VANCOUVER, British Columbia, Aug. 15, 2019 (GLOBE NEWSWIRE) -- Golden Predator Mining Corp. (TSX.V:GPY, OTCQX:NTGSF) (the “Company” or “Golden Predator”) announced today that Robin Fraser of Canadian Northern Mining Corp. and James Hesketh of Kalex LLC. have joined the Golden Predator team as contractors providing engineering, mining and metallurgical services to the Brewery Creek Mine in Canada’s Yukon. The Brewery Creek Mine is a fully licensed past producing gold mine with existing infrastructure and established resources.
Robin Fraser | Mining & Metallurgy
Robin Fraser and his team at Canadian Northern Mining Corp. have completed many mining construction, operation & maintenance projects worldwide and provide expert personnel, detailed evaluations and optimization plans. Joining Golden Predator initially to enhance and optimize the Company’s bulk sample processing plant, Robin and team will expand their involvement, working towards the restart of the Company’s Brewery Creek Mine. Canadian Northern Mining has an established track record in early design, construction, start up and day to day operations. They will continue providing processing plant management, operations, maintenance and laboratory services for the 3 Aces bulk sampling project.
James Hesketh M.Sc. MMSA | Engineering
James Hesketh has 35 years experience in open pit heap leach operations and management. His strong background in mining finance, mine engineering, development and operations includes senior positions with Atna Resources Ltd, Canyon Resources Corporation, NM Rothschild & Sons (Denver) Inc., Cyprus Amax Minerals Company, Pincock Allen & Holt, Inc., and Dresser Industries Inc. He brings previous knowledge of the operations of the Brewery Creek Mine where he headed up the economic evaluation of the project for Rothschild’s. One of the few engineers with actual year round commercial operational experience in the Yukon, he operated an open pit barite mine and processing plant in the SE Yukon during the 1980s. He is qualified to assist with mineral valuation, financial and mining costing, infrastructure and project management. He holds a B.S. in Mining Engineering and a M.S. in Mineral Economics, both from the Colorado School of Mines.
The Company advises that Dennis Fentie has resigned, effectively immediately, from the Board of Directors due to personal reasons. Mr. Fentie has been instrumental in assisting management secure certainty with its Quartz Mining License and Water License in addition to providing consistent and sound strategic advice. Mr. Fentie has provided the Company with exceptional service since joining the Board in 2015 and we are immensely thankful for his dedication and service.
Stock Option Grant
The Company has granted 1,175,000 stock options to directors and officers of the Company. The stock options are exercisable for a term of three years at an exercise price of $0.37 per common share. Vesting will occur over a period of eighteen months, with an initial 25% of the stock options vesting immediately, followed by an additional 25% of the stock options every six months thereafter until fully vested.
Brewery Creek Mine, Yukon: Resources and Past Production
The Brewery Creek Mine is a licensed brownfields heap leach gold mine that was operated by Viceroy Minerals Corporation from 1996 to 2002. Brewery Creek was put into Temporary Closure in 2002 following a collapse of the gold price to below $300 US per troy ounce. Golden Predator commenced work on the project starting in 2009. Brewery Creek is now authorized to restart mining activities that follow the previously assessed and approved mine plans without further assessment and review as defined in the Quartz Mining License and Water License. The Company intends to resume mining and processing of established resources remaining within the existing licensed and permitted areas while the Company works with Tr’ondëk Hwëch’in and Yukon Government to expand the licensed mining area to include new discoveries made since 2011.
The 180 km2 property is located 55 km due east of Dawson City and is accessible year round by paved and improved gravel roads. Significant infrastructure remains in place, allowing for a timely restart schedule under existing licenses.
The Brewery Creek Mine has a 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 Mine holds a Socio Economic Accord with Tr’ondëk Hwëch’in and is licensed to resume mining activities under the current Water License and Quartz Mining Licenses. The project also has a Class IV Mining Land Use Permit to conduct additional exploration.
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 Mine towards a timely resumption of mining activities, under its valid Quartz Mining and Water Licenses, in Canada’s Yukon. With established resources grading over 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 known 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 open-ended resources and untested targets across the 186 km2 brownfield property.
At the 3 Aces project, Golden Predator continues to expand on discoveries of native gold in quartz veins while ongoing bulk sampling and processing at the 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.
(1) NI 43-101 Technical Report "Preliminary Economic Assessment for the Brewery Creek Property Yukon Territory, Canada" Release Date of November 19, 2014.(2) Brewery Creek Technical Report, Richard Diment, PGeo May 18, 2003
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.
Golden Predator Mining Corp.