Golden Predator Mines Inc.
TSX : GP

Golden Predator Mines Inc.

April 28, 2008 15:20 ET

Golden Predator Mines Inc.: Springer Project Overview and Progress Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2008) - Golden Predator Mines Inc. (TSX:GP) is pleased to report on the progress it has made in rehabilitating its 1,200 ton per day tungsten mill in Pershing County, NV. This work is on schedule for operational status by the end of 2008 at which time Springer would become the sole operational tungsten mill in the United States.

Background

Golden Predator acquired a 100% interest in the Springer Mining Company from General Electric Company ("GE") in December 2006 for total consideration of US$4.5 million as well as assuming a $981,411 reclamation obligation. The Springer Mining Company owns the Springer Mine property; a former tungsten producing operation consisting of a 1360-ft vertical shaft and underground workings, a stockpile of mineralized rock produced from underground, a tailings pond, a 1,000 ton per day mill with tungsten, molybdenum and sulphide flotation circuits, and certain water rights necessary for operation of the mill.

Tungsten was originally discovered and mined during the first World War with intermittent production continuing from a number of the mines in the district through 1982.

In 1977, Utah International Inc. ("UII") signed an exploration agreement with GE and became the operator of the project. An April 1978, in-house report by UII geologist C. Seel estimated 3,582,528 tons of material grading 0.454% WO3 in the Sutton North workings, using a cutoff grade of 0.20% and a minimum mining width of 2.5 feet. This estimate is in general agreement with other historical estimates for the project as follows:



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Reported Company Million tons %WO3
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1973 Hazen Research 3.79 0.45
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1973 General Electric 3.01 0.43
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1978 General Electric 3.58 0.45
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1983 General Electric 3.59 0.446
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1984 Union Carbide 3.42 0.43
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General Electric spent 71 million dollars on mine and mill construction, development and maintenance from 1979 through 2006 when the property was sold to Golden Predator.

Current Activities

Golden Predator personnel began work at the property in January 2007 and work has been progressing rapidly. The current staff of 50 includes a mining engineer, 3 geologists, 3 metallurgists, and an environmental permitting staff as well as mechanics, laborers and administrative staff. Operational and environmental permits were submitted to the state in late 2007. The crushing and milling circuits are now operational and milling capacity is being upgraded from 1,000 tpd to 1,200 tpd The sulfide and scheelite flotation cells are operational. Circuits that are currently being upgraded or rebuilt include regrind and thickening lines, tungsten digester, molybdenum precipitation, automated mill controls and the solvent extraction portion of the APT circuit. All improvements necessary to produce a scheelite concentrate are scheduled for completion prior to the end of the year.

Early this year the company received a Technical Report on the exploration potential of the property entitled: "Technical Report on the Springer Mine Property Pershing County, Nevada, USA" by independent consultants Ron Simpson, P. Geo. and Tim Sandberg, P. Geo. dated January 28, 2008. This report provides a summary of historic work in the Springer mine area and reviews modern drilling and mine development work by GE and UII. The report recommends a two phase work program of among other things, surface drilling of the Sutton beds in the South Sutton and Uncle Sam areas and in the second phase, dewatering of the Sutton 3 shaft and underground rehabilitation and drilling. Exploration budgets recommended in the report are $1.29 million and $4.77 million respectively, for Phase I and Phase II work programs. The complete report and recommendations can be found on SEDAR at www.SEDAR.com.

Surface delineation drilling is underway and will test previously known areas to confirm historic resource estimates. Additionally, other sites of historic surface mining will be drilled to identify further areas of near-surface tungsten mineralization for resource estimation. This near surface mineralization may be amenable to open pit mining. This work will be performed by reverse circulation drilling and assay results will be released in a timely manner.

Operations at Springer are overseen by Peter Bosse, Vice President of Metallurgical Engineering, with 40 years experience in recovery of metals, mine management, design, engineering and construction. He was formerly with Anglo American, Caraiba Metais, Wyoming Mineral Corporation, Rocky Mountain Energy, and West Gold.

Cliff Nelson is the General Manager of Springer. Mr. Nelson received his B.S. in metallurgical engineering from Michigan Technological University and has over 25 years experience in metallurgy, operations management, startup, design and optimization with offshore, open pit and underground mines. Former assignments are with Cleveland Cliffs, Inspiration Resources, West Gold, Magma Copper, BHP and St. Andrew Goldfields.

John Barta is the Manager of Environmental & Permitting at Springer. Mr. Barta has over 20 years of experience in permitting and environmental work on gold and tungsten mines. Mr. Barta was formerly with Jipangu International, Apollo Gold, US Bureau of Land Management, Placer Dome Inc., Getchell Gold Corporation and First Miss Gold.

Robert, J. Stepper is a metallurgical/materials engineer with a B.S. in metallurgy from Montana Tech. He has 19 years experience in the recovery of precious and base metals, mill management, mill startup, and engineering. Previously Mr. Stepper worked for Newmont Mining, Montana Resources, and Stillwater Mining, Randy Harris is the Safety and Security Manager at Springer. Mr. Harris has over 30 years of mining experience working within the gold industry including positions with Houston Oil and Minerals, Tenneco Minerals and Round Mountain Gold. More recently he was the Winnemucca District Mine Safety and Health Officer for the State of Nevada.

James Park, M.Sc. Geology, is the senior geologist at Springer with over 35 years experience in exploration and production geology. Mr. Park has an extensive operating and technical management background in tungsten and gold projects throughout the Great Basin. He was the senior mine geologist at Springer during its development, operations and shut down in the 1970's through the 1980's. He has worked for General Electric Co., Utah International, and Magma Gold prior to joining Golden Predator.

Information presented here on historical resource estimates was reviewed and approved by Art Ettlinger, Ph.D., P. Geo. the COO of the company and a Qualified Person as defined under National Instrument 43-101. All historical resource estimates quoted herein are based on prior data and reports obtained and prepared by previous operators and certain other information. The historical estimates should not be relied upon. No qualified person (as defined by NI 43-101) has done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Golden Predator has not completed the work necessary to verify the classification of the mineral resource estimates and is not treating the historical estimates as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3 of NI 43-101. Further work will be required to evaluate these resource estimates.

Information Regarding Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Golden Predator's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things: volatility of natural resource prices; product demand; market competition and risks inherent in the company's operations. These and other risks are described in the Company's public filings with Canadian Securities Regulators available at www.sedar.com.

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