Plans Accelerated At The Brewery Creek Mine

VANCOUVER, BC - Golden Predator Mining Corp. reported that due to the positive progress realized during the Phase 1 work to restart the Brewery Creek Mine from reprocessing of existing heap leach material, the Company has decided to accelerate work on the Phase 2 plan. The Phase 2 study will evaluate resumption of the mining of new material from oxide resources contained in the Company’s Mineral Resource Estimate. The current Mineral Resource Estimate from late 2019 is being updated by Gustavson & Associates and is well advanced with completion expected within the next 30 days.

Phase 2 work will begin with Feasibility level mine planning incorporating new data from the forthcoming updated resource estimate.  The results of these studies will integrate Phase 1 reprocessing of existing heap leach material and Phase 2 mining of new oxide material from licensed areas into a single comprehensive Feasibility Study for the Company’s 100%-owned Brewery Creek gold project in Canada’s Yukon.  This definitive comprehensive Feasibility Study is expected by year end.

The Phase 1 Restart Study, by Kappes Cassiday & Associates, now 90% complete, evaluates the economic viability of reprocessing the approximately 10 million tonnes of run of mine material left by the previous operator on the project’s heap leach pad with an originally calculated mined grade of 1.5 g/t gold. Gold recovery from the run of mine ore by Viceroy was not as anticipated (less than 58% according to production records) and the work to date by Kappes confirms the prospects of further gold recoveries from this material after crushing and restacking.

“As Phase 1 restart work has progressed, it has become evident that Phase 1 and 2 should proceed together to take advantage of emerging synergies and higher gold prices to generate enhanced cash flow.  Since most of the project’s CAPEX is required for startup in Phase 1, combining the added potential of higher-grade new material should produce significantly more ounces and a better economic return. Both reprocessing and newly mined material will use the same crushing circuit, heap leach pad, ADR plant, power supply equipment, assay lab, machine shop, warehouse, office, camp facilities and other assets.” said Janet Lee-Sheriff, CEO. “Key to this evolved strategy is the Phase 1 assessment that the original heap leach pad is in excellent condition for early reuse.”