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Gold/Mining/Energy : Consolidated Bard Silver and Gold Ltd. CBS-V
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To: Famularo who wrote (8)12/6/1999 10:08:00 PM
From: BLZBub  Read Replies (6) of 43
 
Consolidated Bard Silver & Gold Ltd. Announces Drilling on Gas Project

VANCOUVER, BRITISH COLUMBIA--Consolidated Bard Silver and Gold
Ltd. (CBS-VSE) (the "Company") is pleased to announce the drilling
of the first well within the Princess project area has commenced.
Under the revised terms of the Princess agreement, the Company has
committed to fund a 50% working interest in the initial test well
and has an option to fund an additional 50% working interest in a
second well to earn a 50% interest in each well before pay-out and
a 25% interest in each well after pay-out. The Company's firm
commitment has been reduced to 50% of the initial well. Under the
terms of this revised agreement Bard will also have the
opportunity, based on the results of the initial test wells, to
acquire additional interests within the project area. The
Princess project is a low risk shallow natural gas play in the
most developed area of Alberta. At least five targets have been
selected as potential drilling locations and a number of
additional targets have been identified within the project area.
Once the initial two wells are completed Bard will evaluate
participating in additional wells to earn additional interests
within this project area.

The Princess drilling program is very attractive for the Company
due to the low drilling costs, excellent infrastructure, the high
chance of discovery and the potential to develop and rapidly
increase cash flow through development drilling and acquisitions
throughout the project area. This transaction is subject to
regulatory and board approval.

On behalf of the Board of Directors of:

CONSOLIDATED BARD SILVER & GOLD LTD.

Eugene Beukman, President

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Consolidated Bard Silver & Gold Ltd.
Eugene Beukman
President
(604) 687-2038
(604) 687-3141 (FAX)

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