VANCOUVER, May 31, 2011 /CNW/ - Golden Predator Corp. (TSX: GPD) (the "Company") is pleased to announce that it has tripled its 2011 budget at its Brewery Creek Project to $6 MM. The Company made the decision to increase its Brewery Creek budget following the promising discoveries of its 2010-2011 drill programs at the newly-discovered Bohemian and Schooner Zones, and the identification of a number of high-priority drill targets by an airborne geophysical survey completed in May 2011.(1)
As part of the increased budget, the Company has secured a second diamond drill rig for Brewery Creek, to intensify the ongoing drill program. This second rig will focus on targets recently identified by airborne survey along trend on the eastern portion of the property, where only limited exploration has occurred in the past. A third rig has been scheduled to begin at the Project in mid June, which will be a truck-mounted RC (reverse circulation) rig.
The addition of a second diamond drill rig and an RC rig will allow the Company to rapidly assess and delineate the Bohemian and Schooner Zone discoveries, while simultaneously conducting aggressive exploration on several other high priority targets on the 187 km2 Brewery Creek property.
Overview of Brewery Creek 2011 Drilling
The Brewery Creek winter 2011 diamond drilling campaign was designed to expand the Bohemian Zone discovered by the Company in 2010, and resulted in a second discovery at the Schooner Zone, 250 m east of the Bohemian Zone.
The 2011 winter program reported significant mineralization on 24 of the 25 holes drilled, including (among other significant results) 74 m of 7.08 g/t gold including 57.5 m of 8.90 g/t gold beginning at a depth of 6 m in hole BC11-198.(2) Drilling was recommenced in May, and the current drill program is planned to include an additional 20 holes focusing on the extension of mineralization along strike and down dip from the winter 2011 discoveries.
The Brewery Creek property is located 55 km due east of Dawson City, Yukon and comprises 997 quartz claims over 187 km2. Brewery Creek was the site of a heap-leach gold mine that operated from 1996-2002 and produced 279,541 ounces of gold. Current resources remaining on the property include an Indicated Resource of 3.98 MM tonnes grading 1.135 g/t gold and an Inferred Resource of 2.2 MM tonnes averaging 2.01 g/t gold (Diment and Simpson, 2009). The Brewery Creek Project is authorized under a Type A Water License and a production license with expiry dates of December 31, 2021.
(1) GPD NR May 10, 2011
(2) GPD NR April 26, 2011
About Golden Predator Corp.
Golden Predator Corp., a well-funded exploration and development company, has a mandate to be the leading gold property explorer and developer in Yukon, Canada. Golden Predator has a vast Yukon property position with three advanced gold projects, 6 pipeline prospects, and extensive exploration landholdings, together comprising over 2,300 km2. Drilling continues at the Company's flagship Brewery Creek project. Commencing in June, 2011 Golden Predator will resume aggressive drill programs and work towards completing initial resource estimates for Grew Creek and Clear Creek and updating the existing resource estimate for Brewery Creek, in addition to conducting initial drilling at the recently acquired Harlan project.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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.
SOURCE Golden Predator Corp.
For further information: Golden Predator Corp., Investor Relations, (604) 648-GOLD (4653), firstname.lastname@example.org, www.goldenpredator.com