Barkerville Gold Mines Ltd

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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2011) - Further to news releases on the high grade visual gold-cosalite-quartz-pyrite zones discovered by the Company on Cow Mountain and reported June 27, July 26, September 13 and October 18, Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB) (the "Company") reports additional significant diamond drill hole intercepts.

Highlights include:

CM11-102

• 7.9 m (25.9 feet) of 3.525 g/T (0.103 oz/t) gold between 25.9 and 33.8 meters (85.1' and 111.0')
  • including 1.7 meters (5.7 feet) of 13.5 g/T (0.393 oz/t) gold between 25.9 and 27.7 meters (85.1' and 90.8')

• 62.3 m (204.5 feet) of 14.2 g/T (0.415 oz/t) gold between 58.8 and 121.1 meters (192.8' and 397.3')
  • including 34.7 meters (113.9 feet) of 25.2 g/T (0.735 oz/t) gold between 70.3 and 105.1 meters (230.8' and 344.7') and
    • including 0.9 meters (3.0 feet) of 858.1 g/T (25.023 oz/t) gold between 77.4 and 78.3 meters (254.0' and 257.0')

• 5.1 m (16.6 feet) of 5.00 g/T (0.146 oz/t) gold between 191.3 and 196.3 meters (627.5' and 644.1')

CM11-52

• 3.2 m (10.4 feet) of 7.89 g/T (0.230 oz/t) gold between 287.0 and 290.2 meters (941.6' and 952.0')

• 10.1 m (33.0 feet) of 3.80 g/T (0.111 oz/t) gold between 378.0 and 388.0 meters (1240.0' and 1273.0')
• 2.2 m (7.3 feet) of 9.37 g/T (0.273 oz/t) gold between 394.9 and 397.2 meters (1295.7' and 1303.0')

CM11-59C

• 12.6 m (41.3 feet) of 3.14 g/T (0.092 oz/t) gold between 85.6 and 94.1 meters (280.7' and 322.0')

CM11-62

• 4.1 m (13.3 feet) of 4.00 g/T (0.117 oz/t) gold between 33.0 and 37.1 meters (108.3' and 121.6')

CM11-63

• 3.2 m (10.5 feet) of 13.58 g/T (0.396 oz/t) gold between 236.3 and 239.5 meters (775.1' and 785.6')

• 6.7 m (21.9 feet) of 62.10 g/T (1.811 oz/t) gold between 272.3 and 279.0 meters (893.4' and 915.3')
  • including 3.8 meters (12.4 feet) of 109.51 g/T (3.194 oz/t) gold between 273.7 and 277.5 meters (897.9' and 910.3') and
    • including 2.3 meters (7.6 feet) of 177.33 g/T (5.172 oz/t) gold between 273.7 and 276.0 meters (897.9' and 905.5')

CM11-71A

• 5.7 m (18.8 feet) of 5.06 g/T (0.147 oz/t) gold between 128.3 and 134.1 meters (421.0' and 439.8')

• 5.6 m (18.5 feet) of 5.75 g/T (0.168 oz/t) gold between 162.5 and 168.1 meters (533.0' and 551.5')
  • including 4.0 meters (13.1 feet) of 8.07 g/T (0.235 oz/t) gold between 162.5 and 166.5 meters (533.0' and 546.1')

CM11-88

• 7.6 m (24.8 feet) of 4.42 g/T (0.129 oz/t) gold between 110.4 and 118.0 meters (362.2' and 387.0')

• 2.7 m (9.0 feet) of 5.26 g/T (0.153 oz/t) gold between 141.9 and 144.6 meters (465.4' and 474.4')

CM11-93

• 1.8 m (6.0 feet) of 5.56 g/T (0.162 oz/t) gold between 82.7 and 84.5 meters (271.2' and 277.2')

CM11-94

• 9.3 m (30.6 feet) of 2.30 g/T (0.067 oz/t) gold between 201.7 and 211.0 meters (661.8' and 692.4')

CM11-97

• 4.0 m (13.2 feet) of 4.13 g/T (0.121 oz/t) gold between 61.6 and 65.6 meters (202.2' and 215.4')

