Prince George, B.C., February 7, 2012 – Barker Minerals Ltd. (“BML” on TSX/V) (the “Company”) reports that leading up to the end of 2011 it prepared for, and began, exploration drilling in and around the high grade silver and gold Providence prospect. The drill holes are part of a NI-43-101 recommended 900 metre drill program which will focus on the high grade mineralization exposed in bedrock. The 100% owned project on China Mountain is located 74 km northeast of Williams Lake, in the Cariboo region of British Columbia. The project has excellent access and infrastructure (Black Bear Location Map).

Infrastructure and drill pad preparation activities were conducted in late November and early December and five initial shallow drill holes were completed near the Providence target. Drilling was suspended due to severe winter conditions and will resume as soon as the snow levels allow access in the spring. All 5 drill holes were abandoned at shallow depths short of the target (15m – 20m from surface) due to sudden loss of water, possibly due to hitting a disrupted fault zone, or old historic underground workings on the hangingwall of the main vein.

BB-11-02 was collared in the main vein and intersected 4.0 metres of a quartz and calcite vein with vuggy oxidized quartz and remnants of fresh galena and pyrite mineralization were observed within the quartz vein itself as well as in the immediate footwall of the vein. Recovery was better in BB-11-02 where between 1.98m - 5.0m a quartz + quartz carbonate vein was intersected which was heavily fractured with reddish brown oxidation along the fractures, containing vugs of partly/totally leached sulphide. Fresh galena and pyrite mineralization were observed in both the quartz vein itself as well as in the immediate footwall of the vein. Heavily fractured and locally talcy, dark grey-black and slightly graphitic argillite exists between 5.0m – 18.9m. Minor traces of reddish brown oxidation occur along the fractures. The quartz vein intersected is associated with weak chlorite and sericite alteration. The mineralized portion of BB11-02 has been sent for precious metal analysis as well as samples from the footwall rocks for possible gold and silver mineralization associated with the vein system.

The planned drill program is in follow up of a 2010 trenching program where most trenches successfully exposed variable amounts of fresh, high grade silver galena mineralization. Samples were taken at various locations on the newly discovered veins along strike of the Providence and Hunt veins and at highly altered zones adjacent to the veins. Grab samples reported up to 116 ounces per ton silver and 59% lead at the Providence target and a chip sample from the Hunt vein reported 34 oz/t silver and 37.1% lead over a 1 metre width. Gold values in bedrock grab samples up to 2.1 grams per ton (g/t) were reported on the Hunt vein and up to 7.5 g/t gold on the Providence target. The sample types, locations and geochemical results can be viewed on news release BM-11-176. Trench locations can also be viewed at the following link (2010 Trench Locations).

The Providence and Hunt targets are located along geological strike two kilometres apart and are at similar elevations. Numerous target areas with similar surface alteration and vuggy quartz veins in bedrock are yet to be tested between the 2 target areas. The large footprint target area along with the presence of elevated precious and base metals in the highly altered host rocks indicates the property has potential for hosting lower grade bulk tonnage precious metal deposits, and high grade bonanza style veins which will be assessed for their bulk sample potential.

Exploration work programs to date confirm widespread high grade potential of silver, gold and lead on the target areas which enhances the exploration potential of the entire Black Bear project area. Many similar compelling targets remain unexplored as demonstrated by the GSC airborne survey results (Black Bear GSC Airborne 1st Derivative Magnetics) and past geochemical studies of the immediate area (Black Bear Compilation Soil Map).

Tellurium (Te) Interference in Fire Assay Analysis for Gold
Comparing various assay methods confirmed that a high tellurium concentration during cupellation results in gold losses. During the fusion process, tellurium is oxidized to TeO and reports to the slag phase via the following reaction (Bugbee,1940). It is therefore evident that high concentration of Te on the Black Bear property may have been responsible for low/insignificant concentration of gold reported during historical exploration activities (see Gold Analysis Comparison NR BM-11-185).

Economic Potential for Tellurium on the Black Bear Project
Tellurium is a relatively rare element, number 52 on the periodic table, with low average crustal abundance of 0.01ppm which makes its rarity similar to a handful of other elements. (Wedepohl,1995).

World-wide Te production comes mainly as a by-product of copper refining/processing and according to the US Geological Survey, 200 metric tonnes of tellurium were mined in 2009 worldwide and the world can sustain 1,600 metric tonnes/year maximum. U.S. reserves of tellurium, about 3,000 metric tons, are estimated to be about 14 percent of the world’s total reserves. Despite the fact that global copper production has increased over the past five years, the production of tellurium is believed to have remained essentially unchanged. That’s because increased copper output has come from ores with low-tellurium content and from ores processed through leaching, which precludes the recovery of tellurium.

Geochemical analysis for Te on the Black Bear property shows significant concentration of up to 700ppm Te in some of the trenches that are over 2 kilometres apart, (Hunt and Providence targets) which is indicative of a potential economic deposit.

Based on the steadily increasing demand for Te for the manufacture of solar cells, automotive thermoelectric generators and steelmaking without a corresponding increase of Te as a by-product from copper processing, it becomes increasingly more important to identify potential Te prospects like the Black Bear property.

The price of tellurium jumped from $10 per pound at the beginning of 2004 to $110 per pound at the beginning of 2006, a 1,000 percent increase owing to the growing supply shortfall. Te is priced at $430/kg between May - June 2011 and is $345/kg in October 2011. Therefore, it cannot be overemphasized that there is every possibility over the next decade that Te will witness higher prices along with gold, platinum, palladium and Rare Earth Elements (REE).