VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/01/11 -- Barkerville Gold Mines Ltd. (TSX VENTURE: BGM)(FRANKFURT: IWUB) (the "Company") has released its third quarter 2010 financial statements and related management discussion and analysis. The Company recognized $1,740,141 in revenue from sales of 1,223 ozs of gold at $1,422.847/oz. The Company reports a net loss of $21,657,285 for the period ended November 30, 2010 or $0.34 per share as compared to a net loss of $5,218,497 or $0.12 per share for the period ended November 30, 2009.
J. Frank Callaghan says, "Reporting our first quarter of revenue from gold production is an important milestone for the Company. We look forward to continuing production ramp up and an aggressive exploration and drilling program to expand current gold resources."
The first gold dore bar from the QR Mine and Mill was poured on September 8th weighing 314.1 troy ounces (9.77 kg). Production ramp-up and mill optimization continued successfully through the quarter with continuous gold dore production through the facility's CIP and gravity circuits. For the quarter, the Company shipped a total of 10 gold dore bars totaling 98.904 kg to Johnson Matthey, a gold refiner located in Brampton, Ontario. The sale of the first 6 bars was settled during the quarter with the sale of bars 7 through 10 settling the following month in the subsequent quarter.
Interim financial statements, MD&A and related documents have been filed and can be viewed on SEDAR at www.sedar.com.
About Barkerville Gold Mines Ltd.
The Company has been focused on exploration and development of gold projects in the Cariboo Mining District in central British Columbia since 1994. The Company's mineral tenures now cover over 1,225 square kilometers of mineral tenures encompassing 7 past producing hard rock mines and three NI43-101 gold deposits, including the QR Mine & Mill. The QR Mine & Mill was acquired in February 2010 and includes a 900 tonne/day gold milling facility and a permitted gold mine located approximately 110 kilometers by highway and all-weather road from the Barkerville Gold Camp. Mining operations commenced at QR in February and the Company began pouring dore gold in September of this year. In November 2010, the Company acquired a second permitted mill currently on care and maintenance in Revelstoke, B.C. and plans to relocate it to the gold deposits in the Barkerville Gold Camp near Wells, B.C. and upgrade it to a 2,000-tonne/day facility subject to all approvals. The Company has not hedged any of its future gold production.
On behalf of the Board of Directors
