Golden Predator receives Barrick Gold Corporation royalty payment from Nevada production
02 March 2010 - 7:01AM
PR Newswire (US)
VANCOUVER, March 1 /PRNewswire-FirstCall/ -- Golden Predator
Royalty & Development Corp. (TSX:GPD) (the "Company") is
pleased to announce the commencement of initial production royalty
payments from Barrick Gold Corporation on the N-Selox claims.
Golden Predator holds a one percent gross royalty on the N-Selox
claims. The initial gross royalty payment was valued at
approximately USD $115,000, and the Company has elected to received
the payment in kind, which will be held in an account at Johnson
Matthey. "This in-kind revenue from Barrick is in addition to the
pre-production revenue that we currently receive from our portfolio
of royalties, which includes royalties on Barrick's Bald Mountain
Mine (4% GSR), Midway Gold's Pan Deposit (4% GSR), US Gold's Tonkin
Springs Deposit (5% GSR) and Evolving Gold's Rattlesnake Hills
Deposit (0.5% NSR)," stated William M. Sheriff, Chairman and CEO.
"The addition to our royalty revenue is an exciting development for
our company. We initially had revenue from the N-Selox claims
projected several years out, and are pleased to see the project
move into production significantly ahead of our expectations."
Golden Predator has requested all geological & geotechnical
data on the N-Selox claims, as well as a reserve report, from
Barrick, a summary of which the Company plans to post to its
website in compliance with applicable disclosure rules. About
Golden Predator Royalty & Development Corp. Golden Predator's
corporate mandate is to establish a self-funded gold company
focused on the Yukon, Canada. Golden Predator has established an
industry leading gold property position in the Yukon and is
aggressively exploring its Gold (Scheelite) Dome, Eureka, Antimony
Mountain, Clear Creek and Brewery Creek projects. Golden Predator
is advancing its Adelaide project in Nevada with underground
drilling and bulk sampling planned. Further drilling is planned at
Golden Ridge and Lantern to potentially provide near term
production of small-tonnage high grade ores. Golden Predator
intends, through its strategic use of modular mills at its Taylor
and Humboldt mill sites, to become a gold producer capable of
funding its Yukon program. In addition, Golden Predator currently
receives in excess of $1.0 M per year from its royalty stream. 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. DATASOURCE: Golden
Predator Royalty & Development Corp. CONTACT: Golden Predator
Royalty & Development Corp., InvestorRelations, (604) 648-GOLD
(4653)
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