February 25, 2003______________________________________
FIRST QUARTER RESULTS
Bard Ventures Ltd. ("Bard") (TSX:CBS) has released its first Quarter Report containing financial statements in Canadian Funds, prepared without audit, for the three months ended December 31, 2002 (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.
Quebec: The Company has acquired or has the right to acquire a 100% interest in five claim blocks located in the Otish Mountains region of north central Quebec. By two letters of agreement dated December 17, 2001 with the Otish Mountain Syndicate (the "Syndicate"), the Company acquired a 100% interest in Otish #3 claim block comprising 93 claims totalling 4,914 hectares (12,143 acres) and the Otish #6 claim block comprising 82 claims totalling 4,465 hectares (11,000 acres).
The Otish #3 and #6 claim blocks are each subject to a 2.0% net smelter return ("NSR") royalty retained by the Syndicate and a 2.0% gross over-riding royalty in favour of the staker.
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.
The Company will earn the right to acquire 70% of the Asiak River property from Hunter Exploration Group by repaying staking costs at an estimated $0.75 per acre, issuing 400,000 shares over two years and conducting $1 million of exploration on the property over the next four years. An additional 10% interest in the property may be acquired by expending a further $2 million on exploration. The claims are subject to a 2% net smelter royalty on base and precious metal production and a 2% gross over riding royalty on diamond production, as well as a $25,000 annual advanced royalty payment.
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 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 December 31, 2002 was $41,337 compared with $85,609 at September 30, 2002. The Company had a net loss of $29,451 in the quarter compared with $23,648 in 2001.
Liquidity and Capital Resources: During the three-month period, cash resources decreased by $30,327 compared to an increase of $480 in the 2001 period. Expenditures for operating activities were $28,003 (2001 - $22,115) and mineral properties were $38,270 (2001 - $20,000). The Company issued 350,000 shares to acquire properties. Working capital as at December 31, 2002 was $41,337 (2001 deficit - $204,914).
Mineral property expenditures were $22,000 in acquisition costs and $16,270 in deferred exploration expenditures. Exploration was conducted on the Company's Otish Mountain properties in Quebec. As at December 31, 2002, the Company had paid up capital of $9,876,566 (2001 - $9,042,572), representing 8,701,163 common shares without par value and a deficit of $9,418,939 resulting in a shareholders' equity of $457,627.
On behalf of:
Bard Ventures Ltd.