NEW HYDE PARK, N.Y, July 22, 2005 (PRIMEZONE) -- Golden Patriot, Corp. (OTCBB:GPTC) is extremely pleased to announce that it has been informed by the operator 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. According to Ashworth Explorations Ltd., the operator, "From June 16th to July 7th, including mobilization and de-mobilization, the field crew consisting of 6 geo-technicians and 1 geologist, have been working on the Lucky Boy Property south of Globe, Arizona. Work consisted of establishing a GPS control grid of 50 m line spacing and 50 m station points. Approximately 600 station points have been sampled using a proprietary geochemical sampling method called MMI (Mobile Metal Ion) from Australia. This proven technology has led to the discovery of many unseen ore bodies and it is GPTC aim to discover through this geo-chemical method along with radiometric surveys (scintillometer and radon gas detection) extensions of the existing ore body and new deposits on the Lucky Boy claims. Contingent upon all results the project geologist, along with Dr. Joe Montgomery, will decide where the drill holes will be spotted. This drill program should be ready to proceed in the fall of this year."
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 and produced 5,000,000 pounds of uranium ore in the past.
Fueling nuclear power plants to generate electricity is the most significant commercial use for uranium. Currently, uranium provides 16% of the world's electricity via 440 nuclear reactors operating in 31 countries. Annual uranium demand is 66,000 tonnes, with mining fulfilling only 55% of that need. An additional 30% comes from stockpiles, which are not being replenished due to current production shortfalls, and the remaining 15% is salvaged from recycled weapons, a non-renewable resource.
Uranium demand is expected to increase in the coming years as new reactors are built and brought online in developing nations such as China, which plans to build 27 nuclear plants; India, with a planned 31 new reactors, and Russia, with intentions for an additional 25 reactors. With a current worldwide production shortfall of more than 300 million pounds, demand for uranium is expected to be 11% higher than supply over the next decade.
Bradley Rudman, President of GPTC stated, "This is an extremely exciting time for GPTC and GPTC's shareholders. We have samples at the lab for testing on the uranium prospect and considering it is a past producing mine, we are quite optimistic about the results of these samples. When you also factor in our recently announced encouraging results from our Gold View gold prospect, GPTC may now have two separate drill programs running simultaneously. We are very positive about the future of GPTC based on these two high potential programs that GPTC is currently involved in."
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.