Golden Predator Royalty & Development Corp.

Golden Predator Royalty & Development Corp.

October 13, 2009 15:31 ET

Golden Predator Commences RC Delineation Drilling at Adelaide Project, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2009) - Golden Predator Royalty & Development Corp. (TSX VENTURE:GPD) (the "Company") announces that, further to its news release of August 6, 2009, Reverse Circulation drilling has commenced at its Adelaide Project located in Humboldt County, Nevada. The Company plans to drill up to 10 holes to follow-up on favourable results from the 2008-09 drilling program, along with an additional 6 holes testing new targets for a combined planned total of approximately 9,000 ft of drilling.

Historic drilling at Adelaide, conducted prior to the closure of open pit-heap leach operations in 1991, tested only 100 to 200 feet below surface within the Margarite Vein target area. The Company's 2008-09 drilling program has good consistency of +0.10 ounce per ton gold intercepts and increasing grades with depth intersecting a 200 ft vertical zone below the 5,700 ft elevation (approximately 180 to 250 ft below surface) on the Margarite Vein Structural Zone. Drilling below this 5,700 ft level has defined 900 ft of mineralized strike with true thicknesses (interpreted from drilling) ranging from 2 to 14 ft wide.

Overall, there are 17 drill-holes intersecting the Margarite Vein below the 5,700 ft elevation, including 5 RC holes completed by Newmont Mining Corporation in 2001-02 (see table below for 13 of 17 holes with greater than 0.1 opt Au intercepts). The Newmont holes are prefixed with 'ADL', and were among the first holes to test the deeper potential of the Margarite Vein Structural Zone, including drill hole ADL-02 containing 5 ft of 3.28 opt (1.5 metres of 112.5 grams per tonne) Au from 175 ft (53.3 m) depth, and ADL-05 intersecting 15 ft of 0.31 opt (4.6 m of 10.5 gpt) Au, located 150 ft down dip and 60 ft South. The Company drilled between these two intercepts in 2008 with diamond hole GPAD-03 to test continuity of grade and returned 15 ft of 0.43 opt (4.6 m of 14.6 gpt) Au, interpreted to be approximately 11 ft in true width. The Newmont drilling along with diamond hole GPAD-03 and RC hole GPA-012 define the northern end of the Margarite Vein Structural Zone.

Adelaide Project, Margarite Vein Structural Zone Drill Highlights
Significant intercepts greater than 0.1 opt (3.43 gpt) Au.








The Company also stepped approximately 600 ft south of ADL-02 in 2008, with holes GPA-018 through GPA-020 returning significant intercepts including GPA-019 with 20 ft of 0.97 opt (6.1 m of 33.2 gpt) Au from 485 ft (147.8 m) drill depth, interpreted to be approximately 14 ft in true thickness from 260 ft (79.3 m) below surface. Hole GPA-019 was then offset by six diamond holes on 40 to 80 ft spacing over 320 ft of strike (diamond holes containing significant intercepts included in table above and denoted "GPAD").

The current program will continue in-fill drilling on a 300 ft drill gap within the 900 ft of strike on the Margarite Vein Structural Zone, along with testing where the Zone is open both down-dip and to the south along strike.

Travis Schwertfeger, BSc, MAIG & Exploration Manager for Golden Predator Mines US Inc., the Company's wholly-owned Nevada subsidiary, is the Qualified Person for the Adelaide Project and has reviewed the technical content of this news release. Historic data generated by Newmont has been verified by the Qualified Person, utilizing original assay certificates, and confirming several drill-hole collar locations in the field. Newmont's sampling and QA/QC procedures are assumed to be in accordance with best practices at the time of analysis.

About Golden Predator Royalty & Development Corp.

Golden Predator's corporate mandate is to establish a self-funded precious metal exploration company with an immediate focus on exploring for and developing world class gold deposits in the Tintina Gold Belt and the Rocky Mountain Alkalic Gold Province.  The Company seeks internal revenue generation from early high grade precious metals production in Nevada augmented by increasing revenues from its royalty portfolio.

The Company is aggressively exploring its three Yukon properties, Gold Dome, Brewery Creek, and Antimony Mountain, in the prolific Tintina Gold Belt through its wholly owned subsidiary True North Mining Corp.  Brewery Creek has a current Type A water license and a production license.

In Nevada and adjacent states, Golden Predator is drilling a number of its properties with bonanza-style gold mineralization in 2009 with the intent of identifying one or more properties for near term production of small-tonnage high grade ores.  The Company intends, through strategic use of its Taylor Mill near Ely, Nevada and a facilities use agreement at EMC Metals Corp.'s Springer Facility in Pershing County, Nevada, to become a mid-tier precious metals producer.

Golden Predator is partially self-financed through its passive pre-production royalty stream from a portfolio of properties, anticipated to yield approximately $1.2 million during 2009. The Company owns royalties on several known deposits including a portion of the Barrick Bald Mountain property, the Pan deposit of Midway Gold, significant portions of US Gold's Tonkin Springs deposit and Evolving Gold's Rattlesnake project.

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Golden Predator's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Golden Predator assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Golden Predator Royalty & Development Corp.
    William Sheriff
    (867) 335-5000
    Golden Predator Royalty & Development Corp.
    Robert Eadie
    (604) 602-4935