NEW HYDE PARK, N.Y., Aug. 16, 2005 (PRIMEZONE) -- Golden Patriot, Corp. (OTCBB:GPTC) is extremely pleased to announce that our joint venture partner has submitted permits for a ten hole drill program consisting of ten reverse circulation drill holes (of which an initial four holes will be drilled), averaging 800 feet deep to test the most significant anomalies. Approval for these permits is expected shortly. Barring any unforeseen issues, drilling is scheduled to commence within 30 days.
Bradley Rudman, President of GPTC stated, "This is a very exciting time for GPTC and GPTC shareholders. We should be drilling on this highly prospective gold target during a period of multi-year highs on gold within the next few weeks. GPTC is primarily focused on the Lucky Boy Uranium Prospect, but these new encouraging initial results from the Gold View Prospect and the pending drill program should enable GPTC to have two separate large potential projects developing simultaneously. We look forward to commencing a drill program on both of these exciting projects shortly."
According to the Minterra Resources Corp., GPTC's joint venture partner on the Gold View Prospect, the geochemical survey has identified a gold anomaly in association with major structural intersections identified in the geophysical survey on the Gold View Property in the Cortez Trend of Nevada. The Gold View Property is located in the Cortez trend of Nevada, approximately 3 miles east of the Tonkin Springs deposits (650,000 ounces of gold), and consists of approximately 1,450 acres (587 hectares) containing 76 unpatented lode claims.
As reported by GPTC's joint venture partner, in their press release on July 17, 2005, "In an April 10, 2005, report entitled "Gold View property - gravity survey and GIS database," James L. Wright, MSc, geophysicist, concluded that along the property's southwestern block there is a wedge shaped pediment that demonstrates a width of 750 metres to 250 metres from south to north over a length of at least 2.2 kilometres which represents a considerable area available for exploration. Of particular note are two areas of structural intersections indicated along the basin bounding fault within the pediment. Mr. Wright considered the northern structural intersection the most significant as it represents the intersection of major north-northwest and east-northeast bearing structures. Mr. Wright reports that "the north-northwest bearing structure can be clearly demonstrated to extend to the south directly to the Afgan Kobeh gold deposit, and parallels other structures related to gold mineralization at the Gold bar deposits to the southeast." Soil geochemistry has identified gold geochemical anomalies in soils at, and in the immediate vicinity of, this northern structural intersection. Mr. Wright considered that "both these structural intersections are attractive exploration targets and could well have provided structural traps for gold-bearing fluids."
GPTC's joint venture partner has an option to acquire a 50% interest in the Gold View Property from GPTC, by incurring exploration expenditures totaling CDN $1 million over a three-year period (CDN $125,000 in 2005). GPTC has been notified by Ashworth Explorations Ltd. that the initial phase of sampling has been completed on the Lucky Boy Uranium Prospect in Arizona. These samples have been shipped to the SGS laboratories in Toronto for analysis.
GPTC holds under an option agreement the right to acquire 100% interest in the Lucky Boy Uranium Project in Arizona, subject to Rodinia Minerals Inc.'s option to acquire as much as 40% interest subject to certain terms and conditions. Uranium has been mined from the Lucky Boy Project in the past. The Lucky Boy Project was one of the first producing uranium mines in the state of Arizona.
To receive timely updates and information on any future developments as they occur please email us at info@goldenpatriotcorp.com.
Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and assay reports; the ability to close the acquisition of mineral exploration properties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Golden Patriot, Corp. filings with the Securities and Exchange Commission, and may be accessed through the SEC's web site at http://www.sec.gov.