Golden Predator Reports High Grade Intercept of 4.6 M Grading 41.8 Grams Per Tonne (15 Ft of 1.22 Oz/T) Gold at Adelaide Project
VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 29, 2008) – Golden Predator Mines Inc. (TSX:GP) is pleased to announce that the Adelaide Project, located in Southeastern Humboldt County, Nevada, continues to provide high grade intercepts. Assays have now been received for drill holes GPA014 through GPA022. Drilling to this point covers just over 3,000 feet of strike length along the auriferous quartz vein system. Assay highlights include: 41.8 gm/t gold over 4.6 m (1.22 oz/t over 15 ft) located within 26.8 gm/t over 7.6 m (0.78 oz/t over 25 ft) interval from drill hole GPA019, and 10.5 gm/t over 1.5 m (0.31 oz/t over 5 ft) in hole GPA015. Assay intervals are drilled thickness from 5 feet assay intervals.
The location and history of the Adelaide property is summarized in Golden Predator’s July 24 press release, announcing results of the first nine holes of the program, including GPA004 which contained 11.2 gm/t over 1.3 m (0.325 oz/t over 4.4 feet ) and 1.8 gm/t over 2.7 m (0.052 oz/t over 8.8 feet). GPA019 is located 400 feet West and 80 ft North of drill hole GPA004. Both drillholes test the Margarite vein system at Adelaide. High grade intercepts in drill hole GPA019 are 400 feet down-dip of GPA004 along a north- south trending auriferous quartz vein that dips approximately 70 degrees to the West. GPA019 confirms potential for increasing grade with depth as targeted in this program.
Drill holes GPA014 through GPA017 are testing down-dip and strike extensions of the historic Adelaide-Crown underground and open pit mines. This prospect lies approximately 2,600 feet (800m) north from hole GPA019, along the same vein system.
William Sheriff, President and CEO of Golden Predator Mines Inc. observed: “The intersection of ounce per ton material from the Adelaide vein system perfectly fits our business plan of evaluating historic gold properties for their Bonanza gold-quartz vein potential at depth. In our plan, we envision processing high grade gold ores from a variety of stranded deposits at a central processing facility. Stranded deposits, such as Adelaide, are those deposits which likely would not support the permitting and construction of a new milling facility, but which have high enough gold grades which allows the ore to be trucked to a central infrastructure, such as the company’s Springer Facility near Imlay, NV”.
Golden Predator initiated a 44 hole drill program this year to test several targets along 1.6 miles of strike on the mineralized Adelaide Fault zone. This program is planned to consist of 32 reverse circulation holes and 12 diamond core holes. Drilling is primarily testing extensions of historic underground and surface mining.
A drill hole location map may be viewed on the company’s website at www.goldenpredator.com under the Premier Projects/Major Gold Properties/Adelaide folder.
Adelaide Project Drill Highlights, Greater than 1 gm/t ——————————————————————– —— ____________________________ Drilled Drill______ From____ To____ Interval____ Gold____Silver____ Gold____Silver Hole No______(ft)__ (ft)________ (ft)____(ppm)____(gm/t)__ (oz/ t)____(oz/t) ——————————————————————– —— GPA014______ 105____110____________5______1.6________73____0.046______2.13 ——————————————————————– —— GPA014______ 135____140____________5______1.2______ 272____0.036______7.93 ——————————————————————– —— ——————————————————————– —— GPA014______ 275____290__________ 15______1.5________45____0.043______1.31 ——————————————————————– —— ——————————————————————– —— GPA015________60____ 70__________ 10______1.2______ 108____0.034______3.15 ——————————————————————– —— GPA015______ 280____285____________5______1.8________32____0.052______0.93 ——————————————————————– —— GPA015______ 475____480____________5____ 10.5________ 3____0.306______0.09 ——————————————————————– —— GPA015______ 495____500____________5______1.7________ 1____0.048______0.03 ——————————————————————– —— ——————————————————————– —— GPA016________75____105__________ 30______1.1________48____0.032______1.40 ——————————————————————– —— ——————————————————————– —— GPA017______ 105____110____________5______1.1________67____0.033______1.95 ——————————————————————– —— GPA017______ 290____295____________5______1.2________33____0.034______0.96 ——————————————————————– —— ——————————————————————– —— GPA018______ 425____465__________ 40______1.6________25____0.048______0.74 ——————————————————————– —— including____430____445__________ 15______3.1________36____0.091______1.06 ——————————————————————– —— ——————————————————————– —— GPA018______ 530____535____________5______2.3________ 5____0.068______0.15 ——————————————————————– —— ——————————————————————– —— GPA019______ 485____510__________ 25____ 26.8________60____0.781______1.74 ——————————————————————– —— Including____485____500__________ 15____ 41.8________83____1.219______2.42 ——————————————————————– —— ——————————————————————– —— GPA019______ 585____595__________ 10______9.0________ 3____0.262______0.07 ——————————————————————– —— Including____590____595____________5____ 16.6________ 2____0.483______0.06 ——————————————————————– —— ——————————————————————– —— GPA020______ 470____475____________5______3.7________12____0.108______0.35 ——————————————————————– —— GPA020______ 570____575____________5______2.0________13____0.059______0.38 ——————————————————————– —— GPA020______ 715____720____________5______8.6________ 4____0.250______0.12 ——————————————————————– —— ——————————————————————– —— GPA021______ 115____120____________5______1.7________ 8____0.048______0.23 ——————————————————————– ——
Laboratory Analysis and QA/QC
ALS CHEMEX of Reno, NV performed all primary lab analyses. Samples received in the lab were first logged-in and assigned a barcode. The samples were then fine crushed to 70% less than 2 mm then split with a riffle splitter with one split pulverized to 85% less than 75 microns. Gold was analyzed by fire assay and AAS using a nominal 30 g sample weight, for samples exceeding 10 ppm values were analyzed by fire assay with a gravimetric finish. Silver was analyzed by aqua regia digestion and ICP-AES or AAS. Levels of detection for gold and silver are, 0.005 and 1 ppm, respectively.
QA/QC procedures followed for this initial reverse circulation drilling include submittal of chip samples for analysis with duplicate, blank, and referee samples being submitted for every ten samples assayed. It is uncertain as to whether mineralization at Adelaide contains coarse gold which may present assaying challenges. An orientation study using metallic screen analysis to check for variability due to coarse gold is in progress.
Information presented here on QA/QC procedures and historical resource estimates was reviewed and approved by Travis Schwertfeger, P. Geo., the Gold Exploration Manager of the company and a Qualified Person as defined under National Instrument 43-101. All historical resource estimates quoted herein are based on prior data and reports obtained and prepared by previous operators and certain other information. The historical estimates should not be relied upon. No qualified person (as defined by NI 43-101) has done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Golden Predator has not completed the work necessary to verify the classification of the mineral resource estimates and is not treating the historical estimates as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3 of NI 43-101. Further work will be required to evaluate these resource estimates.
Golden Predator is a tungsten and gold mining company focused on mineral development in Nevada and surrounding states. The company intends to augment its dominant 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, which will be operational by the end of this year when it will be the only operational tungsten mill in the United States.
Information Regarding Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Golden Predator’s actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things: volatility of natural resource prices; product demand; market competition and risks inherent in the company’s operations. These and other risks are described in the Company’s public filings with Canadian Securities Regulators available at www.sedar.com.
For more information please see our Website at www.goldenpredator.com, or send questions and comments to firstname.lastname@example.org.
(c) 2008 Marketwire. Provided by ProQuest Information and Learning. All rights Reserved.