Barkerville Resolves Shareholder Petition Respecting AGM and Pours Gold Bar

Tue Jan 29, 2013 9:37pm EST

* Reuters is not responsible for the content in this press release.

  VANCOUVER, BRITISH COLUMBIA, Jan 29 (MARKET WIRE) --
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.

    Neither the 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.

Contacts:
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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