CM11-98

• 7.6 m (25.0 feet) of 4.15 g/T (0.121 oz/t) gold between 35.7 and 43.3 meters (117.0' and 142.0')
  • including 1.2 meters (3.8 feet) of 25.9 g/T (0.755 oz/t) gold between 38.3 and 39.5 meters (125.7' and 129.5')

CM11-99

• 11.2 m (36.8 feet) of 6.50 g/T (0.190 oz/t) gold between 105.8 and 117.0 meters (347.0' and 383.8')
  • including 4.4 meters (14.5 feet) of 16.2 g/T (0.473 oz/t) gold between 112.6 and 117.0 meters (369.3' and 383.8')

CM11-100

• 9.8 m (32.0 feet) of 4.07 g/T (0.119 oz/t) gold between 69.8 and 79.6 meters (229.0' and 261.0')
  • including 2.9 meters (9.6 feet) of 11.5 g/T (0.334 oz/t) gold between 76.6 and 79.6 meters (251.4' and 261.0')

CM11-105

• 7.3 m (23.8 feet) of 4.26 g/T (0.124 oz/t) gold between 174.5 and 181.8 meters (572.6' and 596.4')

Drill location maps and cross sections can be viewed on the company's website at www.barkervillegold.com by viewing this news release's page.

Drill hole CM11-102 controls the mine grid northeast known end of this newly discovered zone (reported in previous news releases). The length of the zone now extends to over 305 meters (1,000 feet) and is currently controlled by drill holes on five drill setups, with more drill holes planned for early in the new year.

The significant intercept in drill hole CM11-102 highlighted above includes a white vuggy quartz vein with pyrite, cosalite and visible gold, which is interpreted primarily to be part of the second newly discovered quartz vein-pyrite-cosalite-VG zone. The intercept is inferred to be sub-parallel to the drill hole and thus the width is not likely true width.

Drill hole CM11-63 is in a new zone located between the first and second newly discovered zones. This new zone may be parallel to the other two zones and is about 43 meters (140 feet) to mine grid southeast of the first zone and 335 meters (1100 feet) to the mine grid northwest of the second zone. More drill holes will be conducted in the new year.

Dill hole intercepts described above and in Table 1 may not be true widths. True widths will be determined upon receipt of further assay results from additional drill holes at the same setups.

Six drill rigs are currently operating on Cow Mountain and results will be released as they become available. The proposed 151 hole, 2011 Cow Mountain drill program will be completed by year end and is designed to provide data necessary to complete an updated resource estimate. To date, 136 of the 151 proposed drill holes have been completed. An additional 15 holes will be drilled by the 6 operating drill rigs run by four drill contractors. Total footage of drill holes completed on Cow Mountain in the current phase of drilling is approximately 40,569 meters (133,100 feet). Assays from 90 drill holes, including those abandoned for technical reasons before reaching total depth, have been received and published. Pending assay results from 46 drill holes will be published when received.

Drill core processing included descriptive logging and sampling for geochemical analyses. The NQ & NQ2-size drill core was cut/split in two halves using saws and a splitter at the Company's Lowhee Creek Compound in Wells-Barkerville, central B.C. One-half of the core is put in a sample bag. After all the samples are placed in the rice bags at the mine site, they are transported by BGM's personnel to a shipping company in Quesnel for trans-shipment to ALS Minerals in North Vancouver and Inspectorate Exploration & Services Ltd. in Richmond, B.C. for analysis. Sample preparation and geochemical assaying is done at ALS and Inspectorate Labs respectively, following their own internal standards for quality control and verification. The gold assaying method uses a standard fire assay with AA finish and a metallic gold assay for those samples with visible gold. Both ALS and Inspectorate are certified under the Assayers Certification Program of B.C.

The technical information in this News Release has been reviewed and approved by Chief Geologist Jim Yin, PhD, P.Geo, a qualified person as defined in National Instrument 43-101.

On behalf of the Board of Directors

J. Frank Callaghan, President and CEO

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events and conditions and therefore involve inherent risks and uncertainties. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. All phases of the Company's operations are subject to environmental regulation and governmental approval and permits and there can be no assurance that the Company will obtain all the requisite permits for future development. Mining is an inherently risky business with large capital expenditures and cyclical metals markets.