Barkerville Closes Acquisition of QR Mine & Mill – Gold Mining Operations Have Commenced

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 2, 2010) – Barkerville Gold Mines Ltd. (TSX VENTURE:BGM) reports that it has closed the acquisition of the QR Mine, Mill and its associated assets under the terms as set out on Dec 16th 2009 (News Release 09-36), and accordingly, the funds escrowed from the recently closed financing ($12,109,200 of total $13,647,000 raised) have been released to the Company. The Company also wishes to announce that it has commenced gold mining operations at the QR Mine today.

The Company has budgeted an initial $6,000,000 to begin mining and milling operations at QR, covering initial capex, start-up and operating costs. A further $4,000,000 has been budgeted for exploration, development activities and working capital. The Company plans to begin extensive drill campaigns on Barkerville Mountain (Bonanza Ledge), Cow Mountain (Cariboo Gold Quartz Mine), Island Mountain, and at the QR Mine in the near future. Each drill program will be news released when they are finalized and permitted.

Highlights of the QR Mine and Mill include:

* Located 110 km by highway and all-weather road from Bonanza Ledge
* Permitted 900 tonne/day CIP mill capable of producing up to 70,000 ounces of gold per year at that location
* Permitted and developed West Zone
* 43-101 Pre Feasibility received January 2010
* The North Zone – the largest zone of gold mineralization known at the QR Mine with a drill indicated strike length of approximately 1 km located below the previously mined Main Zone Pit.

Further, with the move into gold production, the Company wishes to announce Procon Mining and Tunnelling as mining contractor on an ongoing basis, who will be responsible for the development, construction, production, operation and maintenance activities at the Company’s mines and mills. In conjunction with Company management and project supervisor, Procon will also be providing facility management, engineering, permitting functions for the Company’s various projects.

Company President and CEO, J. Frank Callaghan states, “We are very proud to make this the first of hopefully many projects, that advance into a gold production reality. As our Company enters into a new phase of its operations we are pleased to welcome the new members to the Barkerville Gold team. The Board of Directors feels that the Company is privileged to be partnered with Procon, Canada’s preeminent mining contractor. We welcome their expertise, experience and economies of scale which will readily allow the Company to run operations optimally. The Company is aiming to initially produce from QR and Bonanza Ledge (permitting in progress) 50,000 ounces of gold in its first year of production”.

“With roughly half of the proceeds of the over-subscribed financing going towards the start up of gold production, we intend to begin work immediately with moneys raised. Combining this with cash flow from gold production, the Company will work to expand gold resources in and around the three current 43-101 compliant gold deposits, as well as begin exploring further along the entire 60 km gold belt that the Company owns”.

Procon Mining and Tunnelling President, Ed Yurkowski states, “We at Procon are not only excited to be involved in bringing British Columbia’s next gold mine into production, we are pleased to be partnered with the Barkerville Gold team who over 15 years, has amassed a large land position and developed gold resources in the area. We look forward to working along side Barkerville Gold team for many years as they further expand their current resources and develop new ones in this gold belt”.

Read the rest of this news release at www.barkervillegold.com