VANCOUVER, December 17, 2010 /PRNewswire/ -- - TSX-V: GOM - FRANKFURT EXCHANGE: 3G8
Golden Dawn Minerals Inc. ("the Company") has signed an agreement to option 50% of its interest in the Royal Attwood Property to Hi Ho Silver Resources Inc. ("Hi Ho") (CSNX: HHS, Frankfurt: H9T). In order to earn the 50% interest in the Royal Attwood, Hi Ho must pay the Company $143,750 in cash, issue 1,000,000 shares of Hi Ho, and complete work commitments of $862,500 in a structured timetable within 3 years from the start of the agreement. The Company maintains 50% interest and Hi Ho will act as operator.
The Royal Attwood property is located in the Greenwood Mining District of southern British Columbia (BC) Canada, 8 km west of the community of Grand Forks BC, close to electric power. It is situated in readily accessible terrain including by road, year round. The Greenwood mining camp has a history of gold, silver, and copper production dating from the 1880's, including the prolific Phoenix Mine (now closed) located 5 km to the north and which processed 27 million tonnes of ore grading 1.3 g/t gold with 0.8% copper.
The Royal Attwood claims consist of around 1800 ha of highly prospective ground showing wide-ranging gold and copper geochemical anomalies in soils and stream sediments. This coupled with known induced polarization (I.P.) targets coincident with recently delineated airborne TEM and MAG highs provides an exciting area for mineral exploration.
To further delineate drill targets the company is pleased to announce the undertaking of a Quantec Geosciences' Titian 24 geophysical survey that will be performed in January 2011. The Titan measures the parameters of DC (resistivity), IP (chargeability) and MT (magnetotelluric resistivity), and is described by Quantec as the "leading deep search ground geophysical method worldwide. In mineral exploration (grassroots exploration and brownfields exploration), the system images conductive mineralization, disseminated mineralization, alteration, structure and geology to 700 meters and beyond, for reliable and cost-effective targeting of drill holes to depth. These depths and multi-parameter data make the system the best option available for obtaining subsurface pre-drilling information related to geologic structure and for the direct detection of mineral deposits any where in the world". Recent Quantec clients with similar copper-gold targets have been right here in British Columbia at such notable sites as the Copper Mountain project at Princeton, Northgate's Kemess Project, and Teck's Highland Valley projects.
The strong geochemical response for gold in both soil and stream sediments covers much of the property, and is of a magnitude seldom encountered in surface materials. A broad distribution of soil samples over an area 2000m by 2000m yields gold values in excess of 200 ppb (0.2 grams/tonne gold). The geochemical data is historical in nature and has not been verified in the field. This zone has never been effectively drill tested, and the Titan 24 survey will assist in selection of drill targets for the 2011 drilling season.
There are no mineral resources on the property, and there can be no assurance that any mineral resource will be discovered, and if discovered there can be no assurance that any minerals may be economically extracted.
The information in this release has been reviewed by Dr. Stewart Jackson P.Geol, a Qualified Person, who is a consultant to the Company.
ON BEHALF OF THE BOARD OF DIRECTORS OF Golden Dawn Minerals Inc. "Wolf Wiese" _____________________________ Wolf Wiese President/CEO
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.
%SEDAR: 00022162E For further information: Golden Dawn Minerals Inc. 575 1111 West Hastings Street, Vancouver, BC, V6E 2J3 Telephone: +1-604-221-8936 Facsimile: +1-604-685-2360
SOURCE Golden Dawn Minerals Inc.