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Bravada Headlines

March 4, 2013
Canterra Options Bravada’s Highland and East Manhattan Gold/Silver Projects in Nevada

Bravada Gold Corporation (BVA.V, “Bravada”) announced today that is has executed a Memorandum of Understanding with Canterra Minerals Corporation (CTM.V, “Canterra”) whereby Canterra may earn up to a 70 percent interest in Bravada’s Highland and East Manhattan gold/silver projects, located respectively within the Walker Lane Gold belt in western and central Nevada.

Canterra may earn a 51 percent interest in the Highland project by making cash payments of US$30,000, issuing 1,250,000 common shares in five annual tranches of 250,000 shares each commencing on regulatory acceptance of the transaction and incurring aggregate exploration expenditures of US$2 million over the four years following regulatory acceptance. Canterra may increase its interest to 70 percent within two years of earning its 51% interest by making a further cash payment of US$100,000, issuing a further 500,000 common shares and incurring an additional US$4 million in exploration expenditures. The terms for Canterra earning its 51 percent interest in the East Manhattan project are identical to the Highland terms, except that the cash payments on signing the Memorandum of Understanding will be US$25,000 and further cash payments of US$30,000, US$35,000, US$40,000 and US$45,000 will be required on or before the first, second, third and fourth anniversaries of regulatory acceptance, respectively. The terms for Canterra to increase its interest in the East Manhattan project are identical to the terms for increasing the Highlands interest to 70 percent.

Initially, and as long as mutually acceptable, Bravada will be project operator. Each property is subject to a 3% NSR in favour of the underlying vendors of the properties. The 3% NSR on each property may be bought down to 2% upon payment of the sum of US$1 million to the underlying vendors of that property.

Highland - The Highland low-sulfidation-type project consists of 66 Federal lode claims for a total of approximately 530 hectares and is located in the Walker Lane Gold trend. Previous drilling by Bravada’s US subsidiary intersected vein zones with locally high-grade intercepts; the Company’s best hole, H02013, intersected 1.5 meters (m) of 66.9 grams of gold per ton (g/t) and 397.7g/t silver within a 12.2m intercept of 9.5g/t gold and 109.4g/t silver, with true thicknesses estimated at 65% of the intervals. A thin layer of alluvial gravel covers much of the property and various geophysical methods have been employed to identify other targets, which to date have not been tested with drilling. Detailed ground magnetics, four lines of IP, and one line of AMT have been conducted at Highland. Plans are to add a detailed soil survey over the main target area early in the spring, with drilling to follow when ground conditions allow later in the spring.

East Manhattan – The East Manhattan low-sulfidation-type project consists of 84 Federal lode claims for a total of approximately 680 hectares and is located at the eastern edge of the Manhattan Mining district, approximately 19km southeast of the giant low-sulfidation Round Mountain Gold mine complex. Bravada’s US subsidiary conducted two drilling campaigns at the project, primarily along two of several mapped zones of auriferous veins. Shallow gold mineralization has been intersected along the primary vein zone for 425 meters of strike length. The Company’s best drill hole, EM08-010, intersected an estimated true thickness of 11.25m of 2.868g/t Au at 91.4m depth followed by 11.25m of 0.805g/t Au at 118.9m depth. The vein zone projects along strike for another approximately 870m to the east under thin gravel cover, which will be the primary target for a drill program anticipated for early summer, after additional geophysical surveys are conducted.

 

President Joe Kizis commented, “At Highland and East Manhattan there remains great potential both to add to the mineralization already identified by Bravada and to discover new, gravel-covered deposits. Low-sulfidation deposits such are these can be among the highest margin types of gold and silver deposits worldwide, many exploited by small footprint, underground mining and relatively benign milling operations. Their location in established mining regions in Nevada reduces risks associated with land tenure, logistics, capital and operation costs when compared to many other regions of the world.”

About Bravada Gold Corporation

Bravada is a member of the Manex Resource Group of companies with an exploration office in Reno, from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings strategically located within numerous productive gold trends in Nevada. Homestake Resource Corporation (HSR.V) owns 10.19% of Bravada’s 114,834,282 outstanding common shares.

 

Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) 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.