Golden Patriot, Corp.: Uranium Samples Sent for Testing On PastProducing Uranium Prospect

Donnerstag, 07.12.2006 03:41 von Hugin - Aufrufe: 344

LAKE SUCCESS, N.Y., Dec. 7, 2006 (PRIME NEWSWIRE) -- Golden Patriot,
Corp. ("Golden Patriot") (OTCBB:GPTC) (Frankfurt:GPU) is extremely
pleased to announce that the samples taken from Phase I of the
successfully completed drill program on the past producing Lucky Boy
Uranium Prospect in Arizona have now been shipped from Jacob
Laboratories to IPL Labs for final testing. Over 650 samples were
prepared averaging more than 6 pounds per sample for over 4,000
pounds of samples that were separated, bagged and tagged for shipment
to IPL Labs. Assaying should be completed shortly.
 
Golden Patriot recently announced that due to positive indicators
received from drilling to date on the past producing Lucky Boy
Uranium Prospect, Golden Patriot has exercised its option to acquire
a 60% interest in the prospect. Golden Patriot has the right to
acquire a further 40% interest, subject to certain terms and
conditions including a royalty (for complete information on the terms
of this agreement please refer to Golden Patriot's Annual Report
filed on Form 10-KSB with the Securities and Exchange Commission on
August 15, 2005).
 
Mr. Brad Rudman, President of Golden Patriot stated, "Management is
very excited about the events about to unfold with the company. We
have now shipped the samples from our successfully completed drill
program on our past producing uranium prospect and now have exercised
our option on this prospect based on the information gathered to
date. We are now formulating a plan for the next phase of drilling
and are looking at what additional infrastructure will be needed in
order to potentially develop out the prospect. Uranium continues to
climb and is now at $63 per pound. This would be a very opportune
time to bring this past producing mine back into production."
 
Golden Patriot also entered into an option agreement, which has now
received regulatory approval, to option 50% of its Debut Gold
Property in Elko, Nevada. Terms of the option agreement call for
exploration expenditures of CDN$1,000,000 by the optionee, which must
be fully received before the option may be exercised, and the
optionee must make 100% of all property payments over a period of 10
years. A work program is being developed and is expected to commence
in the first quarter of 2007.
 
Golden Patriot is a junior exploration company that has active
interests in both uranium and gold prospects. 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.
 
CONTACT: Golden Patriot, Corp.
Brad Rudman
(516) 343-6990
www.goldenpatriotcorp.com
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