Bravo Earns a 100% Interest in Homestake Ridge and Announces Amendment to Teck Cominco Back-In Right
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 19, 2007) - Bravo Venture Group ("Bravo") (TSX VENTURE:BVG)(FRANKFURT:B6I) announced today that it has received formal notification from Teck Cominco Limited ("Teck Cominco") that Bravo has earned a 100% interest in the Homestake Ridge mineral claims optioned from Teck Cominco in June 2003. Bravo has issued 200,000 shares to Teck Cominco and expended in excess of $3.0 million of exploration and development work on the claims. Work to date has developed an inferred mineral resource of 903,231 ounces of gold and 5,745,746 ounces of silver at a 0.5 g/t Au cut-off (See news release dated, March 2nd, 2007).
Bravo also reports the execution of an amendment to the Agreement with Teck Cominco that provides for ongoing development of the project. The initial agreement granted Teck Cominco the option to earn a 60% interest in the mineral claims by spending 200% of Bravo\'s expenditures on exploration and development work capped at $10 million over a five year period with no minimum annual expenditure threshold.
The amendment provides that Bravo may give notice to Teck Cominco after expending a minimum of $5.0 million and up to a maximum of $8.0 million on exploration and development on the mineral claims. Teck Cominco shall have until the later of December 31, 2007 and the date which is ninety days after receiving notice from Bravo in which to elect to earn a 60% interest by expending 200% of Bravo\'s expenditures on continued exploration and development work on the mineral claims.
The amendment allows Bravo to continue to fund and operate an aggressive 2007 exploration and development program with Teck Cominco\'s back-in expenditure being increased from a maximum of $10 million to a maximum of $16 million with an obligation to spend a minimum of 20% of such back in expenditure annually over five years.
Bravo plans a +$3 million program at its Homestake Ridge Au-Ag-Cu deposit in 2007, which will include approximately 9,000 metres of diamond drilling in approximately 35 drill holes. The project is located 32km southeast of Stewart, within the "Eskay Creek" region of northwestern British Columbia. Two rigs will be utilized and will focus on both expanding the existing resource and testing several new on-strike targets where geology and geochemistry are similar to the resource area. The existing resource remains open both along strike and at depth, with some of the thickest and highest grade intercepts returned from holes along the northwest margin of the deposit. In 2007, Bravo anticipates testing an additional 400 metres of strike length beyond the known extent of the mineral resource and to vertical depths of up to 500 metres. The current resource is largely contained within a 200 metre strike length of the mineralized horizon.
Additional splitting and assaying of unsampled core from previous year\'s holes is expected to begin this month, with new drilling expected after snow melts in July. Additional assaying of existing core will be used to evaluate and possibly extend lower grade zones of mineralization, which may be economically attractive as part of a bulk-mining scenario.
An independent NI43-101 compliant technical evaluation of the property, authored by Peter Folk, P.Eng. and David K. Makepeace, P. Eng., is now available on SEDAR, and includes a summary of historical work on the property, a compilation of Bravo\'s exploration efforts on the property since 2003 and a block model resource estimate for the Homestake Zone. Tables containing all reported drill intercepts, a plan map showing the locations and traces of drill holes, a longitudinal section, and a series of cross sections that show the mineralized intercepts reported to date can be found on the company\'s website. The link is www.bravoventuregroup.com.
The Crown Grant portion of the Homestake Ridge project consists of six claims and fractions, totaling 92 hectares, which is surrounded by the property optioned from Teck Cominco. The acquisition terms for the Crown Grant properties include staged cash payments totaling $210,000, the staged issuance of 400,000 shares, and aggregate property expenditures totaling $1,250,000 up to December 31st, 2007. All of these expenditures may be applied toward the earn-in with Teck Cominco. Bravo has fulfilled all obligations to earn a 100% interest from Teck Cominco and fulfilled all obligations to earn a 100% interest in the Crown Grant claims with the exception of payment of the residual amount of $50,000 due on December 31, 2007.
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. The Homestake Ridge project is a gold-rich epithermal/VMS-related vein system within Eskay Creek/Silbak-Premier stratigraphy.
Rob Macdonald (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release.
On behalf of the Board of Directors
Joseph A. Kizis Jr., Director, President, Bravo Venture Group Inc.
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).
We seek safe harbor.
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.
CONTACT INFORMATION
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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