Golden Patriot Exercises Option to Acquire Lucky Boy Uranium Prospect
Wednesday November 15, 8:00 am ET
LAKE SUCCESS, N.Y., Nov. 15, 2006 (PRIMEZONE) -- Golden Patriot, Corp. (``Golden Patriot'') (OTC BB:GPTC.OB - News) (Frankfurt:GPU.F - News) wishes to announce 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 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 SEC on August 15, 2005). Mr. Brad Rudman, President of Golden Patriot stated, ``Based on the exciting preliminary results attained to date on the past producing Lucky Boy uranium prospect we have now exercised our right to acquire the first 60% option on this prospect. If the samples being tested come back with the results we are expecting, Golden Patriot plans to acquire the additional interest available. Considering this is a past producing mine and based on the results achieved to date, we are very optimistic about what uranium grades the test results will achieve. When you factor in the 30 year highs on uranium prices, we feel that 2007 will be a major year in the development of Golden Patriot.''
Golden Patriot has recently entered into an option agreement, subject to 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.
To receive timely updates and information on any future developments as they occur please email us at info@goldenpatriotcorp.com.
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