Bravada Announces Private Placement
A Manex Resource Group Company
Not for Distribution to United States Wire Services or for Dissemination in the United States
October 5, 2011 BVA-TSX.V Frankfurt: BRT NR-16-11
Bravada Announces Private Placement
Bravada Gold Corporation (BVA.V) reports today that it intends to conduct a financing by issuing up to 15,000,000 common shares at $0.05 per common share for gross proceeds of up to $750,000. Finder’s fees may be payable. The private placement and finder’s fees are subject to regulatory approval.
Net proceeds from the private placement will be utilized for geologic modeling, metallurgic test work, and archaeology studies that will be incorporated into an updated resource and preliminary economic evaluation for the Wind Mountain project, minor geologic work necessary to advance several other company projects, and for general working capital. An updated resource and Preliminary Economic Assessment are expected to be completed during the first quarter of 2012. Success of the 2011 drilling program, combined with increased prices of precious metals, indicates that the resource will increase significantly and the PEA will be much more robust than previously estimated.
About Wind Mountain
Wind Mountain property, a potential near-term producer with a 43-101 compliant resource and positive PEA, is at the predevelopment stage. Recently the company completed 50 holes for a total of 4,108.5 metres. Assays are pending for three holes at the South Wind Pit Target and metallurgical, geological, and archaeological studies will continue over the next few months.
About Bravada Gold Corporation
Bravada Gold Corporation is a member of the Manex Resource Group of companies with an exploration office in Reno, Nevada from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings strategically located within the numerous productive gold trend in Nevada. Bravo Gold Corp. (BVG.V) owns 11.7% of 95,464,282 Bravada common shares currently outstanding.
Joseph Anthony Kizis, Jr. (P.Geo.) is the Qualified Person responsible for reviewing the technical results in this release.
-30-
On behalf of the Board of Directors of Bravada Gold Corporation “Joseph A. Kizis, Jr.”
Joseph A. Kizis Jr.
Director, President, Bravada Gold Corporation
For further information, please visit the company’s website at bravadagold.com or contact Liana Shahinian at 604.641.2773 or toll free at 1.888.456.1112 or by email at [email protected].
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.