BCGold Corp secures 75% interest in Engineer Gold mine!

With this news release we can conclude that the management team does strongly believe that the Engineer gold mine can be brought to production and be profitable.

Vancouver, British Columbia, January 18, 2012 (TSX-V: BCG and PINK SHEETS: BCGOF) – BCGold Corp. (or the “Company”) is pleased to announce the vesting of an additional 15% interest in the Engineer Gold Mine property (the “Property”) to the Company, bringing its ownership in the Property to 75%. As per the terms of an amended option agreement (see January 14, 2010 news release) to acquire the Property from Engineer Mining Corp. (“EMC”), the Company has issued 2,105,263 common shares and 100,000 common share purchase warrants to EMC in exchange for the additional interest. The common shares issued are subject to a four month hold period as imposed by the TSX Venture Exchange. Each warrant will be exercisable to purchase one BCGold Corp. common share at a price of $0.12 for up to two years after the date of issuance.

BCGold Corp. holds the option to earn a 100% interest in the Property by electing to either make a cash payment of $400,000, or to issue $400,000 worth of common shares and 100,000 warrants to EMC prior to January 16, 2013.

In 2011, BCGold Corp. continued to advance the Engineer Gold Mine Property and the adjacent Gold Hill property by undertaking $1,060,000 in exploration and development work. The Company successfully mined 350 tonnes of bulk sample material from underground workings and an additional 50 tonnes from surface trenching. Approximately 246 tonnes of this material was processed on site using the gravity separation mill, which yielded approximately one tonne of gold-rich concentrate as three separate products (see December 14, 2011 news release). The 815 kg of Table Concentrate returned a weighted average grade of 2,140.1 g/t Au (62.4 oz/ton), with one subset bulk sample returning 6,485.8 g/t Au (189.2 oz/ton).

Assay results are pending for 190 kg of Sluice and 5 kg of High-Grade Gold Stream concentrates. Upon receipt of the remaining assay results, a diluted mining head grade will be calculated for the 246 tonne composite bulk sample. Management is highly encouraged by the 2011 program results and is currently planning a similar, considerably larger program with a significant diamond drilling component in 2012.

News Link: http://www.bcgoldcorp.com/index.php?id=127&y=2012&news=148#pagetop

You are reminded that you are responsible for your own due diligence. We share in neither your profit nor your losses