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| BGL-TSXV August 19, 2008 Legal Proceedings In Mexico Bandera Gold Ltd. (?BGL?) legal team has given BGL notice to prepare for the Evidentiary phase of the legal proceedings that they estimate will commence in September. The Company has taken great care in its preparations for this phase and management is well prepared to present their evidence at the appropriate time. Commencement of Exploration Program in Colombia At Belmira, Colombia, BGL?s subsidiary company, Nueva California S.A., has commenced its exploration program on our properties on the edge of the Antioquian Batholith, west northwest of Medellin. These properties host three reasonably well-defined veins of gold and silver each of which has been traced over strike distances of seven to ten kilometers. Several other veins at varying angles to the strike of the main veins have been subject to artisan miner operations, one of which continues to this day. This remaining operation under the control of a Sr. Julio Garcia, has been extracting about one ton per day of vein material reportedly averaging about one third of an ounce per ton of Gold. Earlier this year, BGL had contracted Mr. Baltazar Solano Rico, President of Behre Dolbear de Mexico, the Central American arm of Behre Dolbear Inc., (Founded in 1911 by Samuel Dolbear and now one of the oldest, continually operating minerals industry consulting firms in the world) to visit the Belmira Property and determine an appropriate initial Exploration Program for the site. Mr. Solano Rico reported back to us in June with a two-phase program that was designed to identify and correlate all information on the property, to remap where necessary, to accurately plot vein outcrops and sample points from previous authors and to commence a new mapping and sampling program designed to verify previous data and to increase knowledge of the area. This part of the program, called Phase One, would include hand trenching and sampling, would identify reasonable access route to the site and is planned to procure all necessary environmental and other government permits for the Site. This would enable us to proceed to Phase Two which essentially would entail the drilling of some 4,100 metres in eighteen drill holes sited in areas identified from Phase One. Our Director, Mr. Don Bossert, CMA, and our Mining Advisor, Mr. Phil de Souza traveled to Medellin and Belmira between June 30 and July 12. They held meetings with Sr. Daniel Cuartas, our Colombian legal advisor and with Sra Marcela Rodriguez, the original claims holder with whom BGL signed the rights to obtain an 80 percent interest. Latterly, they held joint meetings with Mr. Julio Mendez and Mr Baltazar Solano Rico to commence the exploration program. BGL has employed a senior Mexican Geologist, Mr. Julio Mendez, to manage the exploration program - under the control of Mr. Solano Rico. BGL also met and contracted Mr. Arturo Calle, a highly experienced Environmental Engineer (and Lawyer) to guide us through the environmental permitting stages. Mr. Calle has been under contract to Minera El Robles, one of Colombia?s oldest mining companies for many years. BGL., through Nueva California, has rented a property in Belmira as a base office and living accommodation for project staff. Nueva California, has presently contracted one junior geologist to manage the correlation of all data, and will hire another contract geologist in the next couple of weeks. We have also hired a Civil Engineer / Surveyor who is mapping appropriate road accesses and will map trench locations and other detail as requested by Mr. Mendez. We can report to you that fresh samples have already been collected, prepared (crushed, split and bagged) and have been dispatched to Inspectorate Labs, Peru, Inspectorate is one of the world?s premier assay houses. It will take about one month turn-round for sample results to be received and we will up date you as these results are received. The total program as foreseen, will cost BGL about two million US dollars. We remain totally committed to both our properties ? Mexico and Colombia. It is our intention to explore and develop the properties in both Countries and bring them into production when feasible. Annual and Special Meeting The Company will be holding its Annual & Special Meeting on Thursday August 21, 2008 at 3:00 pm at the Greenwood Inn & Suites. 4485 Gateway Blvd. N.W. Edmonton, Alberta On behalf of the Board Kelvin Williams CEO For further information please contact: Kelvin Williams, CEO (780) 465-4129 Web: www.banderagold.com Or Micro Cap et al, Investor Relations at: (877) 642-7622 E mail: info@microcapetal.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Information provided herein contains forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Bandera at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided and the variations may be material. There is no representation by Bandera that actual results achieved will be the same in whole or in part as those indicated in the forward-looking statements. |
