🕐29.06.12 - 19:54 Uhr

BARKERVILLE ANNOUNCES A NI 43-101 COMPLIANT INDICATED RESOURCE OF 10,626,100 OZ GOLD



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Barkerville Announces a NI 43-101 Compliant Indicated Resource of 10,626,100 oz Gold

Barkerville Announces a NI 43-101 Compliant Indicated Resource of 10,626,100 ozs Gold on Cow Mtn with a NI 43-101 Compliant Geological Potential of 65-90 Million ozs Gold in an Area Encompassing Approximately 10% of its Cariboo Gold Project

VANCOUVER, BRITISH COLUMBIA--(June 29, 2012) - Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB) (the "Company" or "Barkerville") announced today a NI 43-101 compliant, indicated resource estimate for the Gold Quartz open pit model on Cow Mountain as well as a NI 43-101 compliant estimation of the geological potential of the 6.4 km Island Mountain, Cow Mountain and Barkerville Mountain trend. This trend is the central portion (where the Company has focused its exploration activities) of a larger 67 km trend on the Companys 1,118 sq. km property.

Geoex Limited ("Geoex") was retained to complete an independent estimate of the mineral resources and geological potential of Barkervilles property (the "Property") by management of the Company.

The indicated resources, between the elevations 3,550 feet and 4,550 feet above sea level (town elevation 4,000 feet), estimated by Geoex for the Gold Quartz open pit model on Cow Mountain are 69,039,000 tons with an average grade of 0.154 ounces gold per ton (5.28 grams/T) and 10,626,100 ounces of contained gold as summarised in the following table. Geoex is of the opinion that this resource has a reasonable prospect of economic extraction.

COW MOUNTAIN SUMMARY OF INDICATED RESOURCES, effective date December 31, 2011 (cut-off 0.025 oz/t or 0.857 g/T, In Situ and Undiluted) � � Tons Grade
(oz/t / g/T) Contained
Gold Ounces Waste Tons
**** Subtotal 70,455,000 0.161 / 5.52 11,367,100 101,676,000 Less Historic Mining 1,416,000 0.53 / 18.2 750,000 � � � � � � Adjusted*** 69,039,000 0.154 / 5.28 10,626,100 � * The resource is summarized in further detail in this news release. *** The total indicated resource has been adjusted for total production from the narrow vein underground production of the Gold Quartz Mine. **** The Waste is within the resource solids and does not include pit wall waste.

Company President and CEO, J. Frank Callaghan, stated:

"This resource estimate on 10% of the Companys prospective gold belt, which I believe puts the Cariboo Gold Project into the world class category, coupled with the Companys recent news announcing it has received the necessary permits to begin production on its Bonanza Ledge discovery, is a testament to the team weve assembled and 18 years of hard work and perseverance. The current resource estimate has been made possible through the compilation of over 7,100 drill holes totalling 347,000 meters completed by the company and previous operators, with the most significant results coming from an expanded drill program which was completed in December, 2011."

"Management received heavy opposition to the expanded drill program this past winter from the brokerage community as reflected in Barkervilles share price, but we believed strongly in our team of highly skilled geological professionals and are proud of the results the company has achieved."

The estimation of the geological potential is based upon approximately 10% of the Companys tenure encompassing the Island Mountain, Cow Mountain and Barkerville Mountain areas which are contiguous mountains separated by valleys. The Island Mountain/Aurum and Mosquito Creek Mine workings are under Island Mountain and the Cariboo Gold Quartz Mine workings are mostly under Cow Mountain but extend beneath the valley and end beneath Island Mountain and as well extend in the opposite direction beneath Barkerville Mountain.

