VANCOUVER, British Columbia, July 02, 2019 (GLOBE NEWSWIRE) -- Golden Predator Mining Corp. (TSX.V:GPY, OTCQX:NTGSF) (the “Company” or “Golden Predator”) is very pleased to announce that the Company has received formal notification from the Yukon Government confirming the validity of the existing Quartz Mining License and Water License providing for the restart of the Brewery Creek mine which was put into Temporary Closure in 2002 following a collapse of the gold price to below $300 US per troy ounce. The Company is authorized to restart mining activities that follow the previously assessed mine plans without further assessment and review. In addition, the Company has received notice that the Tr’ondek Hwech’in have passed a formal Council Resolution in support of resumed mining and processing at the Brewery Creek Mine under the existing licenses. The Company has already reconstituted its Joint Advisory Committee with the Tr’ondek Hwech’in and looks forward to working closely with the First Nation as well as the Yukon Government in its efforts to return Brewery Creek to production.
“Tr’ondek Hwech’in Council remains committed to the agreements and efforts developed in the past; we look forward to working closely with Golden Predator to ensure the operation of the project remains sustainable and ensure that important values of Tr’ondek Hwech’in continue to be reflected through the re-establishment of the Advisory Committee,” said Chief Roberta Joseph.
“In 2012, Tr’ondek Hwech’in and Golden Predator signed a Socio Economic Accord for the Brewery Creek project and have established a strong and respectful working relationship. Combining this with the demonstrated support of the Yukon Government to resume mining activities, without re-entering the permitting process, will provide the Company a clear path forward to restart the Brewery Creek mine in a timely manner that benefits our shareholders, the First Nation, the community of Dawson, and the entire Yukon,” said Janet Lee-Sheriff, Chief Executive Officer. “We acknowledge and appreciate the collective efforts of Tr’ondek Hwech’in and the Yukon Government in strongly supporting the authorized restart and look forward to working together over the coming years as we submit proposed amendments to the original plan for eventual expansion of the mine. With these exciting and game changing developments the Company will be aggressively increasing its activities at Brewery Creek this summer. It is an exciting time for Golden Predator and we are proud to work in the Yukon and in the traditional territory of the Tr’ondëk Hwëch’in.”
The current mine plan allows for mining activities in the permitted area (see map link http://www.goldenpredator.com/_resources/maps/brewery-creek/GPY-NR-Brewery-Restart-MAPS.pdf) as defined in the Quartz Mining License and Water License. With established resources remaining within the existing licensed area, the Company intends to resume mining and processing of these permitted areas while the Company works with Tr’ondek Hwech’in and Yukon Government under an optimal schedule to seek amendments for expansion of activities for those resources lying outside of the existing licenses. This summer, the Company will accelerate its highly successful exploration and development drilling across the 180 km2 property as many targets remain open or untested.
Brewery Creek Project, Yukon
The Brewery Creek Project is a brownfields heap leach gold mining operation with a 2014 Preliminary Economic Assessment (PEA) resource estimation including an Indicated oxide resource of 577,000 troy ounces of gold in 14.2 million tonnes averaging 1.27 g/t gold and an Inferred oxide resources of 279,000 troy ounces of gold in 9.3 million tonnes averaging 0.93 g/t gold (includes resource areas located within and outside of production licenses as shown on map). In addition, the resource estimate contains Indicated sulfide resources of 142,000 troy ounces of gold in 3.5 million tonnes at 1.28 g/t gold and Inferred sulfide resources totaling 546,000 troy ounces of gold in 12.4 million tonnes at 1.37 g/t gold(1), although most drilling was historically terminated a short depth below the oxide mineralization, leaving sulfide potential largely untested.
The Brewery Creek Project holds a Type A Water License, a Quartz Mining License (QML) and a Socio Economic Accord with Tr’ondek Hwech’in and is permitted to resume mining activities under the current licenses. The project also has a Class IV Mining Land Use Permit to conduct additional exploration.
“To sum up, Brewery Creek already has a sizeable open pit oxide resource of superior grade and the potential for making significant near surface additions at a very low cost, “ said Janet Lee-Sheriff.
From 1996 to 2002 approximately 280,000 oz Gold was produced from seven near-surface oxide deposits along the property's Reserve Trend. The mine (operated by Viceroy Resource Corporation) entered Temporary Closure in 2002 due to low gold prices (less than $300.00 per troy ounce) with the provision to resume mining and processing activities when gold prices increased to satisfactory levels. The 186 km2 property is located 55 km due east of Dawson City and is accessible year round by paved and improved gravel roads.
The technical content of this news release has been reviewed and approved by Jeff Cary, CPG, a Qualified Person as defined by National Instrument 43-101 and an employee of the Company.
Golden Predator Mining Corp.
Golden Predator is advancing the past-producing Brewery Creek Gold Mine towards a timely resumption of mining activities, under its valid Quartz Mining and Water Licenses, in Canada’s Yukon. With established resources grading more than 1.0 g/t Gold and low capex to production in a safe first world jurisdiction, Brewery Creek has a clear path to production as an economically and environmentally proven project. Optimization studies are progressing to enhance the already positive multi-phase project economics described in the 2014 Preliminary Economic Assessment. Drilling continues to expand the numerous open ended resources and untested targets across the 186 km2 brownfield property.
At 3 Aces, Golden Predator continues to expand on discoveries of native gold in quartz veins while ongoing bulk sampling and processing at our 50 tpd Company-owned processing plant has demonstrated gold recoveries of over 85% using a chemical-free process. This green gold provides the gold for the mintage of .9999 gold coins from the Yukon Mint™, a wholly-owned subsidiary of Golden Predator.
|For additional information: |
|Janet Lee-Sheriff||Wayne Potoroka|
|Chief Executive Officer||Director of Communications|
|Golden Predator Mining Corp.||Tr’ondek Hwech’in|
|(604) 260-8435||(867)993-7100 Ext 108|
(1) NI 43-101 Technical Report "Preliminary Economic Assessment for the Brewery Creek Property Yukon Territory, Canada" Release Date of November 19, 2014.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements express or implied regarding completion of the transactions described herein, the upcoming season at 3 Aces project, and projected grades and gold and silver recoveries from the 2018 and proposed 2019 bulk sample program, Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.