| | May 31, 2006
Company Update
Bard Ventures Ltd. ("Bard" or the "Company") is pleased to announce that it plans to start its Exploration program on the 780 acres of prospective mineral claims in two prominent Pb-Zn-Au areas of Newfoundland.
Buchans Project (Base Metals/Gold)
This claim area is north of the past producing Buchans Mine. The former Buchans Mine produced a total of 16,196,876 tonnes at a grade of 14.51% zinc, 7.65% lead, 1.33% copper, 126 grams per tonne silver, and 1.37 grams per tonne gold from in-situ and transported massive sulphide ores associated with felsic volcanic rocks. See Buchans River Ltd. (BUV:TSX Venture) news release dated May 11, 2005.
Tulks Project (Base Metals)
The Company has a second set of claims located southeast of the recent Boomerang discovery in the Tulks Hill Massive Sulphide Prospect, that is currently being explored by the Messina Minerals/ Falconbridge Limited Joint Venture. See Messina Minerals Inc. (MMI:TSX Venture) news release dated August 31, 2005.
Bard has commenced due diligence work on these two new acquisitions and has not verified any of the results reported in this release. Exploration work will be conducted under the supervision of Qualified Person Geoffrey Goodall, P.Geo.
The Company also wishes to announce that further to its news release issued May 18, 2006 regarding the brokered private placement through Canaccord Capital Corporation, the Company has agreed to increase the number of Units to 500,000 Units and reduce the subscription price from $1.20 per Unit to $1.00 per Unit and the warrant exercise price from $0.15 to $0.12 for gross proceeds of $500,000.
Each Unit consists of seven (7) Flow-through shares and three (3) Non Flow-through Units (the "Non FT Units"). Each Non FT Unit consists of one common share and one transferable share purchase warrant. Each share purchase warrant entitles the holder thereof to purchase one additional common share of the Company for a term of 18 months from the date of closing at a price of $0.12 per common share.
All other terms remain unchanged.
The flow-through funds will be used for further exploration of the Company's British Columbia properties. The non-flow-through funds will be used for general operating expenses and working capital.
The offering is subject to a number of conditions including the execution of formal documentation and receipt of the applicable regulatory approvals.
On behalf of:
Bard Ventures Ltd.
"Eugene Beukman"
Eugene Beukman, President
For further information please visit our website at www.bardventures.com
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF CONTENT OF THIS PRESS RELEASE |
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