Feb 4 2015
Bravada Gold Corporation ("Bravada" or the "Company") announced today that it has signed an option agreement with Kinross Gold Corporation ("Kinross") for the Company's Baxter gold and silver property, located 6.5 kilometers west of the Bruner district in Nevada's Walker Lane Gold trend.
Baxter consists of 51 unpatented lode claims (approximately 410 hectares) and 189 new claims staked by Kinross within the agreement's area-of-interest (an additional 1,530 hectares). Extensive low-sulfidation-type gold and silver mineralization is exposed at surface and has been encountered in reverse-circulation holes drilled by Bravada and others on the property, although much of the property is covered by a relatively thin veneer of gravel or post-mineral volcanics.
The agreement consists of payments made to underlying vendors, which have been reduced to be in compliance with the Kinross agreement, and reimbursement to Bravada for 2014 claim fees paid by it. Kinross has the option to earn a 60% interest in the property by spending $2.0 million over five years and it can earn an additional 15% interest by spending an additional $2 million over two additional years on exploration and development expenses. Upon Kinross completing its earn-in, Bravada may contribute to expenditures at its percentage of interest or be diluted. Should Bravada's working interest reduce below 10%, Bravada would convert its working interest to a 1% NSR royalty.
President Joe Kizis commented, "Success by other companies recently at the nearby Bruner district has renewed interest in our Baxter property, where Bravada drilled several encouraging holes in 2004 and 2006. Kinross has extensive experience with low-sulfidation gold deposits world-wide, and we look forward to having it apply that expertise for our mutual benefit at Baxter."
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 approximately 9.8% of Bravada's 11,970,210 outstanding common shares.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is Bravada's President and is the Qualified Person within the meaning of NI 43-101 who prepared and approved the technical information disclosed in this news release.
On behalf of the Board of Directors of Bravada Gold Corporation
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation