Terra Rossa to Begin Drilling at Bravada's Signal Property in Nevada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/14/12 -- Bravada Gold Corporation (TSX VENTURE: BVA)(FRANKFURT: BRT) has received notice that Terra Rossa Gold Ltd. ("Terra Rossa") has received drill permits and is constructing drill pads at the Company's Signal property, located along Nevada's Battle Mountain/Eureka Gold trend in the northwest portion of the Eureka District. Within the district are several active exploration projects and Barrick's Ruby Hill gold mine, located six kilometres to the east of Signal. Drilling is anticipated to begin the week of June 18th and is expected to consist of 2,000 to 2,500 meters of core.
Terra Rosa can earn an initial 51% interest in the project by spending US$2,150,000 over a four-year period with staged work commitments, starting with $250,000 in the first year, and issuing to the Company 250,000 common shares commencing after the first anniversary. Terra Rosa can earn an additional 19% by further spending US$3,850,000 and issuing to the Company another 200,000 common shares over a subsequent three-year period.
Terra Rossa has met its first year spending commitment and work has included detailed mapping, geochemical and geophysical surveys, and permitting. Terra Rossa has also staked additional claims for a property-wide total of 129 claims (approximately 1,000 hectares).
Bravada's previous work at Signal demonstrated these pertinent geologic features:
-- Alteration and geochemistry are typical of Carlin-style mineralization.
-- The Company outlined with drilling two small zones of shallow, oxidized
gold mineralization along the Mississippian unconformity, a common host
horizon in Nevada capable of hosting large and high-grade deposits.
-- Other attractive host rocks are present, locally with strong Carlin-
style alteration and geochemistry.
-- Core holes reveal strong solution cavity development that began during a
Mississippian unconformity and continued during Tertiary hydrothermal
activity, both along specific stratigraphic horizons and along high-
angle faults that were conduits for mineralization.
-- Strong oxidation exists to depths exceeding 500m; deep oxidation is
characteristic of large Carlin-type gold deposits.
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. Bravada is self-funding its Wind Mountain property towards near-term production and is advancing its other properties with a combination of self-funding and partner-funding. Bravada also holds the Drayton Archean gold property in Ontario. Currently two of Bravada's 20 Nevada properties are being funding by partners. Homestake Resource Corporation (TSX VENTURE: HSR) owns 9.76% of Bravada's 114,264,282 outstanding common shares.
About Terra Rossa Gold Ltd.
Terra Rossa Gold Ltd. is a private company registered in the province of British Columbia, Canada.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is the Qualified Person responsible for reviewing the technical results in this release.
On behalf of the Board of Directors of Bravada Gold Corporation
Joseph A. Kizis Jr., Director, President, Bravada Gold Corporation
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.
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