GOLD MINE: Former Brewery Creek mine changes hands

YUKON – Golden Predator Corp. of Vancouver has bought up a 100% interest in the former Brewery Creek gold mine 55 km east of Dawson City from previous owner Alexco Resource Corp. subject to a 2% net smelter return. Golden Predator will pay Alexco $4.0 million (less the posted reclamation bond) and issue the vendor 7.5 million shares and 3.75 million share purchase warrants.

This deal supersedes the existing option agreement under which Golden Predator had the right to earn up to a 75% interest in Brewery Creek with Alexco having the right to buy back a 10% interest.

Golden Predator focused its 2011 drilling on three discoveries – Bohemian-Schooner, Sleeman and Classic zones – as well as additional drilling on the North Slope zone. The company intends to resume drilling shortly.

The Brewery Creek mine was a heap leach operation that produced 278,484 oz of gold from 1996 through 2002 from the Reserve trend. The project has all necessary permits in place to conduct additional exploration. Golden Predator is also in receipt of mining and water use licences that are v until the end of 2021.

Visit GoldenPredator.com to learn more about the geology and mineralization at Brewery Creek.