Bonaventure Announces Joint Venture on the Cottonwood Property, Nevada: Financial News

Bonaventure Announces Joint Venture on the Cottonwood Property, Nevada
Thursday November 8, 2007 3:00 pm ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Nov 8, 2007 -- Bonaventure Enterprises Inc. (CDNX:BVT.V - News)(Frankfurt:YQG.F - News) is pleased to announce that it has concluded a joint-venture agreement with First Gold Exploration Inc. (CDNX:EFG.V - News) ("First Gold") with the objective to dispose of up to a 60% interest in the Cottonwood Property located in the Reese River Mining District, Lander County, Nevada State.

The property is located in Central Nevada, approximately 200 km east of Reno, and is composed of two blocks of contiguous unpatented mining claims located on Federal public land. The Northern Block of 14 claims covers an area of 113 hectares, and the Southern Blocks of 28 claims covers an area of 227 hectares.

The two blocks are subject to a 3% net smelter return owned by MinQuest Inc. of Reno, Nevada (which is owned as to 50% by Richard Kern, a director of Bonaventure and a Qualified Person under NI 43-101 who has reviewed and approved the technical content of this release). Bonaventure acquired the property from MinQuest in 2003.

First Gold can acquire a 50% interest by paying Bonaventure $250,000, issuing common shares, warrants, and expending funds on property exploration as follows:

 

                                                                % interest
                              Number of shares   Exploration   acquired by
                                 of First Gold          work    First Gold
--------------------------------------------------------------------------
i) Signature of Agreement(i)         2,000,000
ii) November 2008                                 $  500,000           25%
iii) November 2009                                $1,000,000            5%
iv) November 2010                                 $1,250,000            5%
v) November 2011                                  $1,500,000            5%
vi) November 2012                                 $1,750,000           10%
--------------------------------------------------------------------------
                                                  $6,000,000           50%
                                                  ----------           ---
                                                  ----------           ---

(i) In addition to the 2,000,000 common shares of First Gold, 2,000,000 common share purchase warrants will be issued, each warrant allowing Bonaventure to purchase one common share of First Gold at a price of $0.30 per share for a period of two years.

First Gold can acquire an additional 10% in the Property (bringing its total undivided interest to 60%) by producing a bankable feasibility study.

Bonaventure optioned the Cottonwood property from MinQuest, Inc. in the fall of 2003. Since that time, geologic mapping, sampling, a gravity survey, trenching and shallow drilling have been completed on the property. Mapping and sampling have confirmed high grade gold in massive arsenopyrite veins distributed intermittently throughout the western half of the southern intrusive body. This "Cotton" target is on the south wall of a steep canyon. Because of minimal outcrop Bonaventure constructed two widely spaced dozer trenches and sampled and mapped any exposed outcrops. A broad zone of north to northeast trending shears have been mapped within quartz diorite intrusive and surrounding argillites of the Ordovician Valmy formation. The shears within the intrusive often contain quartz/sulfide veins with the primary sulfide being arsenopyrite. Sampling of these veins, which average no more than 0.15 m in width have grades of up to 57.1 g/t gold, 2.9 g/t silver, and 24 percent arsenic.

Using Trench 1 for access, two fences of two holes each were drilled approximately 90 m apart. These angle holes were drilled perpendicular to the shear direction. A fifth hole was drilled 275 m east to test beneath an historic adit.

The geochemical drilling found broad zones of anomalous gold (+0.1 g/t) in both fences of holes within which are 1.5-7.5m wide quartz/sulfide zones averaging 0.1 to 1.0 g/t gold. Drilling shows that the shear zone is at least 150m wide. In addition, fence 2 (CR-03-04) has stronger gold values than fence 1 (CR-01-02). Fence 2 is approximately 33m lower in elevation than fence 1, and may indicate values are improving with depth. Arsenic averages over 1,000 ppm in all 4 fence holes. High arsenic is characteristic of most Nevada gold systems, however arsenic of this magnitude is found only at a few, including the Getchell mine.

The Cottonwood target has several characteristics of the Getchell gold system. Getchell is located approximately 100 miles (160km) north of Cottonwood. Early mining at Getchell was of gold in arsenic-rich quartz veins in intrusive rocks near the surface. Later, small near-surface gold deposits were mined in limy units with Ordovician rocks similar to those exposed at Cottonwood. Eventually, deep drilling at Getchell discovered the Turquoise Ridge deposit hosted by a thick carbonate section. Placer Dome (now Barrick) announced a 2005 reserve of 3,150,000 ounces of gold. The Getchel fault and other related structures served as the feeder fault for Turquoise Ridge.

Bonaventure has identified a major gold-bearing shear zone at Cottonwood. A program of deep drilling is planned to test the intersection of this shear zone with carbonate host rocks. Carbonate rocks are exposed in the Callaghan Window less than 16 km north of Cottonwood.

Mr. Richard Kern (P.Geo), a Qualified Person under NI 43-101 has reviewed and approved the technical content of this release. Mr. Kern will supervise the field worked that will be executed on the project.

About Bonaventure Enterprises Inc.

Bonaventure Enterprises Inc. is a Canadian based resource and exploration company traded publicly under the symbol BVT on the TSX Venture Exchange and YQG on the Frankfurt Stock Exchange and Xetra. Presently with Uranium and polymetallic and diamond assets in the Athabasca Basin and in the James bay and North Shore regions of Quebec and with Gold properties in Nevada with some under a Joint-Venture with U.S. Gold (Toronto:UXG.TO - News), Bonaventure is focused on the creation of shareholder value through the acquisition and development of large projects demonstrating the ability to host World-Class precious metals and energy based mineral deposits.

Please visit the Bonaventure Enterprises Inc.'s website at www.bonaventure.us.

About First Gold Exploration Inc.

First Gold Exploration Inc. is a recently formed company traded publicly under the symbol EFG on the TSX Venture Exchange. Prior to the joint venture with Bonaventure noted in this News Release, its mineral properties portfolio consisted of four options to acquire at least a 50% interests in four different projects located within the Abitibi region in Quebec.

ON BEHALF OF THE BOARD OF DIRECTORS OF BONAVENTURE ENTERPRISES INC.

Jurgen Wolf, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.