VANCOUVER, July 23, 2012 /CNW/ - Golden Predator Corp. (TSX:GPD) (the "Company") is pleased to announce that it has obtained final approval and issuance, from the Yukon Government's Energy, Mines & Resources Department, for a Class 4 Mining Land Use permit (Class 4 Permit) on its flagship Brewery Creek Project. The Class 4 Permit provides for expansion of exploration activities across the more than 180 square kilometer Brewery Creek Project. This exploration permit is in addition to the pre-existing Water and Quartz Mining License affecting portions of the Project area.
"This permit will allow Golden Predator to expand our exploration program, drill test a number of untested targets, delineate our new discoveries while at the same time moving forward towards restarting the Brewery Creek mine through the process of amending our existing Quartz Mining License," said William M. Sheriff, Chairman & CEO. "Our ability to access and fully drill test these new discoveries creates the opportunity for Brewery Creek's resources to grow, ultimately supporting a longer term operation."
Authorized Activities under the Class 4 Permit include:
- the expansion of drilling activities up to and including 8 drill rigs operating simultaneously (1500 reverse circulation holes and 1500 diamond core holes);
- the construction and use of up to 61 KM of new access roads across the Project;
- the expansion of the existing 45 person camp facility to a 120 person camp facility;
- the use and operation of vehicles exceeding 40 tonnes on existing roads;
- expanded fuel storage capacity;
- the expansion of mechanized trenching up to 12,000 m3.
Brewery Creek Project Overview
Brewery Creek hosts NI 43-101 compliant resources of 581,000 indicated gold ounces in 20.417 million tonnes at 0.89 g/t and 346,000 inferred gold ounces in 12.990 million tonnes at 0.83 g/t (Barr, 2012; GPD NR 12-20 June 18, 2012). The Company anticipates publishing an updated resource estimate incorporating the current year's drilling later in the year.
The Brewery Creek Project is a past producing heap leach gold mining operation with a total of 278,484 oz Au produced from seven near-surface oxide deposits along the property's Reserve Trend from 1996 through 2002, when the mine (operated by Viceroy Resource Corporation) shut down primarily due to low gold prices. The 181 km2 property is located 55 km due east of Dawson City, accessible by paved and gravel roads from the junction of the North Klondike and Dempster Highways.
The Project is in receipt of all necessary permits required to conduct additional exploration. The Brewery Creek Project holds a Type A Water License with an expiry date of December 31, 2021, subject to the restrictions and conditions contained in the Yukon Water Act and Regulations. The Project also holds a Quartz Mining License (QML) with an expiry date of December 31, 2021. The Company is working to amend the Water License and the QML to incorporate mine planning and design studies which are currently underway. In addition, a restated and amended Socio-Economic Accord with Tr'ondek Hwech'in First Nation with respect to the Brewery Creek Project is in place
The technical content of this news release has been reviewed and approved by Michael Maslowski, BSc, CPG, the Company's Chief Operating Officer and a Qualified Person as defined by National Instrument 43‐101.
About Golden Predator Corp.
Golden Predator Corp., Yukon's Gold Company, is mandated to become a mid-tier gold producer. Golden Predator's road-accessible advanced properties include its flagship Brewery Creek Project as well as its Grew Creek and Clear Creek Projects. Golden Predator is committed to moving aggressively to a near term production decision while expanding the existing NI 43-101-compliant resource at Brewery Creek.
Golden Predator has one of the largest controlled land positions in the Yukon, with exploration holdings in excess of 1.0 million acres, and is committed to strong relationships with First Nations and communities. Golden Predator's highly skilled management and technical teams continue to lead quality exploration programs in the underexplored regions of the Yukon, focused on advancing new discoveries and leaving a positive legacy.
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.
William M. Sheriff, Chairman & Chief Executive Officer
(604) 648-GOLD (4653)