Vancouver, BC -- February 9, 2009 - Golden Predator Mines Inc. (TSX:GP) ("the Company") is pleased to report results from the summer 2008 exploration program at its High Grade project. High Grade is a district-scale bonanza gold vein target located in the Warner Mountains approximately 30 miles northeast of Alturas in Modoc County, California. Golden Predator has secured essentially the entire former High Grade mine district, with gold-bearing mineralization outcropping over three miles of strike length and one mile of width.
Surface and underground rock chip sampling by company geologists returned gold values up to 129 gm/t (3.76 oz/t) Au and 695 gm/t (20.3 oz/t) Ag from two different samples in the Sunshine vein. Assay highlights from the 27 samples collected along approximately 2,000 feet of strike length on the Sunshine vein are presented in the following table.
High Grade Project Rock Chip Sampling Assay Highlights
Sunshine Adit - banded 4 - 10” quartz-adularia vein (QAV) in silicified rhyolite breccias (Bx)
Sunshine Adit – dump sample of banded QAV
Sunshine East Shaft banded QAV with waxy green quartz
Sunshine East Shaft – Bx & vuggy quartz vein (QV) with pyrite and dark sulfides
Sunshine Ridgetop Shaft - QAV with waxy green quartz & Fe-oxides
Sunshine Adit - dump late stage Mn - oxides coating white chalcedonic quartz
W Sunshine shaft – stockpile banded QAV
SW Sunshine shaft - vein from stockpile
Sunshine Central shaft - gossanous fault Bx with goethite-jarosite-hematite-Mn-ox
Sunshine Central shaft - dump face below shaft
Lower W Sunshine trench – dark gray silicified Bx with very fine grained sulfides disseminated at vein/fault intersection
SW Consolidated Shaft - dump coarse crystalline QV in Fe-ox stained argillized andesite
Klondike Middle Adit - banded quartz-pyrite vein in rhyolite Bx
E Consolidated Shaft – vuggy, waxy green QAV
Sunshine adit - QAV
Sunshine adit - QAV
Sunshine Adit - 2.0 ft chip sample of QAV in silicified rhyolite Bx
Upper Bluebell - 4.5 ft chip sample o Fe-ox stained Bx w/ QAV stockwork
Unless otherwise noted, samples reported above are from selected grab samples of vein material. 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% <2mm with a sample split pulverized to 85% <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 >10 gm/t gold were reanalyzed by fire assay with a gravimetric finish using a nominal 30 g sample weight.
The High Grade District was discovered in the late 1800's and saw an initial boom between 1910 and 1918. More recent exploration included shallow drilling concentrated upon defining low grade disseminated Au mineralization amenable to surface bulk mining from the 1980's to 1998 by companies such as Atlas Minerals, Kennecott, FMC, Nord and Golden Phoenix. Newmont Exploration conducted the first evaluation of deeper bonanza vein potential in 2001 and 2002, completing district wide geological, geochemical and geophysical surveys and three drill holes of a 23 hole program prior to ending their high-grade bonanza vein program. The district has been tested by over 114 mostly shallow, vertical drill holes concentrated upon the two areas where potential open pit disseminated Au mineralization was defined.
William Sheriff, Chairman and CEO of Golden Predator observed: "our Company's surface sampling and the historic shallow drilling conducted on the property lend credence to the potential presence of bonanza veins at depth. Gold grades exceeding 1.0 oz/t gold have been obtained from surface samples representing a variety of mineralizing events including veins, hydrothermal breccias, and gouge zones. The high frequency of strongly anomalous to ore grade, including bonanza grade, assays in surface samples is striking. In addition, the distribution of high-level, stockwork-related gold mineralization further supports the concept of more constricted gold-bearing veins at depth."
Golden Predator has begun a systematic compilation and computer modeled evaluation of the previous exploration database, which will allow the company to begin a phased drill testing of the most significant gold anomalies. A Plan of Operations, utilizing the previously approved Newmont drill platforms, has now been approved by the US Forest Service to expedite the initiation of drilling upon improvements in the financial markets. Additional drill sites will be added once the newly acquired land is evaluated by surface mapping, sampling and testing. A new aerial survey has been flown and a detailed topographic base map and color photo mosaic are in preparation to cover the entire district.
The contents of this news release have been reviewed by Art Ettlinger, Ph.D., P.Geo., the company's Chief Technical Officer 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 contact us as follows:
Golden Predator Mines Inc.
William M. Sheriff, CEO: (778) 855-7230
Steve Vanry, President: (604) 648-4660
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.
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.