BVA Bravada Gold Corporation

Bravada Gold Corporation ("Bravada") (TSX VENTURE:BVA)(FRANKFURT:BRT) and
Argonaut Gold Inc. (AR.T, "Argonaut") have signed a Letter of Intent (LOI) for
the continued exploration and development of Bravada's Wind Mountain gold and
silver property in northwestern Nevada, where Bravada has outlined a NI-43-101
resource of 570,000 ounces of gold and 14.7 million ounces of silver in the
Indicated category and an additional 354,000 ounces of gold and 10.1 million
ounces of silver in the Inferred category (see NR-06-12, dated April 11, 2011).


Under terms of the LOI, Argonaut can fund staged expenditures totalling
US$7.5million over a three-year period to earn the option to purchase the
project by paying Bravada a price of $30 per ounce of gold-equivalent contained
within Measured and Indicated resource categories as determined by independent
Qualified Persons. The purchase price will be paid 50% in cash and 50% in shares
in Argonaut. Bravada would also retain a one percent net smelter return royalty
for any production from the property in excess of the purchased ounces.


Argonaut has made a firm commitment of $250,000 under the LOI to conduct a
drilling program this fall that will test two exploration targets beneath
shallow alluvial cover: the undrilled Zephyr target and the down-dip extension
of shallow oxide mineralization that Bravada drilled at the North Hill target
during 2011. For example, previously announced WM11-038 at North Hill
intersected 6.1m of 0.619g/t Au and 17.9g/t Ag beginning at surface. 


In the event that the LOI leads to a full option agreement, the minimum
expenditure for year one will be $1.15 million. Bravada will be operator
initially. The minimum expenditures for years two and three are $2.35 million
and $4.0 million, respectively. Timing for expenditures may be extended where
they result from permitting delays.


President Joe Kizis commented, "Argonaut is a highly respected and well funded
mine operator with two active mines in Mexico and a third nearing production.
They produced 72,000 ounces of gold in 2011 and are projecting to produce
88,000-97,000 ounces of gold during 2012. Their experience in open-pit mining
and heap leaching of disseminated gold in Mexico should be directly applicable
to Wind Mountain and we are pleased to work with them to advance Wind Mountain
as their first project outside of Mexico."


About Wind Mountain

The past-producing Wind Mountain gold/silver project is located approximately
160km northeast of Reno, Nevada in a sparsely populated region with excellent
logistics, including county-maintained road access and a power line to the
property. A previous owner, AMAX Gold recovered nearly 300,000 ounces of gold
and over 1,700,000 ounces of silver between 1989 and 1999 from two small open
pits and a heap-leach operation (based on files obtained from Kinross Gold,
successor in interest to AMAX Gold). Rio Fortuna Exploration (U.S.) Inc., a
wholly owned US subsidiary of Bravada Gold Corporation, acquired 100% of the
property through an earn-in agreement with Agnico-Eagle (USA) Limited, a
subsidiary of Agnico-Eagle Mines Limited, which retains a 2% NSR royalty
interest, of which 1% may be purchased. A Technical Report for an independent
Preliminary Economic Assessment (PEA) and resource estimate was conducted by
Mine Development Associates (MDA) of Reno and has been posted on SEDAR, as
previously reported (see NR-07-12 dated May 1, 2012).


The PEA assumes open-pit, contract mining with conventional trucks and shovels,
run-of-mine leaching, and a base-case price of US$1,300 per ounce of gold and
$24.42 per ounce of silver. The base-case economic model (1) is summarized below
in US dollars and Imperial units (some values rounded):




