Vancouver, April 6, 2016 – Golden Dawn Minerals Inc., (TSX-V: GOM; FRANKFURT: 3G8A) (the “Company” or “Golden Dawn”) announces that on or before April 8, it will be filing a National Instrument 43-101 Technical Report on SEDAR in regards to the updated mineral resource estimate for the Greenwood Gold Project that was previously announced on February 24 of this year.
Greenwood Property Location Map
Golden Dawn has a letter of intent with respect to an option to acquire 100% of the project from Huakan International Mining Inc. (“Huakan”) located in the Greenwood Mining Division, South
Central British Columbia, 500 km east of Vancouver, Canada.
P&E Mining Consultants Inc. was engaged by Golden Dawn to update the Lexington-Grenoble and Golden Crown mineral resource estimates. The mineral resource estimates previously announced on February 24 of this year have been further updated to include recently verified drilling results from 2007 and mining depletion from 2008 production at Lexington-Grenoble. The revised mineral resource estimates are given in the tables below.
Lexington-Grenoble Mine Resource
Table of Updated Resource Estimates for the Greenwood Gold Properties (Effective March 24, 2016).
| Lexington-Grenoble Deposit Mineral Resource Estimate | ||||||
| Cut-Off 3.50 g/t Au Eq | Au | Cu | Au Eq | Au Eq | ||
| Classification | Tonnes | g/t | % | g/t | oz | |
| Measured | 58,000 | 6.98 | 1.10 | 8.63 | 16,100 | |
| Indicated | 314,000 | 6.38 | 1.04 | 7.94 | 80,200 | |
| Measured + Indicated | 372,000 | 6.47 | 1.05 | 8.05 | 96,300 | |
| Inferred | 12,000 | 4.42 | 1.03 | 5.96 | 2,300 | |
Golden Crown Mine Resource
| Golden Crown Deposit Mineral Resource Estimate | ||||||
| Cut-Off 3.50 g/t Au Eq | Au | Cu | Au Eq | Au Eq | ||
| Classification | Tonnes | g/t | % | g/t | oz | |
| Indicated | 163,000 | 11.09 | 0.56 | 11.93 | 62,500 | |
| Inferred | 42,000 | 9.04 | 0.43 | 9.68 | 13,100 | |
(1) Mineral resources which are not mineral reserves have not demonstrated economic viability. The estimate
of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical,
marketing, or other relevant issues. It is noted that no specific issues have been identified as yet.
(2) The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has
been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral
resource category.
(3) The mineral resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared
by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
(4) The 3.5 g/t AuEq resource cut-off grade was derived from the approximate Jan 31/16 two year trailing average Au price of
US$1,200/oz and Cu price of US$2.75/lb,US$/C$ exchange rate of 0.83, 90% & 85% respective Au and Cu process recoveries, C$35/t process cost,C$75/t mining cost and C$30/t G&A cost. AuEq g/t = Au g/t + (Cu% x 1.5)
(5) Effective date of the resource estimate is March 24, 2016.
In addition, Golden Dawn has commissioned P&E Mining Consultants Inc. to conduct a Preliminary Economic Assessment (PEA) based on these resources in order to evaluate re-opening the mine. Results will be announced shortly.
Technical disclosure in this news release has been reviewed and approved by Mr. Eugene Puritch, P.Eng. of P&E Mining Consultants Inc., an Independent Qualified Person as defined by National Instrument 43-101. An NI 43-101 updated mineral resource estimate technical report will be filed on SEDAR by April 8 2016.
On behalf of the Board of Directors:
GOLDEN DAWN MINERALS INC.
“Wolf Wiese”______
Wolf Wiese
Chief Executive Officer
For further information, please contact:
Corporate Communications
604-221-8936
