August 17, 2011 / 2:42 PM / 7 years ago

BCGold shares soar on high-grade gold find in British Columbia

Aug 17 (Reuters) - Shares of BCGold Corp rose as much as 50 percent on Wednesday, a day after the company said it found high grade gold in its northwestern British Columbia property, and expects to start production this year.

The company, which has a 60 percent stake in the Engineer Mine property, said one of its two bulk samples returned up to 979 grams of gold per tonne.

BCGold Corp, in which Kinross Gold Corp holds a 9 percent stake, said the two-phased 3-year exploration program has a budget of C$10.2 million ($10.4 million).

Shares of the Vancouver, British Columbia-based company were trading up 33 percent at 12 Canadian cents on Wednesday morning on the Toronto Venture Exchange.

The stock, which was one of the top percentage gainers with 1.2 million shares changing hands by 1437 GMT, touched a high of 13.5 Canadian cents earlier in the session. ($1 = 0.981 Canadian Dollars) (Reporting by Ankur Banerjee in Bangalore; Editing by Roshni Menon)

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