Golden Predator Royalty & Development Corp.
TSX VENTURE : GPD

Golden Predator Royalty & Development Corp.

November 10, 2009 14:17 ET

Golden Predator Intercepts 40 ft of 0.65 opt Gold at Adelaide Project; Commences Drilling on Eagleville Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2009) - Golden Predator Royalty & Development Corp. (TSX VENTURE:GPD) (the "Company") is pleased to announce results for the first 6 drill holes from the 13 hole Reverse Circulation drill program at its Adelaide Project located in Humboldt County, Nevada commenced in October, 2009. Intercepts continue to highlight the continuity of the Margarite Vein Structural Zone and increasing tenor of grade with depth.

Holes GPA-035, GPA-036 & GPA-037 were drilled on approximate 30.5 m (100 ft) spacing along the trend of the Margarite Vein Structural Zone, and in-fill a 300 ft gap in the 2008 drilling at the 1,707 to 1,737 m (5,600 to 5,700 ft) elevation range, located approximately 60 m (200 ft) below the current pit floor. These intercepts demonstrate continuity of +3.43 gpt (+0.1 opt) intercepts for over 900 ft of strike and approximately 46 m (150 ft) of vertical extent. This elevation range is interpreted to be the upper levels of the boiling zone in the bonanza vein style system. Continued drilling in this program will test this zone further down-dip.

Adelaide Project, Margarite Vein Structural Zone
Select Significant intercepts greater than 1.0 gpt (0.03 opt) Au

Drill
hole
From
(ft)
To
(ft)
Drilled
Interval
(ft)
True
Thickness
(m)
Gold
(gpt)
Silver
(gpt)
True
Thickness
(ft)
Gold
(opt)
Silver
(opt)
GPA-03495115204.722.04108.2515.50.063.16
GPA-035420460407.564.4414.524.80.130.42
 including42042550.949.928.003.10.290.23
GPA-036425465407.7422.3028.525.40.650.83
 including42543050.9867.640.03.21.971.17
 including450460101.9546.6570.06.41.362.04
GPA-037310335256.2211.4634.8020.40.331.02
 including31031551.2553.082.04.11.552.39
GPA-03829029551.072.36 less
 than
 1
3.50.07  less
 than
0.03
GPA-039545555102.382.2631.07.80.070.90

Drill holes GPA-034 and GPA-037 delineate the mineralized system up-dip of the Margarite Vein Structural Zone, while GPA-039 is the first of several deep drill tests. However down hole surveys are showing GPA-039 flattening with depth, and did not reach planned target depth.

"The continuity and the grade of the Margarite Vein continues to impress", said William M. Sheriff, Chairman & CEO. "We will be integrating these new results into our 3-D model immediately in order to plan the next round of drilling, scheduled to commence in early January. Adelaide is crystallizing into one of our lead projects in Nevada, and its proximity to our Humboldt modular mill site will serve to significantly enhance the Project's economics."

The Company's drill program at the Adelaide Project is ongoing, with a total of 10 RC holes to be drilled into the Margarite Vein Structural Zone, and an additional 3 holes testing a new target on the Sage vein, located approximately 450 m (1,500 ft) to the northwest. The Company now plans to initiate the next phase of delineation drilling at the Adelaide Project in early January following modeling of the current programs results. The Company holds an option to acquire up to 100% of Atna Resources Ltd.'s interest in the Adelaide Gold Project, which is subject to an underlying lease with Newmont Mining Corporation as referenced in the Company's Technical Report on the Adelaide Project dated June 22, 2009 which can be found at www.sedar.com.

Laboratory Analysis and QA/QC

ALS Chemex of Elko, NV received all samples for primary lab analyses. Samples received in the lab were first logged-in and assigned a barcode. The samples were then fine crushed to 70% less than 2 mm then split with a riffle splitter with one split pulverized to 85% less than 75 microns. Gold was analyzed by fire assay and AAS using a nominal 30 gm sample weight. Assay results for gold and silver are reported by the lab in ppm units. In public disclosure, ounce per empirical ton (opt) and gram per metric tonne (gpt) are used, where 34.2857 ppm is equivalent to 1 opt and 1 ppm is equivalent to 1 gpt. For samples exceeding 10 ppm, values were analyzed by fire assay with a gravimetric finish. Silver was analyzed by aqua regia digestion and ICP-AES or AAS. Levels of detection for gold and silver are 0.005 and 1 ppm, respectively. QA/QC procedures for the drilling include a QA/QC sample added the lab submittal for every eighteen samples submitted, and are a combination of blank samples, field duplicates and standard reference material.

All assay numbers are reported as un-cut and all intercepts reported as drill thickness are not to be interpreted as true thickness unless otherwise indicated.

Eagleville Project, located in Mineral County NV

Drilling will commence at the Company's Eagleville Project, located in Mineral County NV, in the next week, where a planned seven hole RC program (1,371 m/4,500 ft of drilling) will test the epithermal, bonanza vein style system. Eagleville is host to a series of NW trending quartz veins with over 8,000 feet of underground workings developed on the historic quartz vein deposits. One of the only four historic drill holes in the system intersected 1m of 5.8 gpt (3.28 ft of 0.17 opt) gold from a depth of 65.8m (216 ft) and a second hole returned 0.4m of 32.9 gpt (1.3 ft of 0.96 opt) gold from 47.2 m (155 ft) drill depth.

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.

About Golden Predator Royalty & Development Corp.

Golden Predator's corporate mandate is to establish a self-funded precious metals exploration company with an immediate focus on exploring for and developing world class gold deposits in the Yukon's Tintina Gold Belt, where the Company is aggressively exploring its Gold (Scheelite) Dome, Antimony Mountain and Brewery Creek Projects. Brewery Creek, a permitted former producer, hosts an indicated resource of 3.98 million tonnes grading 1.135 gpt Au (145,000 oz) and an inferred resource of 2.2 million tonnes grading 2.01 gpt Au (143,000 oz) using a cutoff grade of 0.5 gpt Au (Simpson, 2009).

The Company's Yukon operations are supported by four divisions: the Royalty Division partially self-finances the Company's exploration activities through its passive royalty stream, holding 29 properties. The Advanced Assets Division includes the Taylor Mine and Mill which hosts a 43-101 silver resource, as well as the Company's Alkalic Gold program in Wyoming and the Lewis-Phoenix and Bonterra joint ventures. The Nevada Division is drilling a number of its properties with bonanza-style gold mineralization, including Angel's Camp, Adelaide and Golden Ridge, to identify one or more targets for the near term production of small-tonnage high grade ores. The Company intends, through its strategic use of modular mills at its Taylor and Humboldt mill sites, to become a mid-tier precious metals producer. The Non-Core Assets Division is responsible for disposing of non-core properties to augment the Company's treasury and royalty portfolio.

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
    Chairman & CEO
    (604) 648-GOLD
    or
    Golden Predator Royalty & Development Corp.
    John Legg
    President
    (604) 648-4653
    www.goldenpredator.com