing av
--->erage prices of these metals as of December 31, 2010.
The estimated average resource grades including mine dilution and losses and the Life-of-Mine metal production from th
--->e Property, are listed in the following table:
ORE
Mo
Cu
Recovered Mo
Recovered Cu
Mineral Resource Classification
Tonnes
%
%
Pound (millions)
Pound (millions)
Measured & Indicated
146,365,000
0.069
0.034
189.3
65.2
Inferred
16,679,000
0.081
0.034
25.3
7.4
P&E notes that the PEA is preliminary in nature and its mineable tonnage includes Inferred Resources that are consider
--->ed too speculative geologically to have economic considerations applied to them that would enable them to be categoriz
--->ed as mineral reserves. There is no certainty that the projections in a preliminary assessment incorporating these re
--->sources will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability
--->. The potentially mineable mineral resources in this press release were estimated using the Canadian Institute of Mini
--->ng, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared b
--->y the CIM Standing Committee on Reserve Definitions.
P&E recommends that the Company advance the project with additional exploration and delineation drilling, as well as w
--->ith studies in metallurgical, geotechnical and environmental matters, with the intention to continue the project to th
--->e feasibility stage.
Economic Analysis
The economic analysis uses a simple pre-tax cash flow model where undiscounted revenues during the 12 year mine life a
--->re projected on an annual basis. The mine would produce a Mo concentrate and a Cu concentrate. The currency exchange
---> rate used was $0.95USD/$1.00CDN.
Highlights:
- Total Undiscounted Cash Flow of $1,234 million
- With a 5% Discount Rate (base case): $505 million
- With a 7% Discount Rate: $321 million
- With a 10% Discount Rate: $112 million
- Internal Rate of Return of 12.4%
- Project payback period from start of production is 8.6 years
- Maximum negative cumulative cashflow of $624 million occurs in the fourth year of production
The following sensitivity table demonstrates the positive effect on project economics if higher Molybdenum prices are
--->realized during the 12 year mine life:
Sensitivity of Project Economics to Mo Prices at Various Discount Rates
Mo US$ per Pound
IRR
NPV (millions of $) @
0%
5%
7%
10%
$19.00
12.4%
1,233
505
320
112
$20.00
14.4%
1,459
651
445
206
$22.50
19.1%
2,024
1,017
757
443
$25.00
23.6%
2,589
1,383
1,068
679
$27.50
27.8%
3,153
1,749
1,380
915
$30.00
32.0%
3,718
2,115
1,691
1,152
Development Plan
The mine has been planned as a conventional open-pit mining operation producing 40,000 tonnes per day of mill feed at
--->full production. The plan anticipates mining 14.0 million tonnes of ore annually based on a 350 day operating year.
--->The stripping ratio for the first 7 years of operation (excluding prestripping of some 10 million tonnes) is approxima
--->tely 7.0:1 but reduces to an average of 1.8:1 for the remaining 5 years of operations. Overall pit slopes have been d
--->esigned at approximately 50 degrees.
Drilling will be carried out by electric, track mounted drill units. Operating bench heights of 15 metres have been a
--->ssumed for the ore and waste mining operations. Electric hydraulic shovels with 327 tonne waste haul trucks and 222 t
--->onne ore haul trucks are contemplated for this operation, with annual total material movement of up to 114 million ton
--->nes (325,000 tonnes per day).
Mining operations will commence with an initial mill feed grade of 0.035% Mo, which increases as the mine deepens. In
---> the last 7 years of the mine life, the average Mo grade will be approximately 0.091%. Cu grades will remain relative
--->ly constant throughout the mine life at approximately 0.034%. The project is expected to produce 214 million pounds o
--->f Mo and 72 million pounds of Cu over a 12 year mine life. Process recoveries of 85% for Mo and 65% for Cu were utili
--->zed in the cash flow model while the metal payables were 98.5% for Mo and 85% Cu.
The mine plan contemplates transporting the resource by truck to a primary crushing and processing plant near the open
---> pit. The processing plant will utilize the conventional processes of crushing, grinding and froth flotation to produ
--->ce separate concentrates of Cu and Mo. The plant tailings will be pumped to a tailings management facility. Waste ro
--->ck will be deposited in an adjacent rock storage facility.
Estimated mine closure and site rehabilitation cost allowances have been included in the economic analysis. During mi
--->ne operation, health and safety and environmental protection costs, including effluent treatment, have also been estim
--->ated.
Eugene Beukman, President and Chief Executive Officer of the Company stated: "The PEA ascribes an estimated pre-tax N
--->PV to the Property of approximately $505 million, using a discount rate of 5%. The Molybdenum price used in this PEA
--->was US$19.00 per pound, which approximates the December 31, 2010 three year trailing average price. We are very encou
--->raged by these results and we still believe we can improve the project economics through continued infill drilling of
--->Inferred Resources and in further exploration of the Quartz Breccia Zone and 61 Zone on the Property, which are in clo
--->se proximity to the area evaluated by the PEA. In addition, we are strongly optimistic that the price of Molybdenum w
--->hich will actually be realized during the proposed mine life, will be significantly higher than utilized in this PEA.
---> This would result in a substantially higher NPV and the IRR. Bard will continue to advance this strategic deposit wh
--->ich is well located in terms of ideal infrastructure, secure land tenure in a politically stable geographic location."
P&E Mining Consultants Inc. is an internationally recognized, well established geological and mine engineering consult
--->ing firm specializing in the areas of NI 43-101 geological reports, resource estimates, preliminary economic analyses
--->of mining projects and preliminary feasibility studies. This PEA was completed under the direction of Eugene Puritch,
--->P.Eng. and Kirk Rodgers, P.Eng. of P&E who were responsible for mine design, production scheduling and overall financi
--->al analysis.
Alfred Hayden, P. Eng. of EHA was responsible for metallurgical process capital and operating costs.
Each of the individuals named above is a Qualified Person, as defined in National Instrument 43-101, and is independen
--->t of the Company.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. A copy of the Report is
--->available on SEDAR at www.sedar.com.
The company plans to follow up on numerous drill targets and proposes step out drill holes in the QBZ and will evaluat
--->e the 61 Zone immediately to the north of the Alaskite Zone resource. The proposed drill holes will test elevated and
--->anomalous Mo, Cu, Zn and Ag soil geochemical and rock grab results as well as the granite contacts and bounding strati
--->graphy.
The Property has an ideal location for operations with established infrastructure including:
Highway 16;
A natural gas pipeline;
a major hydro power transmission line and transformer substation; and
is located only 15 kilometers from the CN rail line in Houston, BC.
Bard is earning a 100% interest in the Property under the terms of an option agreement (News Release dated September 1
--->5, 2006). The Lone Pine Exploration is being conducted under the supervision of Qualified Person, Rick Kemp, P.Geo.,
--->Vice-President, Exploration. Mr. Kemp has read and approved the technical content of this news release.
On behalf of:
Bard Ventures Ltd.
"Eugene Beukman"
Eugene Beukman, President
For further information please visit our website at www.bardventures.com
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of t
--->he U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of his
--->torical facts, that address future production, reserve potential, exploration and development activities and events or
---> developments that the Company expects, are forward looking statements. Although management believes the expectations
--->expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees o
--->f future performance, and actual results or developments may differ materially from those in the forward-looking state
--->ments. Factors that could cause actual results to differ materially from those in forward-looking statements include m
--->arket prices, exploration and development successes, continued availability of capital and financing, and general econ
--->omic, market or business conditions. Please see our public filings at www.sedar.com for further information.
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