Click here to close now.

Welcome!

Microsoft Cloud Authors: Aleksei Gavrilenko, Elizabeth White, Liz McMillan, Pat Romanski, Jaynesh Shah

News Feed Item

BCGold Corp. Signs Agreement With Solid Holdings Ltd. to Develop and Operate Engineer Mine

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/03/13 -- BCGold Corp. (TSX VENTURE:BCG)(PINKSHEETS:BCGOF)("BCGold" or the "Company") is pleased to announce it has signed a Letter of Intent ("LOI") with Solid Holdings Ltd. ("Solid") whereby Solid will finance and construct a minimum 30 tonne per day turn-key mine, mill and gold refining operation (the "Engineer Mine") at BCGold Corp.'s historic Engineer Mine property, situated 32 km west of Atlin, British Columbia. Within a 3 year time-frame Solid is required to produce a minimum of 10,000 ounces of gold, with 1,500 ounces to BCGold's credit, on a gross-sale basis from the Engineer Vein on 6 and 7 Levels of the underground mine workings. Upon completion of these provisions, Solid may elect to acquire a 50% interest in the Engineer Mine by way of a joint venture agreement ("JV") with BCGold Corp. (see Proposed JV Terms below).

Further details of the 3 year earn-in period are as follows:


--  BCGold and Solid have 45 days to complete due diligence and finalize a
    definitive agreement 
    
--  Solid will provide engineering, procurement, design, civil works and
    other construction expenses, as well as all administrative and
    infrastructure expenses associated with the Engineer Mine 
    
--  Solid will cover all operating and initial/ongoing capital costs
    associated with the Engineer Mine 
    
--  Solid will retain 85% of gross gold sale proceeds (remaining 15% to go
    to BCGold Corp.) of the initial 10,000 ounces of gold production in the
    form of dore bars or marketable gold-rich concentrate 

"BCGold is very pleased to enter into this agreement with Solid," states Brian P. Fowler, P.Geo., President and CEO of BCGold Corp. "This agreement provides BCGold Corp. with cash flow during the 3 year earn-in period and a 50% interest in a fully functional mine and mill complex at no cost to the Company. Management of BCGold and Solid believe that previous exploration and bulk sampling results at Engineer Mine substantiates the basis for a sustainable small-scale gold mining operation."

Proposed JV Terms

Should the terms of the LOI be met, and Solid choose to enter into a JV with BCGold Corp., it will entail a 50/50 split ownership of the Engineer Mine and surface and mineral rights of the crown grant property, with certain specified exceptions. The JV will be responsible for management and operation of the Engineer Mine, including all associated operating and ongoing capital costs, as well as near-mine exploration and resource definition. Net proceeds from gold sales will be distributed to the JV partnership on a 50/50 basis.

BCGold Corp. will retain 100% mineral rights to the Hub A, Hub B, Shear A, and Shear B bulk tonnage exploration targets. BCGold Corp. will also retain the Guardsmen option, where the Company may earn up to 100% interest in the surrounding 2,104 ha Gold Hill property (see news release dated October 4, 2010).

Should Solid elect not to proceed with the JV, BCGold shall have right of first refusal with respect to any infrastructure proposed to be sold by Solid.

About Solid Holdings Ltd.

Solid Holdings Ltd. is a private company headed by Stan Spletzer of Houston, British Columbia. Mr. Spletzer, President of Solid and President of Solid Gold Capital Inc., a finance company focused on new mineral projects, brings over 30 years of contracting experience related to aggregate mining, road construction, logging, and silviculture in northern British Columbia. Solid owns and operates a gold processing plant and assay lab in Houston and holds contracts with several local mining projects. It intends to construct a similar plant at Engineer Mine.

Solid has partnered with High Velocity Training and Cobra Mining & Excavating Ltd. to set up equipment training projects throughout British Columbia and Alberta that bring industry and First Nations together in profitable partnerships. It is envisaged that a similar partnership will occur at Engineer Mine.

About Engineer Mine

Engineer Mine was a high-grade gold producer that came to peak production in the mid-1920s and ceased operation in the early 1930s. More than 560 kg (18,000 oz) of gold and 278 kg (8,950 oz) of silver were officially produced at realized grades exceeding 39 g/t Au and 20 g/t Ag, primarily from the Engineer and Double Decker veins on six of eight mine levels. There is more than 5,500 m of underground development in place, which provide access to seven high-grade gold veins and two bulk tonnage mineralized shear zones. Surface exploration work has shown there are 25 known veins on the property. All veins remain open at depth and little exploration has been conducted deeper than 200 m below surface.

BCGold Corp. has incurred $3.6 million in acquisition, exploration and development expenditures at the Engineer Mine since 2007. The Company's work includes the definition of an NI43-101 Inferred Mineral Resource of 41,000 tonnes grading 19.0 g/t Au, representing remnant portions of the Engineer and Double Decker veins down to 8 Level (see news release dated March 4, 2011).

In 2011, BCGold Corp. successfully test-milled a 246 tonne bulk sample from 5 Level of the underground workings (see news release dated February 27, 2012). Bulk sampling returned results up to 68.9 tonnes grading 44.6 g/t Au and resulted in the discovery of two high-grade gold-shoots partially outside of the Inferred Resource of the Engineer vein. In 2012, the Company confirmed these high-grade shoots have a vertical down-dip plunge by dewatering, geologically mapping, and panel sampling 6 and 7 Levels of the mine workings. The two high-grade gold-shoots represent an exploration target of 6,000 to 8,600 tonnes, grading 30 g/t to 60 g/t Au, for up to 17,000 ounces of contained gold((i)).

((i)The potential quality and grade of this exploration target is conceptual in nature, as there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.)

BCGold Corp. owns a 100% interest in the Engineer Mine property with no underlying royalties. The Company holds all necessary operating permits to dewater the mine workings, and mine and mill an initial 4,000 tonne bulk sample. The Company will apply to increase the bulk sample tonnage permit on an as needed basis.

About BCGold Corp.

BCGold Corp. (TSX VENTURE:BCG) is focused on exploration and development of its 100%-owned historic Engineer Mine and the adjoining Gold Hill properties, situated in northwestern British Columbia. Since 2007, the Company has incurred approximately $3.9 million in expenditures to demonstrate the exploration upside and near-term mining potential of these properties.

BCGold Corp. has generated 27 early to mid-stage gold and copper-gold properties in British Columbia and Yukon that it will continue to advance through sourcing preferred joint venture partners.

BCGold Corp. is unique in that it exposes investors to the prospect of discoveries while being positioned to offset exploration costs by monetizing / forward-selling gold concentrate recovered from on-site processing of high-grade gold bulk samples at Engineer Mine.

On behalf of the Board of Directors,

Brian P. Fowler, P. Geo., President & CEO

Some statements in this news release contain forward-looking information or forward-looking statements. These statements include, but are not limited to, statements with respect to future expenditures and exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the timing and success of future exploration, development and production activities. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and high availability solutions, leveraging the cloud and the benefits of Infrastructure-as-a-Service (IaaS...
"We have a tagline - "Power in the API Economy." What that means is everything that is built in applications and connected applications is done through APIs," explained Roberto Medrano, Executive Vice President at Akana, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits, DevOps is corr...
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are rapidly redefining traditional integration approaches and their reliance on proprietary connectors. ...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context wi...
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare to be blown away with a glimpse of the future.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will addresses this very serious issue of profound change in the industry.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...