VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2009) - Golden Predator Royalty and Development (TSX VENTURE:GPD) is pleased to report that it has renegotiated the original Quartz Mt. agreement with Seabridge Gold Corporation, dated Oct. 15, 2003, to focus on an area of high grade gold mineralization known as Angel's Camp. Quincy Resources Inc., a predecessor company to Golden Predator Royalty and Development Corp. (the "Company") and signatory to the original Quartz Mt. agreement, intersected high grade gold mineralization grading up to 1.735 oz/t Au and 29.75 oz/t Ag in banded epithermal quartz veins over a drilled interval of 5.5 feet (see Quincy Gold Corp. NR dated January 20, 2005 posted at www.sedar.com). Predator intends to include Angel's Camp in its 2009 drilling program with follow-up drilling to extend and further delineate bonanza style gold mineralization.
Quincy completed a total of nine drill holes into Angel's Camp with five of the drill holes returning significant gold assays, in addition to six of thirty-three historical drill holes completed by Quartz Mtn Gold Corp. Highlights of this drilling are as follows:
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Angel's Camp Drilling Highlights (0.10 oz/t Gold cut-off)
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Drilled
From To Interval Gold Gold Silver
Drillhole (feet) (feet) (feet) (gm/t) (oz/t) (oz/t)
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From Quincy Gold Corp. 2004 Drilling Campaign
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AC-1 40 45.5 5.5 5.07 0.148 0.09
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AC-3 222.5 233.5 11 6.83 0.199 0.39
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AC-4 383.2 386.8 3.6 3.91 0.114 0.11
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AC-10 191.5 197 5.5 59.49 1.735 29.75
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AC-11 230 232 2 3.75 0.110 0.07
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AC-11 255 269 14 9.96 0.290 0.25
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Quartz Mtn Gold Corp. Historic Drilling
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QM-180 245 265 20 12.93 0.377 N/A
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QM-180 275 285 10 14.50 0.423 N/A
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QM-403 36.5 40 3.5 8.47 0.247 0.00
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QM-403 56.8 70.5 13.7 67.44 1.967 7.76
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QM-403 91 94 3 30.86 0.900 3.20
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QM-487 41 45 4 4.56 0.133 0.11
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QM-487 53 56 3 3.46 0.101 0.05
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QM-487 135 151 16 14.13 0.412 0.59
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QM-487 200 217 17 21.59 0.630 2.10
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QM-487 241.5 245 3.5 10.18 0.297 0.15
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QM-488 7 17.5 10.5 15.55 0.454 0.57
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QM-488 29.5 39 9.5 6.83 0.199 0.16
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QM-488 70.5 81.5 11 6.75 0.197 0.42
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QM-489 14 49 35 7.80 0.227 0.41
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QM-600 240 285 45 11.02 0.321 N/A
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QM-600 335 340 5 160.49 4.681 N/A
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Exploration prior to Quincy's drilling in 2004 focused on the low grade, open pit mining potential of the property. Little attention was paid to bonanza style veins, and there has been no follow up work to the Quincy intercepts of high grade vein mineralization. All previous drilling combined; the significant intercepts are located along 150 feet of strike on a north-south trend, with low-grade, anomalous drilling located 100 feet to the north, and mineralization open both down-dip and to the south. Golden Predator is currently in the process of permitting a drill program to further test the down-dip and strike extent of those bonanza style vein intercepts.
Under the terms of the new agreement with Seabridge Gold Inc., Golden Predator Mines US Inc., a wholly owned subsidiary of the newly formed Golden Predator Royalty and Development Corp. has the exclusive right to earn a 50% interest in 158 unpatented mining claims on the Angel's Camp Project located in Lake County Oregon, by incurring exploration expenditures of $500,000 prior to December 31, 2010 and issue to Seabridge Gold 200,000 shares of the Company. Under the agreement, Golden Predator has a one-time option to increase its holdings to a 70% interest by funding and completing a feasibility study within three years of electing to do so.
William Sheriff, Chairman and CEO of Golden Predator, commented on the new deal: "The re-negotiation of terms with Seabridge has provided the Company an opportunity to continue work on the prospective areas at Quartz Mountain that provide the most benefit to Golden Predator's business plan while reducing the exploration commitment to earn a vested interest in the property. Golden Predator's business plan is to eliminate the potentially lengthy and costly permitting procedures for milling in Oregon and other states, and ship high grade whole rock or gravity concentrates to a centralized milling facility in Nevada, where permitting is already underway. The Angel's Camp project has excellent potential to provide additional high grade feed to this Nevada milling facility."
The contents of this news release have been reviewed by Art Ettlinger, Ph.D., P.Geo., the company's Vice President of Corporate Development and a Qualified Person as defined by National Instrument 43-101. The Quincy Gold Corp. news release of January 20, 2005 provides a full description of sample preparation and analysis for the 2004 drill results. Discussion of the Quartz Mtn Gold Corp. historical drill sample preparation, analysis, and QaQc are reviewed in a technical report dated April 22, 2004 as prepared by Lechner of Resource Modeling Inc.
In addition, the Company has issued 17,590 shares to a former consultant of Fury Explorations Ltd., a company acquired by EMC Metals Inc. in August of 2008.
About Golden Predator Royalty & Development Corp.
The Company is focused on becoming a mid-tier precious metals producer in Nevada through the strategic use of its Taylor milling facility near Ely, NV and through a facilities use agreement at the Springer Facility with its sister company, EMC Metals Corp. Golden Predator is moving forward on several of its gold and silver projects in 2009 with the mandate to identify one or more properties for near term production of small-tonnage high grade opportunities. In addition, the company is partially self-financed through its passive royalty stream from a portfolio of properties that are anticipated to yield approximately $1.2 million at current gold prices for 2009. To augment its Nevada production focus, the Company is initiating an aggressive property acquisition program in the Yukon and surrounding area focused on the development of large, intrusive-related gold deposits within the prolific Tintina Gold Trend. |
