| Consolidated Big Valley Resources Inc. - CBG.HNEWS RELEASE December 18, 2006 GRANADA MINE PROPERTY – OPEN PIT MINING COMMENCESConsolidated Big Valley Resources Inc. announces that its mining consultant C.A. Veilleux, has reviewed the open pit design of pit No. 2A, which is also on vein No. 2 and has increased it from 55,000 tonnes to 142,000 tonnes of mineable ore. Mining of the open pit will be done in three stages to evaluate the grade of the ore with depth of the open pit. The open pit is fully permitted and mining has commenced. The Company has estimated that it will produce 16,000 ounces of gold in its first year of production at a cash cost of 322 US dollars per ounce.
SHAREHOLDERS GOLD PURCHASE PROGRAM – ACCEPTING PAYMENT & REVISIONS Consolidated Big Valley Resources Inc. will begin accepting payment from shareholders of the Company for the future delivery of gold bullion until March 31, 2007 or until the 12,000 ounces of production have been allocated, whichever occurs first. Terms for the shareholders gold purchase program have also been revised for the sale of up to 20 ounces of gold bullion to a shareholder of the Company who has direct ownership of at least 50,000 common shares of the Company, at a price of $322 (U.S.) per ounce. The program will accommodate the delivery of up to 12,000 ounces of gold over a three-year period, payable quarterly, beginning June 30, 2007. The shareholders gold purchase program is exclusive to shareholders of the Company of record date of March 31, 2007, who are accredited investors and who hold at least 50,000 common shares of the Company. The terms of this Agent Agreement and future gold sales are subject to regulatory approval. The contents of this press release has been reviewed and approved by Mr. Frank J. Basa, P.Eng, a qualified person under National Instrument #43-101.
UPDATED NEWS AS RELEASE DECEMBER 19, 2006 Consolidated Big Valley Resources Inc. advises that further to its press release dated December 18, 2006 wherein its mining consultant C.A. Veilleux reviewed the open pit design of pit No. 2A, which is also on vein No. 2 and increased it from 55,000 tonnes to 142,000 tonnes of mineable ore and that the Company estimated that it will produce 16,000 ounces of gold in its first year of production at a cash cost of $322 US dollars per ounce are pre-mature. The Company has not completed a feasibility study and there is no certainty that the proposed operations will be economically viable. These estimates are, in view of the Company, forward looking regarding production and costs.
ON BEHALF OF THE BOARD Frank J. Basa, P.Eng., Vice President Exploration & Development/Director THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. |
