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Bravo Gold begins diamond drilling at Homestake Ridge, closes second tranche financing

|Includes: Homestake Resource Corp (BVGIF)

Bravo Gold Corp (CVE:BVG) announced Thursday it has begun its 25-hole, 5,000-metres diamond drill program on its wholly owned, 2,535 hectare Homestake Ridge Project, located in northwestern British Columbia.

Drilling, which will follow a surface IP geophysical survey currently being conducted on the property, is intended to focus on the 215 target, a silver-enriched mineralization located 150 metres northeast of the Homestake silver deposit.

The 215 zone was intersected during a 2010 exploration program and was found to contain up to 40 grams per tonne (g/t) silver, as well as other pathfinder elements, like arsenic and antimony.

Additional drilling will focus on the southeastern extension of the Homestake silver deposit, the lateral extensions of the Fox zone, which was first tested in 2010, and the connector area between the main and silver deposits at Homestake Ridge.

To date, one hole has been completed on the Homestake Ridge project, which has indicated resources of 191,000 ounces of gold and 1.35 million ounces of silver, plus 530,000 ounces of gold and 13.5 million ounces of silver in the inferred category.

The Vancouver, B.C.-based company also said a 3,800 kilometre airborne IDGHEM survey is underway at its 59,600 hectare Kinskuch property, adjacent to the south of the Homestake Ridge property in British Columbia.

A 2,000 metre drill program on the Kinskuch project is scheduled to begin in the middle of September 2011.

In other news, Bravo announces the closure of the second tranche of its non-brokered private placement.

The company issued 15.6 million units at $0.13 each, for gross proceeds of $2.03 million.

Each unit consists of one common share of Bravo and one half of one common share purchase warrant. One full warrant is exercisable for one common share, at a price of 20-cents.

The first tranche was closed in early June 2011, which saw Bravo issue 23.1 million units.

Proceeds from the private placement now total $5.03 million, and will fund exploration programs on Bravo's Homestake Ridge, Kinskuch, and Silver Basin properties in British Columbia.