Bravo Venture Group Inc.
TSX VENTURE: BVG
FRANKFURT: B6I
Jan 08, 2008 09:00 ET
Bravo Completes Earn-In at Homestake Ridge
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2008) - Bravo Venture Group Inc. (TSX VENTURE:BVG)(FRANKFURT:B6I) reported today that the company now has earned a 100 percent interest in two blocks of mineral claims that comprise the Homestake Ridge project in Northwestern British Columbia.
In December 2007, Bravo exercised its right to purchase a 100% interest in six privately-owned Crown Grant Claims and delivered to TeckCominco Ltd. an Expenditure Notice with reference to an adjoining group of 14 located mineral claims that together form the Homestake Ridge property in British Columbia. Bravo now owns a 100% interest in the two claim blocks which were optioned from two separate holders in 2003.
To purchase the Crown Grant claims Bravo paid $210,000, issued 400,000 common shares and expended the required minimum $1,250,000 on exploration and development work on the claims. The claims are subject to a 2% NSR and annual minimum royalty payments of $50,000 commencing on December 2010 together with the obligation to issue 200,000 shares of the Company upon commencement of commercial production from the claims.
To purchase the TeckCominco Ltd. located claims Bravo issued 200,000 common shares and 200,000 share purchase warrants and expended the required minimum $3 million on exploration and development work on the claims. The claims are subject to a 2% NSR which may be purchased for $1 million and a 2% NSR in favour of TeckCominco if it does not exercise its back-in right.
TeckCominco Ltd. has a period of 90 days from December 27, 2007, the date when the Expenditure Notice was delivered, to elect to earn a 60% interest in the Project by incurring exploration and development work in the amount of 200% of Bravo's aggregate expenditures of approximately $8 million over a five year period with minimum expenditures of 20% annually. Assuming an election by TeckCominco Ltd., minimum 2008 exploration and development expenditures on the Project is expected to be approximately $3 million.
In the event that TeckCominco Ltd. does not elect to earn an interest in the claims, Bravo will continue to delineate and upgrade the present resource at the Main Homestake zone and continue to delineate the extent of the "on-strike" mineral occurrences such as the Vanguard Gold and Homestake Silver zones which were partially tested during the 2007 exploration program. A minimum program of up to 7500 metres of additional drilling and expenditures in the range of $3 million is being planned for the 2008 program.
Since 2003, Bravo has expended approximately $8 million on exploration and development work on the TeckCominco Ltd. and Crown Grant claims and has completed 18,432 metres of drilling in 78 core holes on the project. Included in this total are the 9300 metres of drilling in 28 core holes which were completed during the 2007 drilling campaign. The Main Homestake zone has now been drill tested for a 600 metre strike-length and to depths of over 600 metres revealing broad zones of locally intense alteration and sulphide mineralization persisting along the target horizon and suggesting continued exploration potential both to the southeast (in the direction of the Homestake Silver zone) and to the northwest.
In March 2007, Bravo announced an inferred resource of 903,231 ounces of gold and 5,745,746 ounces of silver contained within 11.9 million tonnes with an average grade of 2.36 g/t Au and 15.0 g/t Ag, using a cut-off grade of 0.5 g/t gold (see NR-04-07)(1).
Bravo continues to compile assays results from the 2007 exploration program and will report on these results once all final assays are received.
About Bravo Venture Group Inc.
Bravo Venture Group Inc. is focused on exploring precious and base metal-rich projects within North America, currently with properties in Nevada, Alaska, and British Columbia. The company has extensive holdings strategically located within the Battle Mountain/Eureka "Cortez" gold trend in Nevada. The Woewodski Island project in southeast Alaska hosts both precious and base metal-rich massive sulphides and gold-rich orogenic quartz veins. Both the Homestake Ridge project, a gold-rich epithermal/VMS-related vein system and the Silver Basin gold/silver project lie within Eskay Creek/Silbak-Premier stratigraphy.
Rob Macdonald, (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release for British Columbia.
On behalf of the Board of Directors
Joseph A. Kizis Jr., Director, President, Bravo Venture Group Inc.
(1) An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Due to the uncertainty which may attach to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Inferred Mineral Resources must be excluded from estimates forming the basis of feasibility or other economic studies (43-101CP, CIM, 2001).
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. We seek safe harbor.
For more information, please contact
Bravo Venture Group Inc.
Jay Oness
1-888-456-1112 or (604) 684-9384
Email: corpdev@mnxltd.com
Website: www.bravoventuregroup.com
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