Bold Ventures Inc
		Symbol			BOL
		Shares Issued			12,960,440
		Close 2009-07-30			C$ 0.12
		Recent Sedar Documents

Bold backs out of Causas option, re-elects board

2009-08-06 05:31 ET - News Release

Mr. Gary Zak reports

BOLD VENTURES - RESULTS AGM AND CORPORATE UPDATE

Bold Ventures Inc.'s annual and general meeting of shareholders (AGM) took place on June 24, 2009, and the shareholders approved the re-election of the existing board of directors. In addition, shareholders approved all other matters which were submitted with the proxy materials for approval at the AGM, including the 2009 stock option plan and the reappointment of Vellmer and Chang as auditor of the company.

The following directors and officers were re-elected to the board for the ensuing year:

• Gary F. Zak, president and chief executive officer;
• Ken Phillippe, director and chief financial officer;
• Jerry Bulman, director;
• William E. Schmidt, director;
• Chad Belenky, director;
• Christopher Dyakowski, PGeo, director.

12-month corporate review and update

Ring Star nickel project

The company has entered into an option agreement with Noront Resources Ltd., subject to regulatory approval, to acquire a 50-per-cent legal and beneficial interest (subject to a 2-per-cent net smelter return royalty) in 96 claim units covering approximately 3,800 acres on the "Ring Of Fire," McFaulds Lake area, Ontario.

Bold Ventures has financed two geophysical airborne programs on this claim group. Firstly, an AeroTEM geophysical survey was conducted and then secondly a helicopter V-TEM airborne program. The data from the surveys have been received and assessed. Noront and Bold have determined that no drill targets were identified and therefore both companies have determined not to conduct further exploration work on the claims. Noront and Bold have signed a mutual option termination and release with respect to the claim block.

West nickel project -- McFaulds Lake area

The company entered into an agreement to acquire a 50-per-cent interest (subject to a 1-per-cent NSR) in the West nickel property from the MGNII Group, consisting of 909 claims located in the James Bay Lowlands area of Northern Ontario, in exchange for $209,524 (paid) and the undertaking of an airborne geophysical survey on the claims totalling $125,000 (paid). In addition, the company agreed to a further expenditure of $25,000 to extend the survey.

Subsequently, Melkior Resources Inc. acquired the other 50-per-cent interest from the MGNII Group.

Bold and Melkior became 50/50 partners on the West nickel project. Melkior was appointed as the operator.

The West nickel project consists of 909 claims (14,544 hectares) and is located approximately 20 kilometres north of the massive Noront Resources Double Eagle nickel-copper discoveries and 20 kilometres southeast of the Metalex-WPR sulphides discovery. The claim group composing the West nickel project covers the majority of a regional gravity anomaly located approximately in the center of the Ring of Fire. The ROF wraps around the Bold-Melkior gravity feature. The West nickel airborne survey was conducted by Fugro Airborne Surveys Corp. and flown with a Dash-7 aircraft.

The MegaTEM geophysical survey is designed to locate electromagnetic conductors and magnetic targets that could be associated with accumulations of sulphides derived from ultramafic intrusions. The airborne survey covered an area of approximately 1,440 line kilometres at a cost of $300,000. The data reviewed has indicated a broad area of structural magnetic features. A ground follow-up program is being planned with the intent to isolate drill targets. Bold is now in discussions with another junior exploration company to farm into the project.

Qualified person -- McFaulds Lake

The qualified person for the purposes of this news release with regard to the McFaulds Lake area is Jens E. Hansen, PEng, a qualified person under National Instrument 43-101 technical report.

Passport Metals Inc./Noront Resources

During the year, Bold negotiated an option agreement between Passport Metals Inc. (PPI) and Noront Resources Ltd. for a claim block in the Ring of Fire in Ontario, Bold received 100,000 shares of Passport as compensation for this negotiation.

Financing closed -- $420,000

Bold closed a non-brokered private placement, with the Mineral Fields Group, Aug. 14, 2008, in the amount of $420,000 by way of 1.2 million flow-through units (each unit consisting of one share and one-half warrant) at a price of 35 cents per unit.

Utah potash prospects

The company has retained Jefferson R. McCleary, MSc, BSc, with over 34 years experience as a geologist with extensive potash expertise in the United States evaporite cycles of the Paradox basin to locate and identify prospective potash solution mining areas in the state of Utah. Most of his work has been on large, multidisciplinary projects that require the integration of numerous datasets in order to achieve success.

The Utah prospect areas selected consist of 10 US-BLM (United States Bureau of Land Management) potash exploration permit applications covering approximately 19,000 acres (7680 hectares) of US-BLM federal land in Utah. The two specific potash prospects are located approximately 18 and 32 miles west of Moab, Utah, and located 11 miles west and 30 miles northwest from Intrepid Resource's Cane Creek solution potash mine.

BLM potash exploration permits if granted will provide Bold Ventures exclusive right to explore potash deposits within the permit areas. The application area is located in the large (laterally) Pennsylvanian-age Paradox Sedimentary basin, which extends from southeast Utah into northwest Colorado. There are 10 known potash salt (KCI) layers (cycles) in the Paradox Sedimentary basin. The most important documented potash salt cycle of interest beneath the Utah prospects if potash salt cycle 13.

Potash cycle 13 is thickest and most widely distributed in the northwest part of the Paradox basin and is believed to possess the greatest laterally continuous thickness of potash in the basin. The depth to the top of cycle 13 varies from 1,500 to 2,000 metres below surface and cycle 5 is about 300 to 400 metres above (more shallow) cycle 13. Based on historic oil and gas exploration well log data, United States Geological Survey reports written by R.J. Hite in 1976 and 1978, plotted a large area of cycle 13 with up to and exceeding 60-foot (18-metre estimated thickness, representing the thickest laterally continuous and non-structurally thickened potash layer in the Paradox basin. The potential volume is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The target identified in the Hite Report in Utah is based on historic oil and gas drilling. The drill holes were not cored and mineralogy is based entirely on the interpretation of geophysical logs.

Bold Ventures intends, subject to BLM granting of the permit areas, to conduct a detailed analysis of available historic oil and gas well logs and to drill at least two test/confirmation drill holes to determine the thicknesses and grades of cycle 13 and other layers, including cycles 5 and 9, for potential solution mining with solar evaporation potash recovery.

Mexico gold-silver project

In April, 2009, the company entered into a letter of intent with JK Gold Mexico of Durango (JK Gold), whereby Bold will purchase 50 per cent of Minera el Potrero el lPotrero de Durango (MEP), a Mexican mining company incorporated under the Federal Laws of Mexico. MEP is 90-per-cent subsidiary of JKGold.

Causas project -- JK Gold -- retraction of gold assays reported

The company has examined the information provided from JK Gold (Peter M. Kuhn and John Jenks, PGeo, principals of JK Gold), regarding the alleged high-grade assays JK Gold reported to Bold Ventures on the Causas project located in the state of Durango, Mexico.

Mr. Jenks, PGeo, and the qualified person for the previous Causas news released by the company, has informed Bold that JK Gold was not able to reproduce the high-grade assays reported by the company on May 6, 2009, and then again on June 4, 2009.

Bold will not be proceeding with the Causas project. Bold is in the process of negotiating the return of funds $130,000 (U.S.) advanced as loans to JK Gold.

New projects

The company continues to review other strategic resource opportunities.

We seek Safe Harbor.