December 12, 2003______________________________________
EXPLORATION UPDATE AND NEW FINANCING
Bard Ventures Ltd. (the "Company") is pleased to announce that the airborne survey on its North James River Property (the "Property") has been completed by Fugro Airborne Surveys Corp. The Property is in part immediately west of Wolfden Resources Inc.'s (TSX:WLF) High Lake property. Preliminary interpretation of the HEM data received on one of the four blocks surveyed indicate numerous EM anomalies that warrant investigation.
Analysis of data on the property adjacent to Wolfden's discovery is not complete as yet. One set of anomalies that are of particular interest are spatially associated with the previously reported High copper showing drilled by Noranda Exploration Ltd. in 1976. These anomalies show a discrete resistivity "low" associated with surface mineral occurrences which is present at all frequencies including 400Hz, the lowest frequency which also penetrates the deepest. These anomalies will be a priority target for the proposed winter drilling program. The Company's geophysicist views this as encouraging preliminary results. Further interpretation of the survey on the remainder of the Property will be reported when received.
The Company also announces that it has arranged a non-brokered private placement of 1,500,000 flow-through $0.20 per unit. Each flow-through unit will consist of one flow-through common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional non-flow-through common share at a price of $0.25 at any time for twelve (12) months from the closing date.
Upon closing of the private placement, the Company will pay a due diligence fee of $30,000 in connection with one purchaser, Augen Limited Partnership 2003 of Toronto, Ontario. This fee will be paid by issuing 150,000 common shares of the Company at a deemed price of $0.20 per share.
The Company intends to use the proceeds from the private placement to fund exploration on the North James River project and for general working capital. The private placement is subject to regulatory approval.
On behalf of:
Bard Ventures Ltd.