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Golden Dawn Minerals Inc (5)
Symbol GOM
Shares Issued 15,512,473
Close 2019-07-22 C$ 0.26
Market Cap C$ 4,033,243
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Golden Dawn talks exploration permitting at Greenwood

2019-07-22 09:50 ET - News Release

Mr. Christopher Anderson reports

GOLDEN DAWN MINERALS MOVING FORWARD WITH EXPLORATION PLANS

Golden Dawn Minerals Inc. has provided an update on exploration permitting activities in the Greenwood mining camp in southwestern British Columbia. The company lodged a number of applications for exploration permits last year and has been quietly processing these, as well as identifying new targets for the next rounds of exploration work.

"It's a been a challenge, but we are making steady progress, and there is light at the end of the tunnel," commented Christopher R. Anderson, chief executive officer.

Through its subsidiary, 1086359 BC Ltd., the company recently received a multiyear, area-based permit for exploration on claims surrounding the Lexington mine site, conditional on payment of a reclamation bond. This permit will facilitate exploration along a four-kilometre trend of favourable host rocks that stretches from the border with Washington state to the Lexington mine and farther northwest. This favourable corridor contains several historic drill holes that intersected significant copper-gold mineralization that is similar to that exposed within the Lexington mine as well as three historic mines, around which minimal drilling has been done.

A surface exploration permit application for the Lexington mine area has also been lodged to facilitate testing for parallel zones of mineralization close to the Lexington Main zone, the so-called "exploration targets" documented in the May 5, 2017, preliminary economic assessment report. Also within the mine area, a rock chip channel sample collected at the City of Paris historic mine, which overlies the Lexington mine, returned a result of 18.0 grams per tonne gold and 0.42 per cent copper over a sample width of 4.5 metres, indicating excellent potential for significant mineralization in this area (previously reported in news releases dated Jan. 30, 2018, and June 11, 2018).

The company also received an amendment to its exploration permit on the Golden Crown property, which expands the area permitted for drilling to include the JD mine area. The historic JD zone is located three kilometres west of the Golden Crown mine, along a trend of gold-in-soil anomalies, where sulphide veins similar to those at the Golden Crown mine are present. Weighted average results for chip samples (sample traverses) from the JD area are provided in the attached table (previously reported on Jan. 30, 2018).

AVERAGED RESULTS FOR CONSECUTIVE SURFACE ROCK 
        CHIP SAMPLES AT JD AREA (2017)

Sample traverse     Length (m)     Gold (g/t)

1                         2.0          10.70
2                         2.0           2.36
3                         2.0           8.31
4                         1.5          10.64
5                         4.0           5.87

Permitting is also under way for exploration on the Phoenix property, registered to Golden Dawn's wholly owned subsidiary, Kettle River Resources Ltd. This property is currently under review for option by GGX Gold Corp. The company expects to receive a permit this season, which will enable exploration drilling on a number of priority target areas.

The purpose of the planned exploration work is to advance a pipeline of targets that have the potential to provide additional feed material to the Greenwood processing plant and extend the project life beyond that described in the May 5, 2017, preliminary economic assessment report.

The Lexington mine and Greenwood processing facility remain on care and maintenance, pending further technical studies and review by new the management. New management is also in the process of making updates to the permits prior to proceeding with any operations; news will follow in due course. The company will be in a position to make a production decision once its corporate affairs and financial position have improved.

Dr. Matt Ball, PGeo, a qualified person as defined by National Instrument 43-101, president of the company, has approved the technical information in this release.

The company has granted 1.3 million stock options at an exercise price of 25 cents to its directors, officers, employees and consultants. The options are exercisable for five years and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the company. The stock options are not transferable and will be subject to a four-month hold period from the date of grant and any applicable regulatory acceptance.

We seek Safe Harbor.

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