October 16, 2003______________________________________
AIRBORNE SURVEY COMPLETED
Bard Ventures Ltd. (the "Company") is pleased to announce that ongoing research of previous exploration within the North James River Property, Nunavut (the "Property) has confirmed the presence of massive pyrite and pyrrhotite sulphides with associated minor sphalerite and chalcopyrite in felsic volcanics. Noranda Exploration Ltd. ("Noranda") discovered this mineralization in 1976. Noranda drilled two holes both intersecting zones of disseminated copper and zinc mineralization in what was postulated by Noranda to be "analogous to 'stringer zones' often associated with volcanogenic massive sulphides (VMS)" such as the High Lake deposits. The best grade from these "feeder" zones was 59.5 feet of 0.294% Cu (291.2 to 350.7 feet). The presence of copper and zinc mineralization in association with a "VMS" environment clearly warrants further exploration. This area of copper and zinc mineralization is separate from the previously reported Silver Bullet and Black Ice gold zones located at the north end of the Property (September 30, 2003).
In addition to this known zone of mineralization, a number of north-northeast trending airborne EM anomalies were outlined by Cominco in 1976. No follow-up work has been recorded. Airborne EM anomalies are important indicators of mineralization in the High Lake area. Wolfden Resources Inc. recently discovered the West Zone on its High Lake property by following up on an airborne EM anomaly.
The Company is also pleased to announce the completion of the airborne EM and magnetic survey. Fugro Airborne Surveys conducted the survey over four separate blocks within the Property. Each block was outlined based on the known geology to evaluate the areas prospective for gold and base metal deposits. Approximately 1100 line kilometers were completed. The results from the survey will be processed and reviewed by the Company's geophysicist and a follow-up ground program will be planned for as soon as practically possible.
The Company and Pure Gold Minerals Inc. (TSX.T:PUG) each have a 50% interest in the Property.
The Company also wishes to announce that further to its news release issued on October 3, 2003 regarding the brokered private placement, the Company proposes to increase the agent's over-allotment option from 3,000,000 to 4,000,000 units. The Company may now raise up to $700,000 by placing up to 4,500,000 flow-through units and 2,500,000 non-flow-through units at a price of $0.10 per unit.
Each flow-through unit will consist of one flow-through common share and ½ of one share purchase warrant. Each non-flow-through unit will consist of one common share and one share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share at a price of $0.12 at any time for twelve (12) months from the Closing Date.
The above is subject to applicable regulatory approvals.
The Company will use the proceeds of this financing to fund its exploration on the North James Bay project and for general working capital.
On behalf of:
Bard Ventures Ltd.
Signed "Eugene Beukman"
Eugene Beukman, President