Resource inside the pits = 42.1 million short tons of Indicated Resource @  
0.011 oz Au/t & 0.26 oz Ag/t, and 2.2 million short tons of Inferred        
Resource @ 0.008 oz Au/t & 0.18 oz Ag/t, both utilizing a 0.006 oz Au/t     
cutoff                                                                      
Gold & Silver Ounces mined = 465,000 oz Au & 11,198,000 oz Ag (516,000 oz   
Au-eq(2))                                                                   
Gold & Silver Ounces produced = 288,000 oz Au & 1,680,000 oz Ag (320,000 oz 
Au-eq(2))                                                                   
Waste: Ore Strip ratio = 0.71:1                                             
Capital = Initial capital of $45.4 million with $18.4 million sustaining    
capital                                                                     
Mine Life = approximately 7 years of mining with 2 additional years of      
residual leaching & rinsing                                                 
Payback Period = 2.2 years                                                  
Life-of-mine cash cost(3) = $859 per ounce Au                               
Total Pre-Tax cost(3) = $1,080 per ounce Au                                 
IRR = 29%                                                                   
Pre-tax NVP@5% = $42.9 million                                              
(1)   Canadian NI 43-101 guidelines define a PEA as follows: "A preliminary 
      economic assessment is preliminary in nature and it includes inferred 
      mineral resources that are considered too speculative geologically to 
      have the economic considerations applied that would enable them to be 
      classified as mineral reserves, and there is no certainty that the    
      preliminary assessment will be realized. Mineral resources that are   
      not mineral reserves do not have demonstrated economic viability."    
                                                                            
(2)   Expected recoveries were incorporated to convert silver to gold       
      equivalent (Au-eq) at 220Ag:1Au ($1,300 x 62% divided by $24.42 x 15%)
                                                                            
(3)   Costs include estimated Nevada Net Proceeds taxes, property taxes, but
      not corporate income tax, and treats silver as a by-product credit.   



Sensitivity studies by MDA indicate that gold and silver prices 30% higher in
the same modeled pit and at the same recovery rates ($1,690/oz Au and $31.75/oz
Ag) would increase the IRR to 74% and the NPV@5% to $136.2 million. Gold and
silver prices that are 20% lower ($1,040/oz Au and $19.54/oz Ag) would result in
the model being uneconomic at an NPV@5%. Sensitivities of the model to capital
and operating costs are also provided. MDA notes that additional studies such as
additional metallurgical studies to evaluate crushing higher-grade portions of
the deposit and grid drilling to delineate economic portions of the previously
mined "waste rock", which are given no value in the current model, could further
enhance the economics of known mineralization. Approximately 43% of the
pre-mining strip in the PEA model consists of "waste rock", and MDA is
optimistic that with further drilling and sampling a portion of this material's
grade and tons could be quantified for economic evaluation.


Mine Development Associates compiled the technical report. Thomas Dyer, P.E. is
a Senior Engineer for MDA and is responsible for sections of the technical
report involving mine designs and the economic evaluation, and Steven
Ristorcelli, C.P.G., is a Principal Geologist for MDA and is responsible for the
sections involving the Mineral Resource estimate. These are the Qualified
Persons of the technical report for the purpose of Canadian NI 43-101, Standards
of Disclosure for Economic Analyses of Mineral Projects.


About Bravada Gold Corporation

Bravada is a member of the Manex Resource Group of companies with an exploration
office in Reno, from which it is exploring its extensive Carlin-type and
low-sulfidation-type gold holdings strategically located within numerous
productive gold trends in Nevada. Homestake Resource Corporation (HSR.V) owns
9.76% of Bravada's 114,264,282 outstanding common shares.


Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is the Qualified
Person responsible for reviewing the technical results in this release.


On behalf of the Board of Directors of Bravada Gold Corporation

Joseph A. Kizis Jr., Director, President, Bravada Gold Corporation

This news release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements. These statements are based on a number of assumptions, including,
but not limited to, assumptions regarding general economic conditions, interest
rates, commodity markets, regulatory and governmental approvals for the
company's projects, and the availability of financing for the company's
development projects on reasonable terms. Factors that could cause actual
results to differ materially from those in forward looking statements include
market prices, exploitation and exploration successes, the timing and receipt of
government and regulatory approvals, and continued availability of capital and
financing and general economic, market or business conditions. Bravada Gold
Corporation does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information, future
events or otherwise, except to the extent required by applicable law.

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