Bullion Gold Announces Continuation of Option Agreement
FOR IMMEDIATE RELEASE TSX-V: BGD May 7, 2013
BULLION GOLD ANNOUNCES CONTINUATION OF OPTION AGREEMENT
Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or the “Company”) is pleased to announce that Newmont Canada Corporation has entered into the third year of its earn-in / option agreement in respect of the Company’s Tak Property. The property payment and the required work expenditures have been met for Newmont to move forward on their earn-in option. To date Newmont has spent just over $1 million dollars on this project and all assessment work has been filed with the Government, bringing the Tak property claims into good standing until 2017.
This commitment to continue exploration on Bullion Gold’s Tak Property indicates that Newmont has found sufficient encouragement from their first year results to continue its exploration program on the property. Terry Severs, President of Bullion Gold Resources Corp. stated: “We are very pleased with Newmont’s decision to continue the exploration program. Newmont’s experience and ability to evaluate properties bodes well for the potential of the Tak property.” If Newmont exercises its two options under the Option Agreement, Bullion Gold will hold a 25% interest and Newmont, a 75% interest, under the joint venture agreement.
The property lies within the Quesnel Trough which is prospective for alkalic copper-gold porphyry deposits. In addition, there is potential in the area for copper-molybdenum-(gold) porphyries. Operating mines in the area include Mount Polley, Gibraltar, and Highland Valley, all of which are porphyry deposits that produce copper and molybdenum and sometimes gold.
The Tak property is part of Bullion Gold’s Cariboo claim package which is a non-contiguous group of 85 claims consisting of 95,559 hectares. The Tak Property, occurring within the southwestern part of the claim package, is composed of 17 of those claims that consist of 16,179 hectares which is 17% of Bullion Gold’s Cariboo property. Besides the Tak target, the property contains a number of additional highly prospective targets with the company focusing on two of these, namely Gold Creek and Viewland.
Gold Creek occurs within the north quarter of the Cariboo Property and has returned encouraging values in gold from previous drill testing despite drilling difficulties and poor core recovery. Exploration on the Gold Creek formation suggests that the mineralization is intrusive related and fault guided. The company’s geological team speculates that the mineralization may continue for 12 km under basaltic flow rocks as far north as Quesnel Forks near the northern boundary of Bullion’s claim block where similar rocks to Gold Creek were observed in an outcrop in an active placer operation.
Viewland occurs to the west of the Tak property and was re-discovered in 2008 by the company with reconnaissance MMI soil sampling. Exploration in later years suggests the target is possibly a calc-alkalic porphyry copper-gold deposit.
The Company will continue to focus its exploration on the prolific Quesnel Trough area of Central British Colombia due to its excellent potential for discovery and favourable political jurisdiction.
About Bullion Gold Resources Corp.:
Bullion Gold Resources Corp. is a TSX Venture listed mineral exploration company focused on the exploration of its 95,559 ha properties in the Cariboo Region, including the 16,180 ha Bullion Property which is under an earn-in option/joint venture agreement with Newmont Canada Corporation. The properties are located in the prolific Quesnel Terrane of central British Columbia, Canada and are accessible by highway and logging roads year round.
For information contact: Terry D. Severs, President & CEO Telephone: (604) 558-1607 Facsimile: (604) 200-0123 Email: terry@bulliongold.ca
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.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration activities, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.