NEW HYDE PARK, N.Y., Feb. 10, 2006 (PRIMEZONE) -- Golden Patriot, Corp. ("GPTC")(OTCBB:GPTC) is extremely pleased to announce it has been notified by Ashworth Explorations Ltd. (the exploration contractor) that operations are re-commencing on GPTC's Lucky Boy Uranium Prospect. To date 500 MMI (mobile metal ion) samples have been sent to the SGS Canada Inc. in Toronto for analysis. The results of these samples are expected back within the next two weeks, at which time they will be interpreted to map out the next phase of exploration on the project. According to President Bush's state of the union speech on Tuesday night, "nuclear is foremost on the energy agenda of the United States."
Bradley Rudman, President of GPTC stated, "This is absolutely great news that we are expecting samples back from the lab and will be re-commencing exploration operations on the Lucky Boy Uranium Prospect. Our timing could not be better to get operations back underway as uranium prices have steadily moved higher this year and are now at 25 year highs. Considering the Lucky Boy uranium mine is a past producing mine, if this prospect is successful, this could make GPTC potentially one of if not smallest market capitalized uranium producers. We feel that 2006 will be a turn around year for GPTC."
The Lucky Boy Uranium Project consists of 14 BLM claims and an 80 acre State Lease contiguous to the claims. The Lucky Boy Project is a past producer and was one of the first producing uranium mines in the state of Arizona. The Lucky Boy Uranium Project is at the site of the old Lucky Boy mine. The Lucky Boy mine, using heap leaching and ion exchange recovery, produced about 5,000,000 pounds of uranium ore in the 1950's.
In the past few years, the contracted price at which energy companies purchase uranium has more than doubled, as stockpiles and scraps supplies have dried up. On the demand side, more material will be needed to fuel a new wave of environment friendly nuclear power generators are permitted to satisfy global energy demand. The rift between uranium mining and the needs of nuclear power plants has been stable for the last decade at around 40-45 percent. According to iNi data, between 1985 and 2003 commercial reserves of uranium in the world diminished by 50%, only 55% of the uranium consumed in 2003 had been mined that year. However, uranium reserves are being depleted with every passing year. Currently the uranium price is at 25 year highs at $37.50.
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. GPTC's joint venture partner on the Gold View Gold Prospect has informed GPTC that the property does not meet their exploration requirements at this time and that the property is in good standing, giving GPTC 100% interest in this prospect.
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 geologica 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.