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Bravada Headlines

November 16, 2011
Bravada Closes Oversubscribed Private Placement And Updates the 2011 Exploration Program

Bravada Gold Corporation (BVA.V) (“Bravada”) has closed its previously announced non-brokered private placement for gross proceeds of $940,000. The private placement was oversubscribed and consisted of 18,800,000 common shares at $0.05 per common share. The proceeds of the private placement primarily will be used to update the 2007 NI-43-101 resource calculation and complete a new Preliminary Economic Assessment for the Wind Mountain Property and for working capital. Finder’s fees of up to 6% cash and 10% finder’s warrants are payable on a portion of the placement, with each such finder’s warrant exercisable to purchase one common share at $0.20 for two years. The private placement and payment of finder’s fees are subject to regulatory approval. All securities issued pursuant to the private placement, including common shares and finder’s warrants issued as finder’s fees, carry legends restricting trading of the securities until either March 15, 2012 or March 17, 2012.

Bravada recently completed 50 holes for a total of 4,108.5 metres at Wind Mountain, located in north-western Nevada. An update to the Wind Mountain resource and Preliminary Economic Assessment (PEA) is currently underway, with completion anticipated during the first quarter of 2012. Metallurgical studies also continue, which will determine if crushing can further improve economics compared to the run-of-mine heap-leaching method assumed in the PEA completed in early 2010. Metallurgical studies are expected to be completed in December. This season’s drilling program successfully discovered extensions of known mineralization and new areas of shallow oxide mineralization, as well as further defined higher-grade portions within the 2007 resource. The most encouraging intercepts from the 2011 drilling program are shown on the attached map (all intercepts previously reported). Previously unreported assays for the final three drill holes are shown below.

Exploration Update

Geologic modeling is nearly complete for Bravada’s Quito project.  Numerous attractive drill targets are being developed where anomalous surface geochemistry is associated with modeled faults and host rocks. Computer modeling will begin soon for Bravada’s three Cortez district properties (Colorback, NSR, and Granite Mountain). A large soil-sampling program (468 samples) was recently completed over a portion of the NSR property that lies along the northern margin of a large magnetic geophysical anomaly, which is presumed to be a buried intrusion. Nearby historic drill holes contain anomalous gold mineralization. Soil samples were also collected over portions of the Temple project (262 samples), where gold mineralization in historic drill holes may extend into areas with karst development that have not been previously tested, and over a gravel-covered portion of the Wind Mountain project (134 samples). Partners are being sought for Bravada’s other properties.

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. Subsequent to closing this private placement, Bravo Gold Corp. (BVG.V) owns 9.76% of Bravada’s 114,264,282 outstanding common shares.

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.
President and Director, Bravada Gold Corporation

For further information, please visit Bravada’s website 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 Bravada’s projects, and the availability of financing for Bravada’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 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.