VOIGTBERG PROPERTY

Ownership Agreement

On July 10, 2006, the Company signed a letter of intent with Kaminak Gold Corp. (“Kaminak”) to earn a 70% interest in Kaminak’s Voigtberg Property located in the Iskut River area, Liard Mining Division, British Columbia. In order for the Company to earn up to a 60% interest in the Voigtberg property, the Company must, at its option:

• Issue 100,000 Units* to Kaminak as of the date of closing of the Qualifying Transaction (issued – September 15, 2006 – fair value $35,000)

In addition, the Company must, at its option:

• Issue an additional 100,000 Units* to Kaminak on each of the first (issued – fair value $70,000 for the shares and $16,944 for the warrants), second (issued) and third anniversaries of the closing date for a total of 300,000 additional Units.

* Each “Unit,” including the initial 100,000 Units, is to consist of one common share of BCGold and one-half of one common share purchase warrant, each whole such warrant being exercisable for one year following the date of issuance to purchase one common share of BCGold at an exercise price determined by taking the weighted average closing price of the common shares of the Company for the twenty consecutive trading days immediately prior to the date of issuance plus 25%.

The Company must also, at its option, incur minimum exploration expenditures of $2 million over a four year period as follows:

• $ 350,000 to September 15, 2007 (incurred)
• $ 350,000 to September 15, 2008 (incurred)
• $ 650,000 to September 15, 2009
• $ 650,000 to September 15, 2010

Upon incurring $1 million in exploration expenditures, BCGold will have earned a 50% interest in the Voigtberg Property.

Upon the issuance of all initial and additional units, incurrence of all expenditures, and operation of the exploration program, as set out above, BCGold will have earned a 60% interest in the Voigtberg Property.

BCGold may then earn an additional 10% interest in the Property by completing a bankable feasibility study, for a total of a 70% interest in the Property.

A 2% net smelter royalty (NSR) in favour of Hunter Exploration Group exists on the property.
 

last updated: December 16, 2008