Golden Predator Mines Inc.
TSX : GP

Golden Predator Mines Inc.

February 17, 2009 14:48 ET

Golden Predator Reports on Initial Exploration at Dyke Canyon Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2009) - Golden Predator Mines Inc. (TSX:GP) ("the Company") is pleased to report results from its 2008 exploration program at Dyke Canyon, an early stage exploration property in the Pine Forest Range of northern Nevada. Exploration was initiated with a data compilation and field reconnaissance/mapping program in 2007 followed by surface rock chip sampling in summer 2008. A total of 96 samples have now been collected by Company geologists supplemented by 18 samples from historic work performed by Placer Amex. Gold assays as high as 18.51 gm/t (0.5495 oz/t) are reported as follows:



Dyke Canyon Surface Samples greater than 1 Gm/t Gold

Au Ag
SAMPLE # Comments gm/t gm/t

D260802 Quartz vein from prospect pit stockpile 3.14 6.83
D260809 Quartz vein from stockpile 3.83 16.85
D260810 Stockpile sample 1.385 8.95
D260811 Rock chip channel sample from outcrop 16.05(i) 74.4
D260812 Quartz vein from stockpile 9.5 30.2
D260814 Dump sample 3.83 5.91
XK-21 Dump sample 13.15(i) 4.82
XK-22 Rock chip sample 15.45(i) 28.6
XK-23 Rock chip sample 3.5 4.37
C-10162 High Dump - High Grade Dump Grab 18.51 5.486
C-10165 Middle Prospect Dump - Dump Character 2.78 2.057
DC1 Rock chip channel sample from outcrop 2.81 30.9


The Dyke Canyon property consists of 49 leased claims covering approximately 980 acres. It is located on the east slope of the Pine Forest Range approximately 25 miles south of Denio, NV. The claims cover part of the former Dyke Canyon (Leonard Creek) mining district.

Historic work has suggested that fault-breccia intersections, where breccias can be found along the axis of overturned and parallel folds, should be investigated. It was also thought that a granitic intrusive comes near the surface in the vicinity of Dyke Hot Spring representing another target. Sampling by Golden Predator appears to also demonstrate that vein-hosted gold mineralization may also be associated with Tertiary range-front faulting as evidenced by multiple Au assays greater than 5 gm/t and up to 18.5 gm/t on the property (up to 32.5 gm/t from historic off property sampling) which have been collected from old mine workings and vein outcrops along over 7,000 feet of strike length and 2,000 feet of width in the district.

Samples were analyzed for gold and silver at ALS Chemex analytical laboratories in Reno, NV and/or North Vancouver, BC. Received samples were crushed to 70% less than 2 mm with a sample split pulverized to 85% less than 75 microns. Gold was analyzed by fire assay and AAS with silver analyzed by aqua regia digestion and ICP-AES or AAS finish. All samples assaying greater than 10 gm/t gold, as marked with ("i"), were reanalyzed by fire assay with a gravimetric finish using a nominal 30 g sample weight.

The contents of this news release have been reviewed by Travis Schwertfeger, P.Geo., the company's Exploration Manager-Gold and a Qualified Person as defined by National Instrument 43-101.

About Golden Predator

Golden Predator is a tungsten and gold mining company focused on mineral development in Nevada and surrounding states. The Company recently announced the proposed segregation of its two main business components into separately listed public companies by spin-out of its gold and silver focused, precious metals portfolio to a new company ("New GoldCo") by means of a plan of arrangement. The objective of the spin-out is to maximize shareholder value by allowing the market to independently value two very different businesses. The spin-out will result in a separate, revenue generating, Nevada focused gold company, in addition to allowing the existing company ("Specialty MetalsCo") to re-focus its efforts as a specialty metals and alloys company working in tungsten, molybdenum, vanadium and uranium. Management is confident that having two separate operating businesses will accelerate the advancement and development of existing projects with a higher degree of certainty, and improved efficiency.

Further information on Golden Predator Mines Inc. is available on the SEDAR web site at www.sedar.com and on the company's web site at www.goldenpredator.com, or see contact information below.

Certain disclosures in this release, including management's assessment of Golden Predator's plans and projects and intentions with respect to a proposed spin-out, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Golden Predator's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects and the receipts of all necessary approvals and consents for the proposed spin-out. Readers are cautioned not to place undue reliance on forward-looking statements. Golden Predator expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Completion of the transaction is subject to a number of conditions, including regulatory approval, shareholder approvals, and approval of the British Columbia Supreme Court. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the spin-off may not be accurate or complete and should not be relied upon. Trading in the securities of exploration and development stage resource companies should be considered highly speculative.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.

Contact Information

  • Golden Predator Mines Inc.
    William M. Sheriff
    CEO
    (778) 855-7230
    or
    Golden Predator Mines Inc.
    Steve Vanry
    President
    (604) 648-4660
    Website: www.goldenpredator.com