Golden Predator and Tr'ondëk Hwëch'in First Nation Update Brewery Creek Project Socio Economic Accord
VANCOUVER, July 16, 2012 /PRNewswire/ - Golden Predator Corp. (TSX: GPD) (the "Company") and Tr'ondëk Hwëch'in First Nation ("THFN") are pleased to announce they have agreed to enter into an Amended and Restated Socio Economic Accord for Golden Predator's flagship Brewery Creek Project. The 2012 Socio Economic Accord, which will take effect on closing of the Company's acquisition of a 100% interest in the Project from Alexco Resource Corp. (see GDP NR 12-06 February 15th, 2012), updates the existing Socio Economic Accord for the Brewery Creek Project in effect since its signing in 1996. A signing ceremony will be at 4 pm on Monday, July 23rd at the Dänojà Zho (Long Ago House) Cultural Centre in Dawson City, Yukon.
Golden Predator and the Tr'ondëk Hwëch'in First Nation will continue to build on their effective working relationship, fostering successful social and economic development of THFN and its citizens while ensuring successful environmental screening, licensing and permitting, financing and construction and operation of the Brewery Creek Project.
"After intense negotiations, the Tr'ondëk Hwëch'in are pleased to be forging a beneficial relationship with Golden Predator," said Chief Ed Taylor. "We support their efforts to re-open the Brewery Creek Mine. We believe this mine can operate in an environmentally responsible way, and provide substantial benefits to both the Tr'ondëk Hwëch'in and the community of Dawson. We appreciate the open spirit in which Golden Predator is undertaking this task, and our people look forward to the training, employment and contractual opportunities which will be available."
"We are very pleased to have successfully completed negotiations, and I commend the negotiating team for concluding a timely agreement that will benefit both Golden Predator and Tr'ondëk Hwëch'in for many years to come," said William M. Sheriff, Chairman & CEO. "We have found the Tr'ondëk Hwëch'in First Nation to be progressive in their approach to exploration and mining, and believe this approach, combined with the modernized Socio Economic Accord, will serve the Project and community well going forward."
Key aspects of the Socio Economic Accord include:
- THFN support for the Project;
- THFN endorsement for the Company's permitting applications, with a clear process for THFN to review and provide input prior to filing, and a mechanism to expeditiously address and resolve any concerns THFN may have;
- a consistent and clear process for communication on all matters pertaining to the Brewery Creek Project and resolving any disputes that may arise;
- preferential employment and economic development opportunities for TH businesses and citizens;
- THFN acquiring an equity interest in the Company, and participating in profit sharing from operations beyond the original mine plan;
- funding for training and scholarships for TH citizens; and
- an annual grant to a community legacy project for the broader community of Dawson.
Brewery Creek Project Overview
Brewery Creek hosts NI 43-101 compliant resources of 581,000 indicated gold ounces in 20.417 million tonnes at 0.89 g/t and 346,000 inferred gold ounces in 12.990 million tonnes at 0.83 g/t (Barr, 2012; GPD NR 12-20 June 18, 2012). The Company anticipates publishing an updated resource estimate incorporating the current year's drilling later in the year.
The Brewery Creek Project is a past producing heap leach gold mining operation with a total of 278,484 oz Au produced from seven near-surface oxide deposits along the property's Reserve Trend from 1996 through 2002, when the mine (operated by Viceroy Resource Corporation) shut down primarily due to low gold prices. The 200 km2 property is located 55 km due east of Dawson City, accessible by paved and gravel roads from the junction of the North Klondike and Dempster Highways.
The Project is in receipt of all necessary permits required to conduct additional exploration. The Brewery Creek Project holds a Type A Water License with an expiry date of December 31, 2021, subject to the restrictions and conditions contained in the Yukon Water Act and Regulations. The Project also holds a Quartz Mining License (QML) with an expiry date of December 31, 2021. The Company is working to amend the Water License and the QML to incorporate current mine planning and design studies which are currently underway. In addition, a restated and amended Socio-Economic Accord with Tr'ondëk Hwëch'in First Nation with respect to the Brewery Creek Project is in place.
About the Tr'ondëk Hwëch'in First Nation
The Tr'ondëk Hwëch'in are a Yukon First Nation based in Dawson City. The citizenship of roughly 1,100 includes descendants of the Hän-speaking people, who have lived along the Yukon River for millennia, and a diverse mix of families descended from Gwich'in, Northern Tutchone and other language groups.
Yukon First Nations set the land-claims process in motion during the 1970s. Tr'ondëk Hwëch'in began negotiating their individual land claim in 1991. The Tr'ondëk Hwëch'in Final Agreement was signed on July 16, 1998, and came into effect on September 15, 1998.
The Tr'ondëk Hwëch'in government ensures a strong and healthy future for citizens while maintaining connections to traditional knowledge and the land. The First Nation is governed by an elected Chief and four councillors, who are guided by the Elders' Council, a body comprising all Tr'ondëk Hwëch'in people aged 55 and over. The General Assembly - all voting-age citizens - gather at least once a year to pass extraordinary resolutions, approve legislation and provide direction to political leaders.
About Golden Predator Corp.
Golden Predator Corp., Yukon's Gold Company, is mandated to become a mid-tier gold producer. Golden Predator is committed to moving aggressively to a near term production decision while expanding the existing NI 43-101-compliant resource at its road-accessible Brewery Creek Project.
Golden Predator has one of the largest controlled land positions in the Yukon, with exploration holdings in excess of 1.0 million acres, and is committed to strong relationships with First Nations and communities. Golden Predator's highly skilled management and technical teams continue to lead quality exploration programs in the underexplored regions of the Yukon, focused on advancing new discoveries and leaving a positive legacy.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Golden Predator's plans and objectives to differ materially from those expressed in the forward-looking information. 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, Golden Predator assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE Golden Predator Corp.