The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
GPD: TSX-V
Chairman and CEO: William M. Sheriff, B.Sc.
President: John Legg, B.A., LLB
Chief Operating Officer: Michael G. Maslowski
Golden Predator Corp. focused the lion's share of its efforts in 2012 on its flagship Brewery Creek Project near Dawson City in central Yukon Territory, ratcheting down from much larger and more diverse exploration programs in 2010 and 2011 due to dismal market conditions.
Though Golden Predator controls more than 1 million acres of mining claims in the Yukon - down from 1.2 million acres in 2011- the junior has narrowed its sight to drilling at Brewery Creek, a past-producing heap leach gold mining operation where more than 278,000 ounces of gold was produced from seven near-surface oxide deposits between 1996 and 2002.
Golden Predator planned to spend C$10 million of the C$12 million that it raised in the markets last spring at Brewery Creek in preparation for re-starting gold production in 2013.
The company also secured 100 percent ownership of the property, subject to a 2 percent net smelter royalty.
Drilling designed to expand current resources including extending and defining several newly discovered zones on the property began in February.
Geologists targeted multiple zones, returning numerous intersections of significant gold mineralization through July.
In May, Golden Predator reported an independent resource estimate for Brewery Creek of 20.4 million metric tons of indicated resource grading 0.89 grams per metric ton gold for 580,000 ounces of contained gold and 13.0 million metric tons of inferred resource, with 345,000 ounces of contained gold using cut-off values of 0.20 g/t gold for oxide material and 0.70 g/t gold for sulfide material.
The company planned to incorporate 2012 drilling in an updated resource estimate later in the year.
The remaining C$2 million was budgeted for geochemical sampling on other Yukon properties to meet legal requirements to keep them active.
These include the Grew Creek, Cache Creek and Clear Creek projects.
Cash and short-term deposits: C$9.25 million (May 31, 2012)
Working capital: C$13.59 million (May 31, 2011)
Market capitalization: C$44.78 million (Sept. 11, 2012)
1100 - 888 Dunsmuir Street
Vancouver, B.C. Canada V6C 3K4
Tel: 604-648-4653 Fax: 604-642-0604
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