TOTAL GEOLOGICAL POTENTIAL: ISLAND-COW-BARKERVILLE TREND (6.4 km / 4 miles)Area: Tons (range) Grade (range)
oz/t (g/T) Contained Gold
Ounces (range) Island Mountain 180 � 304 million tons 0.12 - 0.16
(4.11 - 5.49) 29 � 40 million ounces Cow Mountain 45 - 76 million tons 0.12 - 0.16
(4.11 - 5.49) 7 � 10 million ounces Barkerville Mountain 180 � 304 million tons 0.12 - 0.16
(4.11 - 5.49) 29 � 40 million ounces � � � � Total 405 - 684 Million Tons 0.12 - 0.16 oz/t
(4.11 - 5.49)
65 � 90 Million Ounces Gold Note, the foregoing geological potential estimates of potential quantity and grade are conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the delineation of Mineral Resources. Please see below for how the quality and grade of the geological potential estimates was determined.

The indicated resource estimates and geological potential targets have been completed by Geoex and will be provided in a report ("the Report") that will conform to the format and content required under National Instrument 43-101 ("NI 43-101") regulations of the Canadian Securities Administrators, including Form 43-101F1 The effective date of the Report will be December 31, 2011 and the Report is based upon drilling completed to that date, including assay data that was received during the 1st Quarter of 2012.

The technical work by Geoex was undertaken by Peter T. George, P.Geo., who has over 45 years of experience in the Canadian mining industry and extensive experience in the gold sector.

PROPERTY DESCRIPTION AND OWNERSHIP

The Company has been active in the Cariboo Gold District since the mid 1990s and currently holds mineral tenures covering approximately 1,117.69 square kilometres in a contiguous, elongate block covering the full extent of a 45 kilometre geological trend that hosts all of the significant lode gold deposits of the district and many significant gold showings.

In the Island Mountain-Cow Mountain-Barkerville Mountain area that covers the current resource and geological potential estimates there are no royalties payable on any of the lands. There are a few small crown grants within the Property boundaries that have been in force since the late 1800s and are owned by the estates of persons unknown. In the event of a production decision in the vicinity of one of these small claims, the government regulations would require the Company to establish a trust and pay a small annual royalty to cover the possible future event that ownership is determined.

GEOLOGY AND MINERALIZATION

The Project is underlain by the Barkerville Terrane which is part of the regional Omineca Belt of the Canadian Cordillera. The Barkerville Terrane is comprised of a late Proterozoic and/or early Paleozoic sequence of metamorphosed rocks that were deposited as continental shelf to slope marine clastic rocks along with lesser amounts of marine carbonate rocks and volcanic rocks adjacent to the craton of ancestral North America. The Barkerville Terrane is structurally the lowest exposed sequence and is more deformed and metamorphosed (lower greenschist facies) than adjacent terranes.

During the Cretaceous the rocks of the Barkerville Terrane were deep below the surface and subjected to an early period of ductile deformation that resulted in asymmetrical, overturned, isoclinal (both limbs and the axial planes dipping to the east) fold structures with the fold axes plunging shallow to the northwest. Major regional thrust faults, initiated in the post metamorphic period occur in the area, striking in a northerly direction and dipping to the east with over thrusting from east to west.

Post-metamorphic upright, open folds with axial planes approximately east-west deformed the earlier period of folding such that the early fold axes now plunge to both the northwest and the southeast along the length of the Barkerville Terrane.

During the late Cretaceous to early Tertiary a major period of northwest trending dextral strike-slip faulting occurred with conjugate faults trending northwest and north, both with a significant normal component of movement. The north trending fault structures appear to be an important control for gold vein mineralization in the Wells area most of the gold mineralization was deposited at that time although it is possible that there was already earlier stage gold mineralization formed before and during the onset of metamorphism that was remobilized during the post metamorphic period.

Gold mineralization on the Property occurs as:

Quartz veins located in shear-type and tension-type fractures in lithologies that are more brittle than the surrounding lithologies, and Disseminated sulphide zones (pyrite-pyrrhotite) localized in the nose of secondary, local fold structures that have the same north westerly plunge as the regional, orogeny related, asymmetrical, overturned, isoclinal (both limbs and the axial planes dipping to the east) fold structures.

