Vancouver, BC - January 6, 2009 - Golden Predator Mines Inc. (TSX:GP) ("the Company")announces that assay results have been received on three core drill holes and two reverse circulation (RC) drill holes for the Company's Adelaide Project, located in Southeastern Humboldt County, Nevada. The diamond drill results are the first results of a 13-hole diamond drilling program currently in progress and which offset high grade intercepts in previous RC drilling. Core hole GPAD03, targeting the North Margarite Vein, intersected 4.3 m of 15.42 gm/t (14 ft of 0.45 oz/t) gold, including 1.5 m of 31.7 gm/t (5 ft of 0.93 oz/t) gold and 35 gm/t silver, from 85 m (280 ft) drill depth. This hole is located approximately 24 m (80 ft) south of Newmont's 2003 RC drill hole ADL02 which intersected 1.5 m of 112.5 gm/t (5 ft of 3.28 oz/t) gold and 104 gm/t silver from 53 m (175 ft) drill depth, further indicating continuity of increased grade below the level of shallow historic drilling at the Adelaide Project.
Adelaide Project, Drill Assays Greater than 1 gm/t
Drill Hole #
Drill Interval, ft
The two reverse circulation holes are the final results of the 34 RC holes completed in 2008, totaling 16,875 feet of drilling for the year. Drill hole GPAD07 is the RC precollar on a planned core hole that lost circulation and did not reach the target depth on the South Margarite Vein, however, the RC portion did encounter a parallel footwall vein zone. GPAD07 intersected a wider zone of quartz stockworks around the vein yielding 12.2 m of 4.15 gm/t (40 ft of 0.121 oz/t) gold, including 1.5 m of 19.45 gm/t (5 ft of 0.567 oz/t) gold. This hole is located approximately 50 ft north of RC hole GPA004 which encountered 1.5 m of 11.2 gm/t (5 ft of 0.325 oz/t) gold along what is suspected to be on the same footwall vein. Holes GPAD01 and GPAD02 are also targeting strike extensions of the same South Margarite footwall stockwork zone.
William Sheriff, CEO of Golden Predator observed: "The gold values intersected in drilling at Adelaide indicate to us that we are on the right track in our efforts to identify previously un-delineated, high grade ore shoots. Our continued efforts on this project will now be to drill out the higher grade vein intersections so that we can model a small, high grade gold resource."
The location and history of the Adelaide property is summarized in Golden Predator's July 24, 2008 press release, announcing results of the first nine holes in the program. Additional information and 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 (http://www.goldenpredator.com/s/Adelaide.asp).
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 gm sample weight. Assay results for gold and silver are reported by the lab in ppm units. In public disclosure, ounce per empirical ton (oz/t) and gram per metric tonne (gm/t) is used, where 34.285 ppm is equivalent to 1 oz/t and 1 ppm is equivalent to 1 gm/t. 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 the reverse circulation drilling include submittal of chip samples for analysis with a duplicate sample for every twenty samples submitted and also a combination of blank and referee samples submitted for every twenty samples submitted. Diamond core samples are submitted with a combination of blank and referee samples for every 15 samples submitted for analysis.
All assay numbers are reported as un-cut and all intercepts are reported as drill width and are not to be interpreted as true widths. Travis Schwertfeger P.Geo., Exploration Manager, is the Qualified Person as defined under National Instrument 43-101, overseeing Golden Predator's exploration programs in Nevada, and has reviewed Information presented on QA/QC procedures and technical aspects of the drilling results in this press release.
About Golden Predator
Golden Predator is a tungsten and gold mining company focused on mineral development in Nevada and surrounding states. The Company recently announced the proposed segregation of its two main business components into separately listed public companies by spin-out of its gold and sliver focused, precious metals portfolio to a new company ("New GoldCo") by means of a plan of arrangement. The objective of the spin-out is to maximize shareholder value by allowing the market to independently value two very different businesses. The spin-out will result in a separate, revenue generating, Nevada focused gold company, in addition to allowing the existing company ("Specialty MetalsCo") to re-focus its efforts as a specialty metals and alloys company working in tungsten, molybdenum, vanadium and uranium. Management is confident that having two separate operating businesses will accelerate the advancement and development of existing projects with a higher degree of certainty, and improved efficiency.
Further information on Golden Predator Mines Inc. is available on the SEDAR web site at www.sedar.com and on the company's web site at www.goldenpredator.com, or contact us as follows:
Golden Predator Mines Inc.
Bill Sheriff, CEO: (972) 333-2214
Steve Vanry, President: (604) 648-4660
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.
Certain disclosures in this release, including management's assessment of Golden Predator's plans and projects and intentions with respect to a proposed spin-out, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Golden Predator's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects and the receipts of all necessary approvals and consents for the proposed spin-out. Readers are cautioned not to place undue reliance on forward-looking statements. Golden Predator expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.