GOLDEN PEAK MINERALS INC. (the “Company”) (TSX-V: “GP”) is pleased to announce that it has entered into a Property Purchase Agreement with W.S. Ferreira Ltd. ("Ferreira"), where by the Company has agreed to purchase an undivided 100% interest in four (4) mineral claims covering a total area of approximately 1,024 hectares located in the Province of Manitoba known as the Oyster Property, subject to a 3% gross over-riding royalty. In consideration for the Oyster Property, the Company agreed to issue to Ferreira 1,000,000 common shares at a deemed price of $0.07 per share by January 15, 2016. The closing of the purchase is subject to the approval of the TSX Venture Exchange.
The Oyster Property is located in north eastern Manitoba near the town of Gillam and consists of four (4) mineral claims totaling 4 square miles. The property contains a magnetic feature identified by Ashton Mining of Canada Inc. in 2004. A Manitoba government assessment report written by Andrew Berry, 2005, on the Nelson River property for Ashton Mining of Canada Inc. identified the c4 anomaly as having geophysical properties similar to Attiswapikata kimberlite pipes in Ontario which are currently being mined by De Beers Canada Ltd. All previous work on the Oyster Property was conducted by Ashton Mining of Canada Inc. All assessment work was filed with the Manitoba government. Work consisted of an airborne geophysical magnetic survey and a follow-up ground magnetic survey over the c4 anomaly identified in the airborne survey. No further work was performed and Ashton Mining of Canada Inc. allowed the property to lapse. The Oyster Property was then staked by W.S. Ferreira Ltd.
Although there has been a considerable amount of work undertaken on the Oyster Property, there has been no drilling. Ashton Mining of Canada Inc. was interested in the area for
diamonds because the Manitoba government published an Open file report on the Operation Superior compilation of kimberlite indicator mineral survey results authored by Fedikow,
Nielsen, Conley and Lenton in 2001. That Manitoba government report identified a diamond indicator mineral train south of the Oyster Property. Ashton Mining of Canada Inc. postulated that the source of such diamond indicator mineral train could be on the Oyster Property. A diamond drill program is planned for the Oyster Property to test the c4 anomaly to see if it is a diamondiferous kimberlite. The cost of this work is estimated to be $500,000.
William S. Ferreira, P.Geo., M.Sc., is a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “Robert Coltura”
President and Chief Executive Officer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.