| | June 05, 2006
Company Update Uranium and Molybdenum Portfolio
South Africa
Bard Ventures Ltd. ("Bard" or the "Company") is pleased to announce that it has acquired an additional 74,108 acres of Prospective properties in South Africa. These seven properties are all subject to a payment of R35,000 ($6,000 CAN) to each of the seven Vendors once the prospector's license to conduct exploration on the property is received from the regulatory authorities in terms of the Mineral and Petroleum Resources Development Act 28 of 2002 of South Africa. The Vendors have granted this right to the Company for a period of five years. The properties will be subject to a 2% royalty payable to the Vendors on the net proceeds of production on any mining activity on the property. All exploration work will be conducted by Dr. Leon Liebenberg Pr. Sci. Nat.
Molybdenum is a refractory metallic element used principally as an alloying agent in steels and cast irons, to enhance hardness, strength and toughness, as well as wear and corrosion resistance. Molybdenum is a strong carbide-forming element and much of its alloying effect in steel is through the formation of carbides. It is also used in a wide range of chemical applications, including catalysts, lubricants and pigments.
Alberta
The Company also has a 100% interest in 89,650 acres of Prospective property in Alberta. In Northern Alberta, Bard acquired a 100% interest in 73,650 acres by the staking of claims within the Precambrian Shield of northeastern Alberta within the Churchill structural province. The properties situated in the Taltson magmatic zone, which to the south, constitutes the basement of the western Athabasca Basin. Local geology within the property consists of a wide range of massive to foliated granitoids, metasedimentarys and metavolcanic rocks.
In Southern Alberta, Bard acquired by staking approximately 16,000 acres of metallic and industrial mineral permits in the southern area of Alberta. This property is underlain by a series of fluvial sandstones of Cretaceous age, thought to be analogous to sandstones in parts of Wyoming that host significant Roll front Uranium deposits. There is easy access to this property which consists of upper Cretaceous to lower tertiary sandstones and silty limestones that occurs near surface. The Company's primary goal is to explore for base metals, Uranium, and Molybdenum. The Company continues to aggressively seek new property acquisitions. Exploration work will be conducted under the supervision of Qualified Person Geoffrey Goodall, P.Geo.
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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