BDI Mining has reached a mutual agreement with Barclays Capital, the investment banking division of Barclays Bank, to terminate the Woodlark Island gold project Advisory Mandate effective immediately.

Under the terms of the Mandate, signed in March 2005, the Mining & Metals team of Barclays Capital has been providing advisory services to BDI Mining in relation to securing of project financing to develop the project.

Work included ensuring that the project is developed in accordance with the requirements of the international bank finance community and the subsequent structuring and negotiation of a debt funding package for Woodlark.

With the addition of Martin Horgan to the board, BDI Mining "believes that it no longer requires the advisory services proposed in the Mandate.Before joining BDI Mining, Horgan spent six years working in the Mining & Metals team of Barclays Capital."

BDI Mining says it "remains committed to the Woodlark project and management is currently evaluating the next phase of its development. Given the positive result of the internal Woodlark scoping study finalized in late 2006 the company intends to develop the project in short order to realize the full benefits and upside potential of Woodlark."

Woodlark Island is located in the Trobriand Island group, 300km east of the Papua New Guinea mainland, and 150km north of the 5 million ounce Misima Island gold mine. The island was one of the first gazetted goldfields in Papua New Guinea and during colonial times produced around 180,000 ounces of gold. Since aqcuisition, the company has had much exploration success with the resource base of the project now standing at 1.02 milion ounces (JORC measured and indicated). www.bdiminingcorp.com

News sourced from International Mining Project News - www.im-mining.com