(via Thenewswire.ca)
Berkwood Resources Ltd. (TSX-V: BKR) ("Berkwood" or the "Company") is pleased to provide this interim report on the Prospect Valley Gold Property near Merritt, British Columbia. The objective of this year's exploration program is to explore new areas that are suspected of hosting additional gold mineralization, with the objective of generating new targets for drill testing.
The initial phase of the 2012 Summer Field Work Program consisting of prospecting and extending the soil sampling grid 1 km to the northeast, along the projected Discovery Zone Trend is now nearing completion. During prospecting several new mineralised outcrops have been discovered. These discoveries extend the prospect areas of the NE Discovery Zone northward and westward. The Prospect Valley Field Team implemented a grid system consisting of 10 soil lines at 100m spacing with 61 soils per line, at 25m spacing. The coverage area of the 2012 soil sampling program overlays the area of newly discovered mineralized outcrops, with the expectation that further mineralized outcrops will be discovered.
Results of the assays from soil sampling, prospecting, rock sampling and other fieldwork will be released when received by the company. To view maps and photos of the 2012 Field work click here.
George Gorzynski, P.Eng., a Director of Berkwood and a Qualified Person under the definition of Canadian National Instrument 43-101, is responsible for the technical information in this new release and is monitoring the field program.
In addition, the Company has elected not to proceed with the non-brokered private placement of 7.5 million units at 10 cents per unit for the gross proceeds of $750,000, as announced in a news release dated May 22, 2012 due to market conditions. Instead Berkwood proposes a non-brokered private placement of 10 million units at $0.06 cents per unit for gross proceeds of $600,000. Each unit shall consist of one common share and one common share purchase warrant. Each full warrant shall entitle the holder to purchase one additional common share of the company at 10 cents per share for the period of three years from the date of closing. A finder's fee will be payable in accordance with the policies of the TSX Venture Exchange. The terms of the private placement are subject to approval by regulatory authorities.
The proceeds will be used for exploration programs, acquisition of properties and general working capital.
About Berkwood Resources:
Berkwood holds a 100% interest in the Prospect Valley Gold Property near Merritt, BC. To date, several areas of gold mineralization have been identified on the 10,871 Ha property. The majority of historic drilling has taken place in the centre of the claim block along the Discovery Trend. To date this drilling has outlined an extensive low grade epithermal gold system with indications of potential for additional and higher grade mineralization (see Berkwood news release dated January 25, 2012 for details). The zones remain open for expansion and other known zones of gold mineralization have yet to be drilled. To view maps of the Prospect Valley Gold Property please click here.
Berkwood also recently acquired an option to earn a 100% interest in the Lac Gueret East Graphite Property in Quebec. The 3,186 Ha property borders the eastern boundary of Mason Graphite's advanced Lac Gueret Graphite Project. A 2009 technical report by Tekhne Research which covered 17% of Mason Graphite's Lac Gueret Property estimated a resource of 8.9 million tonnes grading 20.8% Graphite.
If you are not currently on the Berkwood Resources news and updates list, you can opt-in via the Berkwood website by clicking here. News Releases and exploration updates are emailed to list members who wish to keep up to date with Berkwood Resources and our projects.
On Behalf of Berkwood Resources
"Brian Buchanan"
Brian Buchanan, President and Director
For additional information please contact:
Karim Sayani, Corporate Communications
Tel: (604) 662-7455 E-mail: karim@berkwoodresources.com
Tom Steer, Media Relations Manager
Tel: (604) 681-5556 E-mail: tomsteer@berkwoodresources.com
This Berkwood News Release may contain certain "forward-looking" statements and information relating to Berkwood that are based on the beliefs of Berkwood's management as well as assumptions made by and information currently available to Berkwood's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Except as required by law, Berkwood does not assume the obligation to update any forward-looking statement.
Neither the 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 news release.
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