Golden Patriot Mining Inc.
TSX VENTURE : GPM

Golden Patriot Mining Inc.

December 04, 2006 09:00 ET

Golden Patriot Mining Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 4, 2006) -

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Golden Patriot Mining Inc. (TSX VENTURE:GPM) is pleased to announce that it is pursuing a non-brokered private placement to raise gross proceeds of up to CDN $700,000 (the "Offering"), which is subject to the approval of the TSX Venture Exchange.

The Offering will consist of up to 7,000,000 units (the "Units) of the company on a best efforts basis. Each Unit is priced at $0.10 and shall consist of one common share and one share purchase warrant. Each warrant (the "Warrant") shall be exercisable into one common share of the company for twenty-four (24) months from the closing date (the "Closing Date") at an exercise price of CAD $0.15.

The Units will be subject to regulatory resale restrictions. In relation to the Offering, Golden Patriot Mining may pay finder's fees in the form of cash commissions of up to 7% of the aggregate gross proceeds raised.

The proceeds of this private placement will be used by Golden Patriot Mining for general working capital and to fund acquisition activities for high quality base, precious, and other mineral exploration projects.

ABOUT GOLDEN PATRIOT MINING:

Golden Patriot Mining is a junior mineral exploration company seeking to acquire, explore and develop highly prospective precious, base metal and other mineral exploration projects in Central/Latin America, India, and in other highly prospective international jurisdictions. Given the historic high commodity prices for base and precious metals, such as copper and gold, respectively, the Company believes that the projects it acquires for exploration and development will be of economic interest.

This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.


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

Contact Information

  • Golden Patriot Mining Inc.
    Kabir Ahmed
    President
    (416) 365-6580