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Bravada Headlines

June 2, 2011
Bravada Signs Definitive Agreement for Quito, Completes Core Drilling at East Manhattan, and Plans June Drilling at Wind Mountain

Bravada Gold Corporation (TSX.V-BVA) reported today that it has signed a Definitive Agreement to acquire an interest in the 3,700ha Quito Carlin-type gold property, a past-producing open-pit mine. The property is located on the poorly defined Austin Gold Trend, which includes the Northumberland gold mine and a number of Carlin-type exploration prospects.

The Quito mine was operated by Austin Gold Venture, a joint venture between Inspiration Gold and FMC Gold companies, from 1986 to 1989 and was reported to have produced 174,460 ounces of gold. Published reports of the original deposit stated an initial reserve of 1,700,000 short tons at an average grade of 6.34g/t gold. There is a small historic resource reportedly remaining on the property; however, Bravada has not independently confirmed either the past production or remaining resource, and these historic figures should not be relied upon. Post-mining exploration efforts were directed at discovering additional shallow, open pit resources; however, historic drill holes contain numerous intercepts of relatively high-grade gold (+3 to +10g/t) that are below likely levels of open-pit mining and that may be amenable to underground mining.

After signing a Letter of Intent in late 2010 (see News Release NR-17-10 dated November 30, 2010), Bravada began compiling a large amount of paper data generated in the 1980s. A database of over 900 mostly shallow drill holes has been developed for gold and other assays, and geology data is now being entered. Modern 3D computer modeling programs facilitate identification of structural and stratigraphic controls that can then be targeted for drilling. An existing Plan of Operation will be assumed by Bravada, which will allow an initial 1,000 meter drill program planned for August or September 2011.

Bravada can earn 70% interest in the property by spending US$2,500,000 over 5 years. Within 60 days after Bravada earn-in, the optionor can either: 1) elect to participate at 30%, 2) elect to earn 51% should a deposit of greater than 2 million ounces be discovered by paying Bravada three times Bravada’s exploration expenditures and funding Bravada’s share of capital requirements (repaid out of 80% of Bravada’s cash flow), or 3) elect to reduce to a 2% NSR royalty and receive either 500,000 shares of Bravada stock or $500,000 cash at Bravada’s option. No other royalties exist at the property. Bravada can elect to terminate the agreement after a firm commitment of $500,000 has been spent by November 2012.

Bravada also reported that it has completed a five-hole (1,012m) core program at its wholly owned East Manhattan low-sulfidation gold/silver project and expects to begin drilling approximately 70 shallow reverse-circulation holes at its wholly owned Wind Mountain project around June 15th. East Manhattan core is at the lab being split, with assays expected during June.

About Bravada Gold Corporation
Bravada Gold Corporation is a member of the Manex Resource Group of companies with an exploration office in Reno, Nevada from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings strategically located within the numerous productive gold trend in Nevada. The Company has several projects available for joint venture with qualified groups.

Joseph Anthony Kizis, Jr. (P.Geo.) is the Qualified Person responsible for reviewing the technical results in this release.

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On behalf of the Board of Directors of Bravada Gold Corporation
“Joseph A. Kizis, Jr.”   
Joseph A. Kizis Jr., Director, President, Bravada Gold Corporation

For further information, please visit Bravada Gold Corporation’s websites at bravadagold.com  or contact Liana Shahinian at 604.641.2773 or toll free at 1.888.456.1112 or by email at liana@mnxltd.com.

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.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company’s projects, and the availability of financing for the company’s development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions.  Bravada Gold Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.