Barkerville Resolves Shareholder Petition Respecting AGM and Pours Gold Bar

Tue Jan 29, 2013 9:37pm EST

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Barkerville Gold Mines Ltd.

January 29, 2013 - 09:36:33 PM

Barkerville Resolves Shareholder Petition Respecting AGM and Pours Gold Bar

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2013) - Barkerville Gold
Mines Ltd. ("Barkerville" or the "Company") (TSX VENTURE:BGM)(FRANKFURT:IWUB)
wishes to announce that the parties have recently reached an agreement (the
"Agreement") to resolve the previously filed petition (the "Petition") in the
Supreme Court of British Columbia (the "Court") which had requested that the
Court: (i) authorize the Petitioners to call an annual general and special
meeting (the "Meeting") of the Company; (ii) authorize the Petitioners to give
notice of the Meeting to the Company's shareholders and to prepare an
information circular in respect of the business of the Meeting; (iii)
authorize the Petitioners to present a private placement proposal to the
shareholders at the Meeting; and (iv) appoint a shareholder of the Company, or
such other person the Court may designate, to act as independent chair of the
Meeting.

The details of the Agreement, which have now been incorporated into an order
of the Court, include:

1. the Company's Meeting for the year 2012 will be held at 1500 - 1055 West
Georgia Street, Vancouver, British Columbia, at 10:00 am on Tuesday, April 16,
2013, as previously called by the Company, in accordance with all applicable
laws;

2. the Meeting will be chaired by either Mr. Norman Anderson or Mr. David
McMillan, both of whom are independent directors of the Company, as the
Company may decide;

3. due to the timing of the Meeting, and subject to the following, the Company
has agreed to waive the relevant limitation period and put the Petitioners'
previously proposed private placement proposal, which must be provided to the
Company by no later than March 4, 2013, in the Company's Meeting management
proxy circular; it being acknowledged and agreed that the inclusion of any
such proposal will be subject to the Petitioners first having been advised by
the B.C. Securities Commission (the "BCSC") that it does not object to the
Company providing notice to the shareholders that the proposal will be
considered and voted on at the Meeting or, if the BCSC does object, the
Petitioners shall have applied and obtained a partial revocation order from
the BCSC to allow the Company to give notice to the shareholders of the
proposal and for such to be considered and voted on at the Meeting;

4. the Company will cooperate with the Petitioners in obtaining such
permission or authorization from the BCSC as may be required to permit the
Company to provide notice to the shareholders that the private placement
proposal will be considered and voted on at the Meeting; and

5. by no later than March 4, 2013, the Petitioners will provide the Company
with the names and biographical information of any proposed nominee directors
the Petitioners intend to support for election as directors of the Company,
who are not currently directors, however, such nominees, if any, will not be
included in the Company's Meeting management proxy circular.

Technical Review

The Company reminds shareholders that its present CTO will remain in place
until the Company files a final National Instrument 43-101 technical report
(the "NI 43-101 Report) acceptable to the BCSC which addresses all technical
disclosure comments of the BCSC. As previously reported, as part of its BCSC
response the Company engaged Snowden Mining Industry Consultants Pty
("Snowden") to assist in satisfying certain conditions of the BCSC underlying
the CTO and, in particular, preparing an independent audit of the resource
estimate provided for Cow Mountain which was the subject of the Company's
original technical report, authored by Peter George of Geoex Ltd., which had
been filed with the BCSC on August 14, 2012. The Company has been recently
advised by each of Snowden and Geoex that they reasonably expect that a
complete draft of their updated NI 43-101 Report should be available for
review by the Company in the first week of February, such that the Company
reasonably expects that it might be in a position to fully respond to the
BCSC's technical disclosure comments and file a final and acceptable NI 43-101
Report on SEDAR by the final week of February.

QR Mine and Mill

Mr. Kevin McMurren, Mine Manager, reports that the Company poured a gold dore
bar today and expects to receive revenue from the sale of the bar in
approximately one week's time. The revenues received from the sale of gold
dore bars is expected to provide additional working capital to the Company
through April 2013.

Bonanza Ledge Mine

Mr. Tom Hatton, Mine Superintendent for Wells, reaffirms, as previously
reported, that final clearing of the laydown area for Bonanza Ledge is
completed and stump tub grinding for reclamation is complete. Mining equipment
including excavators, cats, trucks used at QR Mine for the dam raise were
moved to Bonanza Ledge. 

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 2011 and the Company began pouring dore gold in September 2010 and
continued until December 2011 and will resume in January 2013. 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. 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 of the Company which takes full
responsibility for its contents.

J. Frank Callaghan, President and CEO

Certain information in this news release is forward-looking within the meaning
of certain securities laws, and is subject to important risks, uncertainties
and assumptions. This forward-looking information includes, among other
things, information with respect to the Company's beliefs, plans,
expectations, anticipations, estimates and intentions, including the listing
and trading of the Company's common shares on the TSX Venture Exchange. The
words "may", "could", "should", "would", "suspect", "outlook", "believe",
"anticipate", "estimate", "expect", "intend", "plan", "target" and similar
words and expressions are used to identify forward-looking information. The
forward-looking information in this news release describes the Company's
expectations as of the date of this news release.

The results or events anticipated or predicted in such forward-looking
information may differ materially from actual results or events. Material
factors which could cause actual results or events to differ materially from
such forward- looking information include, among others, the Company's ability
to engage and retain qualified key personnel, employees and affiliates, to
obtain capital and credit and to protect its property rights.

The Company cautions that the foregoing list of material factors is not
exhaustive. When relying on the Company's forward-looking information to make
decisions, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. The Company has assumed
a certain progression, which may not be realized. It has also assumed that the
material factors referred to in the previous paragraph will not cause such
forward-looking information to differ materially from actual results or
events. However, the list of these factors is not exhaustive and is subject to
change and there can be no assurance that such assumptions will reflect the
actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE
EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Barkerville Gold Mines Ltd.
604 669-6463 or Toll Free: 1-800 663-9688
604 669-3041 (FAX)
www.barkervillegold.com




        

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term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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