August 28, 2003______________________________________
THIRD QUARTER RESULTS
Bard Ventures Ltd. ("Bard") (TSX:CBS) has released its third Quarter Report containing financial statements in Canadian Funds, prepared without audit, for the nine months ended June 30, 2003 (the "Quarterly Report"). Pursuant to the requirements of National Instrument 54-102, this news release provides a summary of the information contained in the Quarterly Report filed with the regulatory authorities through SEDAR (www.sedar.com) and has mailed it to shareholders whose names appear on Bard's Supplemental List.
The Princess Project, Alberta
The Company has earned a 50% interest before pay-out and 25% interest after pay-out in the 1,216 hectares that form the Princess Project. The remaining 50% interest is held by Cashel Resources Inc.
Larne License, Northern Ireland
The Company currently holds a 25% interest in oil and gas concessions comprising 350 square kilometres known as the Larne License located in the Larne Basin in Northern Ireland.
On March 25, 2003 the Company signed a farm out agreement, with Avery Resources Inc., ("Avery") an exploration company based in Calgary, Canada to earn up to a 50% interest in the Larne License. To earn its interest, Avery will fund the next $250,000 in exploration expenditures.
The Company holds interests ranging between 25% - 100% in seven claim blocks in the Otish Mountains region, Quebec. The Otish Mountains region of north central Quebec is highly prospective for diamond exploration, as evidenced by the recently discovered Renard 1 and 2 kimberlites that returned up to 29 macro diamonds and the previously discovered Beaver Lake kimberlite that contained four macro diamonds. As evidenced by the more than 300 kimberlites discovered in the Slave Craton of Nunavut, kimberlite bodies occur in clusters.
The majority of the kimberlites so far identified in the Otish Mountains region are magnetic, thereby providing a readily identifiable target.
On August 6, 2002 the Company entered into an Agreement with Ditem Explorations Inc. ("Ditem") whereby Ditem can earn a 50% interest in 42 claim cells located in the Otish Mountains. To earn its interest, Ditem made a cash payment of $7,500 and will issue 100,000 common shares over a one year period, as well as spending $200,000 in exploration expenditures on the property.
Coronation Gulf, Nunavut
The Company acquired of a minimum 100,000 acre property in the newly developing Coronation Gulf diamond district in Nunavut. Numerous diamond bearing kimberlites have recently been discovered in this region, the most prominent of which are the Artemisia, Potentilla and Anuri. This large property provides Bard the opportunity to participate in diamond exploration in this highly prospective district. The Asiak Lake property is located 30 kilometres southeast of Kugluktuk (Coppermine) and approximately 60 kilometres west of the recently discovered Artemisia kimberlite.
Property Acquisition - Asiak River Property, Nunavut
The Company entered into an agreement with Hunter Exploration Group to acquire a 100% interest in 12 mineral claims totaling 30,990 acres in the Coronation Diamond District, Nunavut. The agreement required cash payments totaling $24,792 and the issuance of 200,000 common shares. The claims are subject to a 2% net smelter royalty and a 2% gross overriding royalty.
North James River, Nunavut - Joint Venture
The Company entered into an agreement with Hunter Exploration Group, as announced on May 10, 2002, to acquire a 50% interest in the North James River property. The Company made a cash payment of $50,000, and will issue 200,000 common shares of the Company over two years, as well as conduct $500,000 of exploration of the property over the next four years. The claims are subject to a 2% net smelter royalty and a 2% gross overriding royalty.
Nechako Plateau Gold Project - British Columbia
On November 14, 2002 the Company entered into an option agreement to acquire an 80% interest in the Laidman, Holy Cross and Clisbako gold projects in the Nechako Plateau area, central British Columbia. All three properties are epithermal gold prospects that were discovered as a result of regional and property specific exploration conducted between 1987 and 1997.
The Laidman prospect contains gold mineralization associated with extensive zones of epithermal alteration and quartz stockwork. Surface samples of quartz veinlets returned values up to 19.6 g/t and 8.0 g/t gold. All known areas of mineralization remain open and several prospects previously identified have not been tested. A program of detailed soil and rock geochemistry and Induced Polarization geophysics is recommended to further delineate these zones and provide drilling targets.
The Holy Cross property contains four areas of silicified quartz veins with associated alteration within a prospective 3 km by 4 km area. Previous trenching on the property indicated broad zones of gold mineralization, including 1.0 g/t gold over 8.5 meters. Additional sampling has returned several high concentrations of gold, with a high value of 24.0 g/t gold. These higher grades coupled with the bulk tonnage potential make the Holy Cross an excellent exploration target. Detailed exploration, including geophysics, geochemistry and geology will be conducted to identify drilling targets.
The Clisbako property is a high level, low sulphidation epithermal gold system that has been defined by previous exploration. Surface exploration and shallow drilling has defined gold mineralization associated with intense epithermal style alteration over an area 3 km by 5 km. Numerous zones of mineralization have been defined with surface sampling returning values up to 9.72 g/t gold and 3.3 g/t gold over 3.29 meters. To define drill targets, a detailed geophysical and geological mapping program is recommended.
The Company issued 100,000 common shares per property and has undertaken to incur $100,000 in exploration per property over the next two years, of which $50,000 will be incurred before the first anniversary of the agreement. The Optionor is Geoffrey Goodall, a director of the Company.
Discussion of Operations and Financial Condition
The Company's working capital as at June 30, 2003 was ($74,349) compared with $115,609 at September 30, 2002.
The Company's historical capital needs have been met by equity financing and the exercise of stock options. The Company will require additional financing to fund any additional work programs or development work. In light of ever changing financial markets, there is no assurance that funding by equity financing will be possible when required by the Company.
The foregoing discussion and analysis of the results of operations of the Company for the 2003 and 2002 quarters should be read in conjunction with the audited financial statements of the Company and notes thereto as at September 30, 2002. There have been no major changes in accounting policies during the two-year period.
The Company had a net loss of $86,930 for the period compared with $214,043 in 2002.
Financings, Principal Purposes and Milestone
There have been no financings during the quarter.
Liquidity and Capital Resources
During the nine month period, cash resources decreased by $144,228 compared to an increase of $155,077 in the 2002 period. Expenditures for operating activities were $82,585 (2002 - $209,443) and mineral properties were $129,375 (2002 - $326,130). The Company issued 350,000 shares to acquire properties. Working capital deficit as at June 30, 2003 was $74,349 (2002 surplus - $187,970).
Mineral property expenditures were $22,000 in acquisition costs, $20,600 in cost recovery and $127,975 in deferred exploration expenditures. Exploration was conducted on the Company's Otish Mountain properties in Quebec and the Nechako properties in British Columbia.
As at June 30, 2003, the Company had paid up capital of $9,876,566 (2002 - $9,854,566), representing 8,701,163 common shares without par value and a deficit of $9,476,417 resulting in a shareholders' equity of $400,150.
A copy of the full Quarterly Report will be provided to any shareholder who requests it.
On behalf of:
Bard Ventures Ltd.
Eugene Beukman, President
For further information please visit our website at www.bardventures.com