2013-09-26 16:13:02 -
Vancouver, British Columbia, September 26, 2013 - Barkerville Gold Mines
(TSXV:BGM) (Frankfurt:1WUB) has entered into a term sheet for $15 million. The
gold loan facility will be provided by 2176423 Ontario Limited, a company
wholly-owned by Eric Sprott.
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Eric Sprott is well known in the resource industry, having founded Sprott
Securities in 1981, which is now Cormark Securities, one of Canada's largest
independently owned securities firms. Eric is currently Chairman of TSX listed
Sprott Inc. (TSX:SII) a leading independent asset manager, capitalized in excess
of $675 million.
Barkerville anticipates receiving the funds on or about October 4th, in
conjunction with the company's expected reinstatement for trading
on the TSX
Venture Exchange. The company plans to use these funds to pay existing trade
payables, to repay its recent bridge loan of $1.5 million and for ongoing
The repayment terms of the lending facility, which have a maximum term of 30
months, are based on the price of gold. Furthermore, Barkerville will issue 9
million transferable share purchase warrants, with an exercise price tied into
the trading price of the shares. For specific details on this transaction, which
requires exchange approval, please refer to Barkerville's current news release.
Since the mid-1990s, Barkerville has focused on the exploration and development
of gold projects in the Cariboo Mining District in Central British Columbia.
The company's mineral tenures cover 1,164 square kilometres along a strike
length of 60 kilometres and approximate width of 20 kilometres. They include the
Cariboo Gold Project, the Bonanza Ledge Gold Project, the Barkerville Mountain
and Island Mountain exploration targets and seven past producing hard rock
The QR Property was acquired in February 2010 and includes a 900 tonne per day
gold milling facility and permitted gold mine located approximately 110
kilometres from the Barkerville Gold Camp. The company began pouring doré gold
in September 2010, continued until December 2011, and resumed in January 2013.
In November 2010, the company acquired a second permitted mill currently on care
and maintenance in Revelstoke. BC. The company has completed significant
drilling and exploration programs and, together with the historical data, is
compiling all information to determine the geologic models and updated technical
reports to continue with exploration and development of these projects.
For a more information, please visit Barkerville's website at
www.barkervillegold.com phone 604-669-6463 or email firstname.lastname@example.org
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Barry Morgan, CFO
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