Bravada and Fortune River Complete Amalgamation, Add Claims at Wind Mountain, NSR, and South Lone Mountain Projects
January 06 2011 - 6:34PM
Marketwired
Bravada Gold Corporation (TSX VENTURE: BVA)(FRANKFURT: 6BG) and
Fortune River Resource Corp. (TSX VENTURE: FRX)(FRANKFURT: RG7A)
report that they have received approval from the Supreme Court of
British Columbia for the amalgamation that was overwhelmingly
approved recently by shareholders of both companies. Acceptance by
the TSX Venture Exchange was received today. Each Fortune River
shareholder will receive 0.85 shares of the amalgamated company for
each share of Fortune River held and each Bravada shareholder will
receive one share of the amalgamated company for each Bravada share
held. The single amalgamated company will retain the name Bravada
Gold Corporation and will control 22 Nevada properties
(approximately 20,000 hectares), located in the Battle
Mountain-Eureka, Walker Lane, Northern Nevada Rift, Austin, and
Kings River Rift gold trends. Effective Friday, January 7, 2011,
the common shares of Bravada Gold Corporation will commence trading
on the TSX Venture Exchange under symbol "BVA" and the common
shares of Fortune River Resource Corp. will be delisted.
Work is underway at several of the Company's projects. At Wind
Mountain, 25 additional claims were staked over a potential site
for heap-leach piles. Permitting has been submitted for drilling
approximately 70 shallow in-fill holes at the Wind Mountain and
Breeze deposits, with drilling expected to begin during February.
In addition, soil sampling is underway over an exploration area
northwest of the known deposits; this mostly covered area has
received very little previous drilling and could add additional
shallow ounces to the project. Detailed seismic geophysical data
has been received over a portion of the property as part of a
data-sharing agreement with U.S. Geothermal Inc. (NYSE Amex: HTM;
TSX: GTH), the owner of the adjacent San Emidio geothermal power
plant, and it will be analyzed over the next few weeks to identify
targets for possible deep, high-grade gold/silver
mineralization.
At NSR, 45 additional claims were added to more fully cover the
eastern and northern margins of a large buried intrusion identified
by magnetics geophysics. Gold occurs in surface samples and in
several historic drill holes, generally in the range of 0.5 ppm, in
Upper Plate rocks around the intrusion. An attractive target is the
contract of the intrusion with Lower Plate rocks at depth. At South
Lone Mountain, 20 additional claims were added to extend coverage
of projections of Mississippi-Valley-type zinc/lead mineralization
exposed nearby and identified on the South Lone Mountain property
in soil samples.
Data compilation is underway for the recently acquired Quito and
Colorback projects. Core drilling is planned at Quito in June and
R.C. drilling is being considered later in the year at Colorback,
but specific plans for both projects will await evaluation of a
large amount historic data and 3D computer modelling of that data.
Drilling is planned at East Manhattan in April, where five core
holes, approximately 1000 metres, are planned in to follow up
encouraging intercepts of gold in the Company's previous
reverse-circulation holes (e.g. Hole EM08010 contains two
significant intervals: estimated true thickness of 11.25m of
2.868g/t Au at 91.4m depth followed by 11.25m of 0.805g/t Au at
118.9m depth).
Please visit Bravada's newly designed website,
www.bravadagold.com, for a recent presentation about the
agglomerated company and for detailed information about the
Company's projects.
About Bravada Gold Corporation
Bravada Gold Corporation is a member of the Manex Resource Group
of companies with an exploration office in Reno, Nevada from which
it is exploring its extensive Carlin-type gold holdings
strategically located within the Battle Mountain/Eureka "Cortez"
gold trend in Nevada. Bravo Gold Corp. (BVG.V) owns 34% of
32,519,218 Bravada common shares currently outstanding.
About Fortune River Resource Corp.
Fortune River Resource Corp. is a member of the Manex Resource
Group of companies with an exploration office in Reno, Nevada from
which it is exploring for high-grade, low-sulfidation-type gold
deposits, primarily in Nevada.
Joseph Anthony Kizis, Jr. (P.Geo.) is the Qualified Person
responsible for reviewing the technical results in this
release.
On behalf of the Board of Directors of Bravada Gold Corporation
and Fortune River Resource Corp.
Joseph A. Kizis Jr., Director, President, Bravada Gold
Corporation and Fortune River Resource Corp.
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 and Fortune River Resource Corp. do 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.
Neither 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.
Contacts: Bravada Gold Corporation and Fortune River Resource
Corp. Liana Shahinian 604.641.2773 or Toll Free at 1.888.456.1112
liana@mnxltd.com www.bravadagold.com / www.fortuneriver.ca
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