🕐22.03.12 - 20:27 Uhr
GOLDEN DAWN UPDATE
_GOLDEN DAWN MINERALS INC._
_TSX-V: GOM _
_FRANKFURT EXCHANGE: 3G8_
_NEWS RELEASE _
_GOLDEN DAWN AMENDS FAVOURABLY OPTION AGREEMENTS ON GREENWOOD PROPERTIES,
BRITISH COLUMBIA, CANADA_
Vancouver, March 22^nd, 2012 – _Golden Dawn Minerals Inc._ (TSX-V: GOM;
FRANKFURT: 3G8)_(the “Company” or “Golden Dawn”) _is pleased to announce
that it has extended the time to fulfill its exploration expenditure
commitments under the option agreements with respect to the Boundary Falls,
Wild Rose and Royal Attwood properties located in the Greenwood Mining
District, British Columbia.
Wolf Wiese, President and CEO of Golden Dawn, stated: “these revisions will
allow greater flexibility in carrying out the continued exploration and
drilling programs that have returned encouraging results to date on all of
the properties.
Golden Dawn anticipates a resumption of its drilling
activity now that permits are in hand.”
The 1000 ha Boundary Falls property is located 3 km west of Greenwood and
contains the historic permitted May Mac Mine and the associated 130 t/d
gravity and floatation mill and tailings pond.
The property was optioned by
Golden Dawn on February 23^rd, 2010 with property expenditure commitments
were $1,500,000 over 3 years, i.e.
$250,000 due to be incurred by February
23^rd2011; $500,000 (aggregate - $750,000) by February 23^rd, 2012; and
$750,000 (aggregate - $1,500,000) by February 23^rd, 2013.
The Company has
incurred to date approximately $570,000 on Boundary Falls.
These
commitments have now been revised to $250,000 (aggregate - $820,000) by
December 2012, $250,000 (aggregate - $1,070,000) by June 30^th, 2013 and
$430,000 (aggregate -$1,500,000) by December 31^st, 2014.
To the north of the Boundary Falls, the contiguous 750 ha Wild Rose property
contains both the Wild Rose and Wild Cat multiple vein systems and the
recently drilled gold Inferred Resource of 19.4 million tonnes grading 0.43
grams per ton (g/t) gold with a cut-off grade of 0.3 g/t (see news release
of July 13^th, 2011).
The property was optioned on September 15^th, 2010,
with property obligations and work commitments of $2M to be incurred in
stages by December 2014.
Recognizing that approximately $1,750,000 has been
expended on exploration since November 2010 on that property, the Optionors
have agreed to defer the remaining $250,000 in exploration expenditures to
December 31, 2014.
The 1800 ha Royal Attwood property is located about 15 km southeast of
Greenwood and about 5 km south of the historic Phoenix Mine, which produced
1,000,000 ounces (oz) of gold, 6 million oz of silver and 600,000,000 pounds
of copper from 30,000,000 tonnes grading 1.2 g/t gold and 1% copper.
The
original agreement to earn in a 100% interest by Golden Dawn required
exploration expenditures as follows: $250,000 by February 23^rd, 2011,
$500,000 (aggregate - $750,000) by February 23^rd, 2012 and $750,000
(aggregate - $1,500,000) by February 23^rd, 2013.
To date, Golden Dawn,
jointly with Hi Ho Silver Resources Inc.
(pursuant to an option agreement
amended on June 30^th, 2011 - see news release on May 9^th, 2011) has
incurred $580,000 in exploration expenditures on the property.
The Option
agreement has been amended to an earn-in option of 90% and the exploration
expenditure commitment has been revised to $250,000 (aggregate - $830,000)
by December 31^st, 2012; $250,000 (aggregate - $1,080,000) by June 30^th,
2013; and $420,000 (aggregate - $1,500,000) by December 31^st, 2014.
Golden Dawn looks forward to a rewarding exploration season for 2012.
We
anticipate an evaluation of the May Mac Mine, on the Boundary Falls
property, for bulk sampling and metallurgical testing.
Continued planning
and permitting is in progress for drilling in order to evaluate potential
extension of the Deadwood Inferred Resource located, on the Wild Rose
property, westward onto the Tam O’Shanter portion of the Greenwood project.
Golden Dawn, jointly with Hi Ho Silver Resources Inc., plans to initiate a
diamond drilling program of at least 2,500 meters on the Royal Attwood
Project in 2012.
The information in this document has been reviewed and verified by Mike
Dufresne, M.Sc., P.Geol.
of APEX Geoscience Ltd., a Qualified Person.
The
programs will be supervised by Mr.
Dufresne.
On behalf of the Board of Directors:
_GOLDEN DAWN MINERALS INC._
_“Wolf Wiese”_______
Wolf Wiese
President/ ChiefExecutive Officer
For further information, please contact:
Mike Poulin
_Investor Relations_
_604-630-6793 _
[2]
_THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY
FOR ITS CONTENTS.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
THIS DOCUMENT CONTAINS CERTAIN FORWARD LOOKING STATEMENTS WHICH
INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS, AND UNCERTAINTIES NOT UNDER THE
COMPANY’S CONTROL WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS OF THE COMPANY__TO BE MATERIALLY DIFFERENT FROM THE RESULTS,
PERFORMANCE, OR ACHIEVEMENTS IMPLIED BY THESE FORWARD LOOKING STATEMENTS.
WE
SEEK SAFE HARBOR._
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