Golden Predator Royalty & Development Corp.
TSX VENTURE : GPD

Golden Predator Royalty & Development Corp.

August 27, 2009 11:00 ET

Golden Predator Reports Initial Gold Intercepts From 2009 RC Drilling at Golden Ridge Project, NE California

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 27, 2009) - Golden Predator Royalty & Development Corp. (TSX VENTURE:GPD) (the "Company") is pleased to announce that assay results have been received on the initial 21 holes for the 2009 reverse circulation (RC) drilling program at the Golden Ridge project, located in the High Grade district, northeastern Modoc County, California. Several high grade gold intercepts were located within banded quartz adularia veining in the Yellow Jacket and Modoc veins, including 2.5 ft of 0.553 opt gold in hole GPGR016 and 2.5 ft of 0.44 opt gold in GPGR021. A total of 6,080 ft (1,876 m) of angled RC holes were drilled to explore the historic Sunshine and Modoc underground mines in June and July. Results of this initial drilling will be utilized to guide additional drilling now underway, to better define the high grade gold mineralization located in the first phase of drilling. In addition, the Company will test multiple epithermal bonanza-style gold vein targets in the southern and eastern portions of the district, occurring along a strike distance in excess of 2 miles (3.2 km).

Golden Predator has consolidated the largest land position in the High Grade district ever held by a single gold exploration company. Anomalous gold covers an area over three miles in length and one mile wide, which contains over 14 historic mine operations in the district including the Sunshine, Modoc, Moonlight, Alturas and Klondike mines. The Company's drilling program is making the first drill tests on several of the outcropping quartz-adularia veins. The Golden Ridge project represents a district-scale discovery opportunity with the potential for several underground mineable bonanza-style gold deposits.



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Golden Ridge Significant Intercepts greater than 2.0 g/t Gold
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Drill From To Interval Gold Gold
Hole # ft ft ft gm/t oz/t
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GPGR008 27.5 32.5 5.0 2.75 .080
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including 27.5 30 2.5 3.69 .108
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GPGR010 47.5 50 5.0 2.73 .080
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GPGR011 92.5 100 7.5 2.25 .066
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GPGR011 120 122.5 2.5 3.41 .100
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GPGR014 57.5 60 2.5 3.09 .090
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GPGR014 280 290 10 3.57 .104
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including 282.5 285 2.5 6.68 .195
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Void, no recovery 290 300
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GPGR015 15 17.5 2.5 2.26 .070
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GPGR016 192.5 217.5 15 3.68 .107
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including 205 207.5 2.5 18.95 .553
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GPGR019 112.5 115 2.5 2.49 .073
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GPGR021 67.5 70 2.5 3.2 .093
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GPGR021 160 165 5 10.965 .320
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Void, no recovery 165 178.5
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GPGR021 250 255 5 7.12 .208
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including 252.5 255 2.5 11.55 .337
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Drill holes GPGR001 through GPGR012 are located along the Sunshine vein. These holes were designed to follow up on high grade gold mineralization in the 2008 surface sampling program, and to test extensions of the vein to the east and west. The Sunshine vein was developed by the Sunshine mine in the early 1900's and has been traced for 2,400 ft (730 m) of strike length on the surface. Results of these holes have confirmed the continuity of veining at shallow depths, and also identified a parallel vein to the north of the Sunshine vein. Epithermal textures observed in each vein suggest potential for increasing gold grades with depth.

Drill holes GPGR013 to GPGR016 were drilled across the western end of the Sunshine vein within the Yellow Jacket mine patented claim. Extensive historic trenching and shafts along the vein begin where a N30E steeply dipping cross structure intersects the vein on the east side, with a continuous series of trenches and shafts for 400 ft (123 m) of strike to the west of the intersection. The two significant intercepts in holes GPGR014 and GPGR016 on the Yellow Jacket claim are from two parallel veins. Additional drill holes are planned to further define the extent of this mineralization both down dip and along strike.

Drill holes GPGR18 through GPGR21 were drilled across the Modoc vein adjacent to the Modoc mine shaft, the largest of the historic operations in the district. The Modoc shaft is 212 ft deep and has over a 1,000 ft of underground workings on three levels. The high grade gold intercepts in hole GPGR021 are located in banded quartz adularia vein along strike and below the old mine workings, with the interval from 160 to 165 ft on a N70E striking cross vein described in the historic geological reports on the mine, while the lower interval from 250 to 255 ft is from the Modoc vein. Additional drilling will be completed to evaluate the extent of this gold mineralization above and below the intercept and along strike to the north and south.

Additional information, including the February 9, 2009 press release with assay values for the 2008 surface rock chip samples, and property location map may be viewed on the Company's website: http://www.goldenpredator.com.

Laboratory Analysis and QA/QC

ALS CHEMEX of Reno, NV and Elko, NV performed all primary lab analyses. Samples received in the lab were first logged-in and assigned a barcode. The samples were then rotary split prior to crushing to retain a coarse sample for metallurgical work. The remainder was 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. 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 ppm and 1 ppm, respectively. Assay results for gold and silver are reported by the lab in ppm units. In public disclosure, ounce per imperial ton (oz/t) and gram per metric tonne (gm/t) is used, where 34.285 ppm is equivalent to 1 oz/t and 1 ppm is equivalent to 1 gm/t.

QA/QC procedures followed for the reverse circulation drilling include submittal of chip samples for analysis with a duplicate sample for every twenty samples submitted and also a combination of blank and reference samples submitted for every twenty samples submitted.

All assay numbers are reported as un-cut and all intercepts are reported as drill width and are not to be interpreted as true widths.

David R. Hembree, P.Geo., a Qualified Person as defined under National Instrument 43-101, manages Golden Predator's U.S. exploration programs outside Nevada, has reviewed & verified the information presented on QA/QC procedures and technical aspects of the drilling results and is responsible for the technical contents of this press release.

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.

In the Yukon, in 2009 the Company is aggressively exploring its three Yukon properties, Gold Dome, Brewery Creek and Antimony Mountain, in the prolific Tintina Gold Trend through its wholly owned subsidiary True North Mining Corp. Brewery Creek currently is authorized under mining leases, a Type A water license and a production license.

In Nevada, Golden Predator is planning to drill 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
    Chairman
    (867) 335-5000
    or
    Golden Predator Royalty & Development Corp.
    Robert Eadie
    President
    (604) 602-4935
    www.goldenpredator.com