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.
NEWS RELEASE Bard Ventures Ltd.
Suite 800 – 1199 West Hastings Street Vancouver, B.C., V6E 3T5 Tel: 604 687 2038 Fax: 604 687 3141
Frankfurt Exchange: BVU November 22, 2010 TSX Venture Symbol: CBS
Acquisition of Owl Lake Molybdenum Property, Thunder Bay Mining Division, ON
Bard Ventures Ltd. (“Bard” or the “Company”) has entered into an agreement to acquire a 100% interest in the Owl Lake claims (the “Property”). The four mineral claims that comprise the Property are located within the Thunder Bay Mining Division of Ontario and cover an area of approximately 324 hectares.
The 20-unit Property is located at the south end of Owl Lake located approximately 20 kilometers northeast of Terrace Bay, Ontario. Access to the Property may be gained by fixed wing or helicopter; road access is available to within 3km of the Property’s main showings.
The main mineralized showing on the Property was first discovered in the early 1900’s where trenching and surface stripping evaluated quartz vein hosted molybdenum mineralization traced over a distance of 213 metres. Molybdenum mineralization is found within a north trending silica rich pegmatitic granite bounded to the east by syenite gneiss and to the west by hornblende schist. Near east-west trending quartz veins and veinlets from 2.5cm to 0.9 metres cross cut the intrusive granitic body. In 1966 a shallow angled four hole drill program evaluated the granite intrusive body to a maximum depth of 40.5 metres. Assay results are not available however drill logs describe intersecting varying amounts of molybdenum, chalcopyrite, pyrite and pyrrhotite mineralization within fractures, cross cutting veins and as disseminations through the matrix of the granite intrusive. Recent prospecting programs on the claims have located several of the historical pits and trenches within the granite body with grab sample results reporting up to 2.85%Mo. Quartz veins located to the north of the main zone of mineralization have yet to be evaluated, their location may suggest the potential for extending the zone of molybdenum mineralization further to the north.
The Property is considered underexplored with potential for extending the known zone of molybdenum mineralization within the north-south trending granitic body. The Company plans to complete a compilation program of the available historical data, the results of which will determine the scope of a 2011 field program to include prospecting, mapping and geophysical surveys if warranted. Drill target selection will be based on the combined results of the compilation program and results from the 2011 field program.
In terms of the agreement, Bard has to incur the following to earn a 100% interest in the Property, subject to a 2% Net Smelter Return Royalty in favour of the vendors.
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.
Bard Ventures Ltd.
News Release – November 22, 2010
| Due Date | Exploration Expenditures | Cash Payments | Share Payments |
|---|---|---|---|
| Within five (5) business days of receipt of regulatory approval | ‐ | $2,500 | 100,000 |
| Within ninety (90) business days of receipt of regulatory approval | ‐ | $2,500 | ‐ |
| On or before Nov 22, 2011 | $50,000 | $10,000 | 100,000 |
| On or before Nov 22, 2012 | $50,000 | $15,000 | 100,000 |
| On or before Nov 22, 2013 | $100,000 | $20,000 | 100,000 |
| On or before Nov 22, 2014 | ‐ | $25,000 | 100,000 |
| On or before Nov 22, 2015 | $200,000 | $25,000 | 100,000 |
| Total | $400,000 | $100,000 | 600,000 |
All future Exploration work on the Property will be conducted under the supervision of Qualified Person Rick Kemp, P. Geo., Vice-President, Exploration of Bard.
On behalf of:
Bard Ventures Ltd.
“Eugene Beukman”
Eugene Beukman, President
For further information please visit our website at www.bardventures.com
OR CONTACT
Robert Mullins Tel: 416-742-5600 Toll Free: 1-866-580-8891 www.firstcanadiancapital.com
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
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.