Barkerville Gold Mines Ltd.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 30, 2012) - Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(IWUB.F) (the "Company" or "Barkerville Gold") is pleased to provide a corporate update regarding its current Cease Trade Order ("CTO"), QR Mine, Bonanza Ledge Mine and diamond drilling at the Gold Quartz project on Cow Mountain as part of ongoing work at the Company''s greater Cariboo Gold Project.

Gold Quartz

Work continues on the Company''s National Instrument 43-101 ("NI 43-101") technical report (the "Report") for Cow Mountain which is to address the technical and disclosure concerns of the British Columbia Securities Commission ("BCSC") which brought upon the CTO. Part of this process was to engage Snowden Mining Industry Consultants Pty ("Snowden") to assist in satisfying certain conditions of the BCSC underlying the CTO.

During their review of the Report we are informed that Snowden reviewed historic samples that had not been included in the Company''s original resource estimate. Snowden has recommended to the Company that, upon data validation, these samples should be included in the current resource estimate for Cow Mountain. The original resource estimation was based on a database containing 619 drill holes. In total about 2,142 drill holes have been drilled on the property from which more than 1,464 have been verified to date. The process of verifying the drillhole database is currently ongoing.

Chief Geologist, Jim Yin PhD., P.Geo., a Qualified Person under NI 43-101, reports that all twin drill holes requested by Snowden as part of their review of the Report, drilled between September 22 and October 14, 2012, totaling 2,759.4 meters (9,053.1 feet) on Cow Mountain, have been logged, photographed, density measured, split and shipped for assay. Assay results will be released as soon as they are available.

QR Mine

Mining operations are in progress at the QR Mine. All surface ore blasted at the West Zone has been trucked to the ore stockpile by the crusher at the mill. Geological work is planned to delineate this zone further.

Transformers have been installed and energized at the West Zone. Electrical connections have been completed for the West Zone underground work. Mobilization of underground equipment and crew is underway.

The raising of the tailings storage facility dams at the QR Mine site has been completed. The North Dam and the Cross Dyke has reached target height and riprap will be placed to protect the new dam slopes. A grouting plan is still in progress and is being supervised by Klohn Crippen Berger Ltd.

QR Mill

Mill repairs and maintenance has commenced. Contracted millwrights will focus on the crushing circuit and other priority items prior to start up. It is expected that some of these repairs will improve overall gold recovery. Following the completion of these repairs, the stockpiled ore will be processed and it is expected gold dore bars will be poured in December, 2012.

About Barkerville Gold Mines Ltd.

Since the mid-1990s the Company has focused on exploration and development of gold projects in the Cariboo Mining District in central B.C. The Company''s mineral tenures now cover over 117,691.14 hectares, encompassing seven past producing hard rock mines and three NI 43-101 gold deposits, including the QR Mine & Mill. The QR Property 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 the first quarter of fiscal 2010 and the Company began pouring doré gold in September 2010 and continued until December 2011. In November 2010 the Company acquired a second permitted mill currently on care and maintenance in Revelstoke, B.C. for relocation to the Barkerville Gold Camp near Wells, B.C. and upgrade to a +3,000-tonne/day facility subject to all necessary government approvals. In November 2010 the Company and the Lhtako Dene First Nation also signed a Project Agreement in relation to its Bonanza Ledge and Cariboo Gold Projects. The Company has completed significant drilling and exploration programs and together with the historical data is compiling all information to determine geologic models and updated technical reports to continue with exploration and development of the Cariboo Gold projects. This news release has been prepared on behalf of the Board of Directors which takes full responsibility for its contents.

The technical information in this news release has been reviewed and approved by Company Chief Geologist Jim Yin, PhD, P.Geo, a Qualified Person under NI 43-101.

This news release has been prepared on behalf of the Board of Directors which takes full responsibility for its contents.

J. Frank Callaghan, President and CEO