VANCOUVER, Sept. 1, 2011 /CNW/ - Golden Predator Corp. (TSX:GPD) (the "Company") is pleased to announce it has increased its
mineral rights holdings to more than 1,400,000 acres (27,463 claims
over 5,700 km2), giving it the largest controlled land position in the Yukon. The
largest additions to the Company's holdings are in the Livingstone
district. In addition, a significant number of new properties have
been acquired through staking in the Selwyn Basin as well as other
prospective areas identified from the Company's reconnaissance
activities augmented by the Yukon Geological Survey's extensive
Location maps and a photo of Livingstone placer gold can be found on the
Company's website at (http://www.goldenpredator.com/documents/GPD-NR11-34-Livingstone-Acquisitions-FINAL.pdf).
Livingstone Creek Gold District
The Company's land holdings in the Livingstone Creek Gold District
consist of 27 contiguous and non-contiguous claim blocks totalling
approximately 7,200 claims. The claim blocks cover approximately
375,000 acres (1,500 km2) and are located between 45 and 140 km northeast of Whitehorse in the
Whitehorse Mining District. The new properties are accessible by
helicopter and fixed-wing aircraft from the Livingstone Airstrip, and
partially accessible via winter road from Whitehorse.
The core area of the Livingston District covers a number of creeks that
have reported production of over 50,000 ounces of placer gold since the
turn of the century. Gold produced from the area is often spectacular
with very large multi-ounce nuggets as well as a large proportion of
nuggets larger than ¼" in size. Historic hard rock exploration has been
sporadic in the area, resulting in the discovery of some minor gold
occurrences. However a methodical, regional scale exploration program
seeking the hard rock sources of the gold has not occurred. The
Livingston District is in a portion of the Yukon that was glaciated,
and this is considered to have dispersed much of the gold from the
creeks, suggesting that a greater potential hard rock exists. Gold is
preserved in creeks that are perpendicular to the glacial flow.
The Livingstone District is underlain by Devonian-Mississippian, Yukon
Tanana Terrain metasedimentary and metavolcanic rocks, which have been
intruded by at least five distinct Late-Devonian to Late-Cretaceous
plutonic suites. The District is fault bounded by the major regional
scale northerly trending Big Salmon Fault in the west and the D'Abbadie
fault to the east. Placer creeks are interpreted to occupy east
trending structures within the major District bounding faults. This
understanding not only highlights several potential gold deposit types,
such as structurally-hosted hydrothermal veins, orogenic veins, skarn,
epithermal veins and intrusion-related gold but also draws attention to
other potential deposit types, such as precious metal enriched
volcanogenic massive sulphide deposits and porphyry deposits.
Certain of the claim blocks acquired in the Livingston District are
subject to Finder's Fee Agreements which require cash, share and
exploration commitments, and include royalties ranging from 1% - to 3%,
for which the Company has certain buyback rights.
The technical content of this news release has been reviewed and
approved by Michael Maslowski, BSc, PGeo, the Company's Vice President,
Exploration (Canada) and a Qualified Person as defined by National
Golden Predator is currently compiling all historical geological data
for the Livingstone District as well as conducting field work
consisting of mapping, rock chip and silt sampling and soil surveys.
These results will guide the Company in selecting drill targets for
2012. Elsewhere in the Yukon the Company is conducting extensive soil
and stream sediment sampling programs along with mapping and rock chip
sampling on its leading land package in addition to aggressively
drilling its priority projects.
Land holding (mineral assessment) costs in the Yukon consist of an
annual work commitment of $100 per claim, or a cash payment in lieu. Up
to five years' work can be applied to a single claim in any one year.
Golden Predator's work programs are planned to encompass all annual
mineral assessment costs, with many claim groups able to apply for
multiple year's work.
About Golden Predator Corp.
Golden Predator Corp., Yukon's Gold Company, is a well-funded exploration company mandated to create a mid-tier gold
producer. Golden Predator's road-accessible advanced properties
include its flagship Brewery Creek Project on which the Company is
moving aggressively to a near term production decision, as well as its
Grew Creek and Clear Creek Projects. The Company is also currently
drilling its Harlan Project, and is conducting soil and stream sediment
sampling on its extensive Selwyn Basin land package.
Golden Predator has the largest controlled land position in the Yukon,
with exploration holdings in excess of 1,400,000 acres (over 5,700 km2), and is committed to strong relationships with Yukon communities and
First Nations. Golden Predator's highly skilled management and
technical teams continue to lead aggressive exploration programs in the
underexplored region of the Yukon, driven to bring value to
shareholders and leave a positive legacy in the Yukon.
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.
(604) 648-GOLD (4653)