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| BGL-TSXV November 18, 2008 Belmira Exploration Progress Report At Bandera?s Colombia property, 80% held by our subsidiary Nueva California SA, a geological program has been underway since July of this year. Management is very pleased with the exploration activities undertaken thus far and are encouraged by the extent of the gold bearing structures identified. To date our exploration team has identified two main vein systems and seven additional zones with multiple veinlets. The two main vein systems Filandia and Atalaya run parallel in a NW?SE trend for distances of 10 and 8 kilometers respectively and are open ended in both directions. The Filandia vein varies in width from 2.07m (3.48m including altered wall rock) at Filandia, 1.53m at Reventon 3km to the southeast and 1.38m at Buenaventura an additional 2km to the southeast. Surface sampling and mapping was undertaken at Filandia to identify potential mineralized zones along strike and get an indication of true width of the vein. Work continues on the Atalaya vein system. Gold values are apparent at all areas, generally indicative in the massive quartz vein material (0.46, 0.99 and 0.04 g/t averages) and as free ?visible gold that can be panned in soft, iron-rich gougy materials predominantly in the hanging wall contact. This can be expected given the very high rainfall (3 meters per year) in the area, or the apparent elevation of the outcrops, (2900 ? 3000 masl) which might be above an inferred mineralized horizon Parallel to the main Filandia and Atalaya veins and approximately 250 to 300m below, several zones containing generally N-S to NE-SW narrow veins and veinlets have been identified. These veins diagonal to the main Filandia and Atalaya veins include from North to South, San Joaquín (Shakiro), El Yerbal, Ilusión, and Yerbalito. In addition to the above we have new zones of mineralization being discovered such as La Golondrina where we have identified a 3m(+) wide structure being mapped and sampled now. With the exception of Golondrina, all of the zones identified to date have seen some degree of artisan mining of high-grade outcroppings. These old workings have been very useful to the understanding of the structure and disposition of the metals. At the area known as El Yerbalito meaningful values have been attained, which is to be expected as the samples taken are from underground rock material which has not been subject to heavy alteration and weathering. The El Yerbalito vein is presently seeing artisan production. At the lowermost level, approximately 35 m below the main haulage level, the vein exceeds 1m in width and shows the presence of pyrite in clusters. The Yerbalito vein has been developed along 75 m of length at a depth of 35 m in the underground mine. Gold average of the samples taken in the mine is 22.08 gpt of gold over a 0.65 m average width. Some assay results from El Yerbalito are provided below: Yerbalito Mine Sample ID Width (m) Au (gpt) Ag (gpt) 001 1.10 27.94 4.6 002 1.10 2.35 1.1 003 0.55 24.42 <0.1 004 0.45 36.23 0.2 005 0.50 0.99 2.1 006 0.35 19.71 <0.1 007 0.45 43.10 2.9 008 0.10 113.87 16.4 105 0.95 25.40 22.9 106 0.90 18.92 28.0 Other Areas Area Sample Number Width (m) Gold g/t (FAA_Grav) Silver g/t ICP El Yerbal RS025 0.03 4.594 1.7 El Yerbal RS037 0.50 17.211 9.1 La Illusion RS042 0.10 10.967 4.2 La Illusion RS043 0.02 3.429 0.4 La Illusion RS048 0.06 7.611 2.9 La Illusion RS056 0.40 9.926 1.0 La Illusion RS057 0.10 17.417 5.3 Los Ramos (Yerbalito Area) 009 0.20 15.37 5.0 La Meseta (Yerbalito Area) 010 0.20 7.2 1.6 La Once (Yerbalito Area) 011 0.10 11.96 1.2 La Casita (Yerbalito Area) 012 0.25 18.94 5.5 ?Hand-cobbed? tonnage from El Yerbalito is reported to produce between 20 gpt and 45 gpt of gold per ton milled. Going forward the Company is continuing surface reconnaissance work and mapping for the purpose of selecting drill site locations for the next phase of exploration. This release has been read and approved by Sr. Baltazar Solano, President of Behre Dolbear de Mexico, who also acts as Bandera?s Qualified Person as defined by NI 43-101. 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. |
