BCGold Corp. Completes $1.0 Million Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2009) - BCGold Corp. (TSX VENTURE:BCG) ("BCGold" or the "Company") is pleased to announce that it has completed its recently announced non-brokered private placement for aggregate gross proceeds of $1,065,300 through the sale of 7,837,500 flow-through common units ("FT Unit") at a price of $0.08 per FT Unit and 7,305,000 non flow-through units ("NFT Units") at a price of $0.06 per NFT Unit. Each NFT Unit comprises one common share and one-half of one common share purchase warrant, each whole such common share purchase warrant exercisable to purchase one additional common share at $0.12 per share for one year. Each FT Unit comprises one flow through common share and one-half of one common share purchase warrant, each whole such common share purchase warrant exercisable to purchase one additional common share at $0.15 per share for one year. The securities are subject to a hold period and may not be traded until December 7, 2009 except as permitted by Canadian securities legislation and the TSX Venture Exchange. Two directors of the company subscribed for 600,000 of the above noted units and accordingly these insiders have increased their holdings in BCGold. No commission or finder's fees were paid in connection with their participation. BCGold is pleased that Kinross Gold Corporation ("Kinross") subscribed for 2,000,000 of the NFT Units. Kinross previously held 4,025,000 common shares and 512,500 common share purchase warrants of BCGold, representing approximately 13% of the issued and outstanding common shares of BCGold prior to the financing. As a result of the financing, Kinross holds 6,025,000 common shares and 1,512,500 common shares purchase warrants of BCGold, representing approximately 16.17% (basic) of the issued and outstanding common shares of BCGold following the completion of the financing. BCGold relied on the formal valuation and minority approval exemptions in subsections 5.5(a) and 5.7(a), respectively, of Multilateral Instrument 61-101 and the financing was completed less than 21 days before the issuance of a material change report with respect to the financing for commercial reasons. The participation of Kinross in the financing was approved by the Board of Directors of BCGold. The remainder of the offering was subscribed by the MineralFields Group of Companies, a second prominent fund and a number of private investors. Finder's fees totalling $23,155 in cash, equal to 3% and 7% of the amount placed by certain finders, 418,500 units and 430,000 broker's options were paid by the Company. BCGold intends to use the proceeds from the offering to offset general operating and direct exploration project costs, primarily on the Company's Carmacks Copper Gold Properties in Central Yukon and partially on the Company's Engineer Mine Property in British Columbia. About BCGold Corp. BCGold Corp. (TSX VENTURE:BCG) is a Vancouver-based junior resource company focused on copper and gold exploration in under-explored historic mining and exploration districts in British Columbia and Yukon. BCGold Corp. acquires and develops conceptual, early and mid-stage, exploration opportunities and advances them towards resource development by using internal expertise, engaging preferred joint venture partners, and creating strategic alliances with major exploration and mining companies. On behalf of the Board of Directors, Brian P. Fowler, P. Geo., President & CEO Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future payments, expenditures and unit issuances and exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing of future payments, expenditures and unit issuances and the timing and success of future exploration, development and production activities.