Bakerville Gold Mines Up Slightly At 80 Cents, Inching Away From Year Low
Bakerville Gold Mines Inc (BGM.V) shares are up one cent, at 80 cents. This inches it away from its year low of 79 cents.
The share price has been fluctuating between 79 cents and 81 cents all morning.
Bakerville announced on December 13 that it had received a permit under the Mines Act of British Columbia to develop the Province's newest open pit gold mine at its Bonanza Ledge property near Wells. The company expects to produce approximately 73,000 tonnes of ore per year, with an average grade of 9.05 grams per tonne gold, at the Bonanza Ledge Mine, for a current mine life of four years.
Since the discovery of a new zone 190 metres northwest of the proposed gold quartz mine, the company has been aggressively drilling with 6 drill rigs operating on Cow Mountain. It has seen great results from a number of holes, including 62.3 metres of 14.2 grams per tonne gold (204.5 feet of 0.415 ounces per ton gold) from Hole CM11-102.
To date, 136 of the 151 proposed drill holes have been completed, and the company expects to complete another 15 holes by Christmas.
Barkerville expects to complete an updated resource estimate by the end of the first quarter of 2012, and anticipates completing a feasibily study on Cow Mountain during the 3rd quarter of 2012.
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