Preliminary Economic Assessment on Brewery Creek Project, Yukon Commissioned by Golden Predator
EDMONTON, Alberta--(BUSINESS WIRE)--Golden Predator Mining Corp. (TSX.V: GPY) (the “Company”) announces that Tetra Tech EBA of Vancouver, Canada has been retained to complete a Preliminary Economic Assessment (PEA) on its 100% owned Brewery Creek Project. The PEA is being conducted to demonstrate the potential viability of the mineral resources at Brewery Creek and is based on ongoing metallurgical, engineering and environmental studies. It is anticipated for release in Q4, 2014.
The PEA will examine a scenario of open pit mining from a number of shallow oxide deposits. The mined material would be crushed to provide enhanced gold recoveries versus the run of mine recoveries experienced during the former operation. Results of metallurgical testing (GPD news release dated May 30, 2013) showed recoveries ranging from 77.9% to 82.9% after crushing to 80% passing 9.5 mm. Crushed material would be stacked on the unbuilt but permitted 3 cell expansion for the heap leach pad that remains from the original operation. Reprocessing a portion of the old heap leach pile by crushing the former run of mine material for additional gold recoveries as indicated by metallurgical testing is anticipated to be included in this assessment.
Brewery Creek Project
The Brewery Creek project contains Indicated Oxide Mineral Resources of 14.1 million tonnes at 1.27 grams per tonne gold (577,000 contained ounces) and Inferred Oxide Mineral Resources of 9.3 million tonnes at 0.93 grams per tonne gold (279,000 contained ounces) as disclosed in the October 2013 NI 43-101 Technical Report which is filed on SEDAR.(1)
The Brewery Creek Project is a past producing heap leach gold mining operation with a total of 278,484 oz Au produced from seven near-surface oxide deposits along the property's Reserve Trend from 1996 through 2002, when the mine (operated by Viceroy Resource Corporation) shut down primarily due to low gold prices. The 200 km2 property is located 55 km due east of Dawson City, and is accessible by paved and gravel roads from the junction of the North Klondike and Dempster Highways.
The Project is in receipt of all necessary permits required to conduct additional exploration. The Brewery Creek Project holds a Type A Water License with an expiry date of December 31, 2021, subject to the restrictions and conditions contained in the Yukon Water Act and Regulations. The Project also holds a Quartz Mining License (QML) with an expiry date of December 31, 2021. The Company is working to amend the Water License and the QML to incorporate current mine planning and design studies which are currently underway. In addition, a Socio-Economic Accord with Tr’ondek Hwech’in First Nation with respect to the Brewery Creek Project is in place.
Mr. Mike Maslowski, CPG, a Qualified Person as defined by National Instrument 43-101 and a consultant for the Company, has reviewed, verified and approved disclosure of the technical information contained in this news release.
Golden Predator Mining Corp.
Golden Predator’s corporate mandate is to advance the Brewery Creek project towards production through a joint venture arrangement. The Company holds additional projects with current resources and/or new discovery potential, including the high grade 3Aces and Grew Creek gold projects and the Marg & Clear Lake polymetallic massive sulfide deposits.
For additional information:
Greg Hayes, Chief Executive Officer
(587) 524 1599
William M. Sheriff, Co-Chair
(208) 635 5415
1)NI 43-101 Technical Report on Resources, Brewery Creek Project, Yukon Territory, Canada by Donald Hulse, P.E., SME-RM, M. Claiborne Newton, III, Ph.D., SME-RM et al. Dated January 2014 filed on SEDAR.
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 projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. 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.