Click here to close now.

Welcome!

Microsoft Cloud Authors: Elizabeth White, Liz McMillan, Pat Romanski, Jaynesh Shah, Carmen Gonzalez

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
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
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 this session, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, will describe how to revolutionize your architecture and...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, will analyze how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Pay...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
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...
The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, connected, and small. If your ambitions are big, so are ours. In his session at @ThingsExpo, Jack Hu, D...
The multi-trillion economic opportunity around the "Internet of Things" (IoT) is emerging as the hottest topic for investors in 2015. As we connect the physical world with information technology, data from actions, processes and the environment can increase sales, improve efficiencies, automate daily activities and minimize risk. In his session at @ThingsExpo, Ed Maguire, Senior Analyst at CLSA Americas, will describe what is new and different about IoT, explore financial, technological and real-world impact across consumer and business use cases. Why now? Significant corporate and venture...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
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.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of 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. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An active participa...
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.
2015 predictions circa 1970: houses anticipate our needs and adapt, city infrastructure is citizen and situation aware, office buildings identify and preprocess you. Today smart buildings have no such collective conscience, no shared set of fundamental services to identify, predict and synchronize around us. LiveSpace and M2Mi are changing that. LiveSpace Smart Environment devices deliver over the M2Mi IoT Platform real time presence, awareness and intent analytics as a service to local connected devices. In her session at @ThingsExpo, Sarah Cooper, VP Business of Development at M2Mi, will d...
Thanks to widespread Internet adoption and more than 10 billion connected devices around the world, companies became more excited than ever about the Internet of Things in 2014. Add in the hype around Google Glass and the Nest Thermostat, and nearly every business, including those from traditionally low-tech industries, wanted in. But despite the buzz, some very real business questions emerged – mainly, not if a device can be connected, or even when, but why? Why does connecting to the cloud create greater value for the user? Why do connected features improve the overall experience? And why do...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.