News Releases

November 4, 2008
Golden Predator Increases Working Capital by US $ 2 Million

Vancouver, BC - November 4, 2008 - Golden Predator Mines Inc. (TSX:GP) announces that Springer Mining Company, a subsidiary of Golden Predator, has closed an amendment agreement with Cosgrave Ranch, LLC ("Cosgrave") of Spokane, Washington and completed partial payment of an associated promissory note. The amendment modifies the terms of the acquisition by Springer Mining of certain strategic land, water rights and other assets (the "Assets") from Cosgrave. The original asset purchase agreement included a promissory note of US$6.75 million payable July 3, 2013. Pursuant to the amendment agreement, a US$3 million cash backed Letter of Credit held in favor or Cosgrave was cancelled. US$2 million of the proceeds have been retained by Golden Predator, the balance of US$1million has been paid to Cosgrave in addition to 4,728,000 units of Golden Predator having a deemed value of US$2 million, based on an agreed price of CDN$0.50, per unit.. Each unit consists of one common share and one-half share purchase warrant exercisable at seventy-five cents ($0.75) each and exercisable for a period of two years. 

As a result of the amendment and partial payment of the promissory note, a principle balance of US$3.75 million remains payable to Cosgrave.

The shares and warrants will not be and have not been registered under the US Securities Act of 1933, or any US state laws, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

Golden Predator wishes to restate its previously announced (October 31, 2008) action pertaining to stock option repricing. The company had announced that it was repricing 1,025,000 existing non-insider options to $0.20 per share; the actual number of repriced options is 1,140,000. As originally stated, the term of the options is unchanged. The company has also issued an additional 1,554,000 incentive options, priced at $0.20 per share, to key employees, officers, insiders and directors of the company as earlier indicated on October 31, 2008.

Golden Predator is a tungsten and gold mining company focused on mineral development in Nevada and surrounding states. The company intends to augment its position in the domestic tungsten business through high grade gold development and production. Its current principal project is the Springer Facility, a 1,000 ton per day mine and mill complex built by the General Electric Company between 1979 and 1982. While it had a 13-year mine life at time of construction, GE only operated the facility for eight months when it ceased production in 1982 and placed Springer on care and maintenance due to falling tungsten prices. Golden Predator is in the process of re-commissioning the mill, and when completed, it will be the only operational tungsten mill in the United States. 

For more information please visit our website at or contact us as follows:

Steve Vanry
(604) 648-4653

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