Choco 10 drilling cuts high grade (June 14, 2005)

Gold production at Bolivar Gold‘s (BGC-T) Choco 10 property began in the first quarter of this year however drill results indicate the deposits are larger and richer than indicated by the mine plan.

The Villa Balazo-Karolina (VBK) prospects were cut by 26 holes; high-grade intercepts up to 269 grams gold per tonne were intersected over a 0.5-metre width.

The aforementioned intercept was cut in the lower part of a hole, which first cut 12.3 metres grading 2.8 grams gold in the North Rosika zone, followed 200 metres farther downhole by 7.6 metres grading 9.6 grams gold in the VBK zone. The VBK intercept included a shorter interval 1.7 metres wide grading 25.3 grams gold per tonne.

Intercepts grading greater than 34 grams gold per tonne were cut to 34 grams gold.

Fourteen holes cut grades of at least 5 grams gold per tonne. Many holes cut more than one of these zones. Another twelve holes cut several intercepts above the resource cutoff grade.

This area is 300 metres north of the currently defined Coacia pit boundary. The strongest mineralization was cut down dip and along strike between the two prospects. Hole 289 cut three intervals grading 23.3-24.7 grams gold over 1-1.6 metres, one of which was included within four additional intervals grading 7.8-16 grams gold over 1.5-7.6 metres.

About 100 metres northwest of this, hole 297 cut two high-grade intervals of 1.1 metres grading 29.4 grams gold and 2.4 metres grading 20.6 grams gold, which are included in wider intervals of 8 metres grading 7.8 grams gold and 7.6 metres grading 10.4 grams gold per tonne, respectively.

An area between the Coacia and Rosika pit was tested, as well as an area just east of the Coacia pit outline.

The zone between Rosika and Coacia was tested by thirteen holes. Highlights include:

• 26.6 metres grading 4.4 grams gold;
• 17 metres grading 6.2 grams gold;
• 7.6 metres grading 13.3 grams gold, and
• 6.4 metres grading 12.6 grams gold per tonne.

An updated resource and reserve calculation will incorporate the latest drilling.

The Choco 10 property is 650 km southeast of Caracas, Venezuela.