News Releases

February 26, 2009
Golden Predator to Retire Convertible Debentures of Subsidiary

Vancouver, BC -- February 26, 2009 - Golden Predator Mines Inc. (TSX:GP) ("the Company") is pleased to announce that holders of Series E, 8% Convertible Debentures (the "Debentures") issued by Great American Minerals Inc. ("GAM") have accepted a proposal to retire the Debentures in exchange for securities of the Company. GAM is a wholly owned subsidiary of the Company that was acquired in April of 2008. A total of 39 Debentures were issued by GAM in August and September of 2006 in the aggregate principal amount of US$2,340,625. The Debentures mature in August and September of 2009. In connection with the proposal, GAM share purchase warrants held by holders of the Debentures will be cancelled.

Pursuant to the proposal, holders of the Debentures would receive 105% of their principal amount plus accrued interest as at February 18, 2009 in common shares of the Company at the rate of US$0.40 per share. Accordingly the Company will issue an aggregate of up to 7,336,880 shares on closing of the proposal. In addition, the holders of the Debentures will receive share purchase warrants of the Company exerciseable to acquire an aggregate of up to 1,787,374 shares of the Company at US$0.30 per share for a period of two years.

It is expected that shares issued pursuant to the proposal will participate in the spin-out transaction. The warrants will not participate in the spin-out, however the holders of the debentures will receive share purchase warrants of Golden Predator Royalty & Development Corp. ("GPRD") exerciseable to acquire an aggregate of up to 446,844 shares of GPRD at US$0.45 per share for a period of one year. 

In connection with the proposal, the Company proposes to issue up to 500,040 share purchase warrants of the Company and up to 125,010 share purchase warrants of GPRD to Westminster Securities as an agent's fee for their services in connection with the proposal to holders of Debentures. The warrants will have the same terms as the share purchase warrants issued to the holders of the Debentures and are issuable only upon successful completion of the proposal. Westminster will also cancel their GAM broker warrants previously issued in connection with the original issuance of the Debentures by GAM.

The above transactions are subject to TSX acceptance. The shares and warrants issuable pursuant to the proposal are subject to applicable Canadian and U.S. hold periods. The shares and warrants are not and will not be registered in the United States and may not be sold or transferred in the United States unless a registration statement is filed, or an exemption from the registration requirement is available and relied upon.

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 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 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 the proposal and to a proposed spin-out, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors 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 and for the proposal. 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.

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