Historic production is all in the vicinity of the three adjoining mountains; Island Mountain, Cow Mountain and Barkerville Mountain. Historic production is as follows:

Historic Lode Gold Production, Cariboo Gold District (Hall 1991) � Mine Tons Milled Oz Au Produced Island Mtn/Aurum (1934-67) 1,245,295 569,526 Mosquito (1980-83) 103,146 34,281 Cariboo Gold Qtz (1933-59) 1,681,651 626,755 ** Based upon 93% mill recovery; 95% mine recovery of resource; and 25% dilution

The mineralization is hosted primarily in the Rainbow Unit and may extend into the younger BC Unit or the older Baker Unit. Note that in the mine areas the stratigraphy is overturned due to folding and the Baker Unit is overlying the Rainbow Unit. At the time of the Cretaceous deformation, the Rainbow Unit had lower ductility than the adjoining units and intense brittle fracturing occurred that contains many quartz veins and disseminated sulphide zones (dominantly in the hinges of small amplitude folds). During the operating years of the historic mines many of the mineralized zones were too narrow to be mined economically.

In the immediate vicinity of the historic mines, the Rainbow Unit can be mapped along a strike length of approximately 8 km (5 miles) and has been traced at least another 16 km (10 miles) to the south into the Cunningham Creek area.

The regional stratigraphy within which the Rainbow Unit occurs has been mapped to the Cariboo Lake area, 32 km (20 miles) to the south of Barkerville Mountain.

STATUS OF EXPLORATION, DEVELOPMENT, AND OPERATIONS

Because of the size of the Property, exploration will be ongoing for many years. The Company is currently is permitted for start-up of open pit mining of the Bonanza Ledge deposit on Barkerville Mountain.

It is anticipated that the Company will initiate permitting for an open pit operation on Cow Mountain approximately 3 km (1.8 miles) from the Bonanza Ledge deposit.

QUALIFIED PERSONS OPINION ON ADEQUACY OF THE DATABASE

The Qualified Person, based upon site visits on October 13 to 14, 2010, March 20 to 24, 2011, and April 23 to 27, 2012 is of the opinion that:

the Companys sampling methods and QAQC practices meet NI 43-101 standards; the drilling and assay database is of sufficient quality for use in the estimation of mineral resources and to provide the basis for the conclusions presented in this summary.

In preparation for writing the Report, the Qualified Person worked intensively with the Companys database and found no serious errors or deficiencies.

The Qualified Person has reviewed all relevant technical information and has found no discrepancies, errors or omissions that would be material to the opinions expressed in the Report.

The Qualified Person did not undertake any check assays as the Companys QAQC procedures were reviewed and their practices meet NI 43-101 standards.

MINERAL RESOURCE ESTIMATE

The current indicated resources estimated by the Geoex for the Cow Mountain open pit model are 69,039,000 tons with an average grade of 0.154 ounces gold per ton (5.28 g/T) and 10,626,100 ounces of contained gold as summarised in the following table. The Qualified Person is of the opinion that this resource has a reasonable prospect of economic extraction.

SUMMARY OF INDICATED RESOURCES (cut-off 0.025 oz/t or 0.857 g/T, In Situ and Undiluted), effective December 31, 2011Bench** Tons Grade oz/t
(g/T)
Contained
Au oz
Waste Tons
****
% of Bench
Untested by
Drilling
4550 4,367,000 0.026 (0.89) 113,500 1,532,000 22% 4450 8,791,000 0.045 (1.54) 395,600 2,561,000 32% 4350 11,596,000 0.072 (2.47) 834,900 2,047,000 23% 4250 9,947,000 0.069 (2.37) 686,300 4,796,000 57% 4150 6,722,000 0.078 (2.67) 524,300 9,754,000 60% 4050 6,988,000 0.151 (5.18) 1,055,200 12,466,000 64% 3950 6,522,000 0.617 (21.2) 4,024,100 13,389,000 >70% 3850 6,171,000 0.453 (15.5) 2,795,500 13,125,000 >70% 3750 4,033,000 0.056 (1.92) 225,800 14,372,000 >70% 3650 3,100,000 0.063 (2.16) 195,300 13,749,000 >70% 3550 2,218,000 0.237 (8.13) 526,600 13,885,000 >70% SUBTOTAL 70,455,000 0.161 (5.52) 11,376,100 101,676,000Less Historic Mining 1,416,000



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