Read Stans Energy Corp. text version

8/12/10

GOLDEN PREDATOR

GOLDEN PREDATOR POISED TO LEAD ITS PEERS IN A NEW GOLD RUSH IN THE YUKON

August 12, 2010

HOUSE MOUNTAIN PARTNERS, LLC

154 Grand Street New York, NY 10013 USA T: 917.886.0229

[email protected]

Chris Berry House Mountain Partners, LLC 154 Grand St., New York, NY 10013 T 917.886.0229 [email protected] Page 1 of 33

8/12/10

COMPANY SNAPSHOT

Golden Predator: Current Price: 2010 High/Low: Average Volume: Market Capitalization: Share Structure: Institutional Shareholding: Insider Shareholding: Website:

TSX: GPD $0.52 CAD 0.71 / 0.40 3 month: 187,947 $32.34 million 62.2 million 89.9 million f/d 50% 10% goldenpredator.com

"Although the Tintina Gold Province is historically important from some of the very first placer and lode gold discoveries in North America, it has recently seen resurgence in mineral exploration development and mining activity. This resurgence is due to both new discoveries ... and to the application of modern extraction methods to previously known, but economically restrictive, low-grade, bulk-tonnage gold resources." "Recent US Geological Survey Studies in the Tintina Gold Province, Alaska, United States and Yukon Canada: A 5 year USGS Project", Edited by Larry Gough and Warren C. Day, Scientific Investigations Report 20075289.

INVESTOR RATIONALE

Exploring 10 massive, advanced gold projects in the Yukon (claims of approximately 700 km2) Owns a royalty portfolio generating CDN$1.5 M per year in passive cash flow that may potentially increase to ~$15 M in 4 years * U.S. high grade bonanza deposits and non-core assets which will allow the company to internally generate cash flow through potential high grade production and active disposition of non-core assets

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A solid balance sheet with $9M in cash and marketable securities and no debt Owns significant assets in Nevada including a 1320 tpd mill A history of management success in executing growth strategies and creating shareholder value A growing pipeline of advanced gold properties in the Yukon's Tintina Gold Province (TGP)

* Interview with Chairman William Sherriff, May 30, 2010

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

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8/12/10

TABLE OF CONTENTS

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I. EXECUTIVE OVERVIEW 4

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II. THE THREE CENTURY STORY OF GOLD IN THE YUKON 6

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III. THE YUKON TODAY 8

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IV. GDP'S YUKON PROPERTIES 9

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V. GPD ASSETS IN NEVADA AND THE WESTERN U.S. 16

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VI. TWO RECENT YUKON GOLD SUCCESSES IN THE TGP 17

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VII. GPD'S PHILOSOPHY OF VALUE CREATION 19

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VIII. ROYALTY DIVISION 22

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IX. NON-CORE ASSET DIVISION 23

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X. THE FUTURE OF MINING IN THE YUKON 23

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XI. BUDGETING AND SUSTAINABILITY 25

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XII. A NOTE ON SILVER PREDATOR 26

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XIII. CONCLUDING THOUGHTS ON THE UNREALIZED VALUE IN GPD 27

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XIV. APPENDICES 28

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Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

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8/12/10

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I. Executive Overview

"The two most important requirements for major successes are: first, being in the right place at the right time, and second, doing something about it." Ray Kroc, Founder of McDonalds We've just returned from a trip to the Yukon to see Golden Predator properties and are convinced that the company meets all of Ray Kroc's requirements and more. It is executing a powerful business plan in the Yukon and Nevada as the Yukon becomes the new Carlin Trend for gold discovery. Golden Predator has a strong royalty business, a deep noncore asset portfolio in the western US, and 10 massive, advanced gold projects in the Yukon. It shares are uniquely positioned to appreciate. HOW WE GOT HERE Golden Predator Corp, founded by Chairman and CEO William Sheriff, was begun in 2006 as a wholly owned subsidiary of Energy Metals Corp. Once Energy Metals Corp was sold to Uranium One in early 2007 the non-uranium assets remained in Golden Predator and it was listed later in 2007 as Golden Predator Mines on the TSX Exchange. Following the credit crisis of 2008, the non-gold assets went into EMC Metals Corp. (EMC-TSX) with the precious metal assets staying with the current company Golden Predator Corp, also listed on the TSX as GPD.

Why Should GPD be Part of Your Portfolio? GPD's Unique Self-Funding Development Model

GPD is unique among junior gold mining companies in that its long term plans include "self-funding" its Yukon discovery activities, through an existing royalty trust and potential small, high grade production of gold and silver in the Western US. In 2009, royalty payments amounted to over CDN $1 million. The royalties and mineral interests cover ~ 70,000 acres. We expect royalty payments to increase substantially on the properties as gold production begins and as gold prices increase. 24 superb properties comprise the royalty business ­ a mixture of unpatented mining claims and deeded royalty interests. The company has roughly 20 non-core mining projects in Nevada, California, Oregon, and Wyoming. These projects can be sold outright or used in various capacities (joint ventures, for example) to help generate revenue for GPD. Additionally, the company has 3 advanced and exploration properties in the Western US which they hope to move towards production in the future. These include the Adelaide (Nevada), Golden Ridge (California) and, Dome Hill (Nevada-California) projects.

The Benefits of Owning Two Millsites

GPD owns 100% of a 1320 ton per day mill in Ely, Nevada and has a second 200 tpd modular mill under planning and permitting along the Humboldt and Pershing County lines. By utilizing central modular milling and direct trucking of ores from small high grade mine sites, the company plans on exploiting smaller deposits than would otherwise be possible; another positive for GPD's stock price and its shareholders. GPD owns the mill site for the planned Humboldt mill. It is now under permitting in Humboldt County, Nevada and will process 200 tpd of ore. The final permits are anticipated in Q4 2010. The mill in Ely is a 1320 tpd gravity floatation mill in east-central Nevada just outside of Ely. Although a 1320 tpd mill is considered too large for the probable source material in the area, the mill site would be ideal for a second 200 tpd modular mill once the Humboldt mill is on-line. When GPD has mills on both sides of Nevada, economic processing from multiple sources in the Western U.S. will most certainly be achieved.

GPD's Most Important Value Driver and the Future of the Company.. THE YUKON

The most impressive aspect of GPD's potential value is its 10 advanced properties located in the Yukon's Tintina Gold Province (TGP). One of the properties has had significant historical gold production and hosts recoverable resources. Most of the company's other projects in the area have had historic placer production with yet to be developed lode

Chris Berry House Mountain Partners, LLC 154 Grand St., New York, NY 10013 T 917.886.0229 [email protected] Page 4 of 33

8/12/10 sources; all of which are a good sign as GPD moves forward with exploration in the region. Most of the properties have seen sporadic episodic hit-and-miss exploration over the past 30 years by other mining companies with limited drilling and we expect that significant gold discoveries will occur in the 2010 drilling season on many of these properties.

Yukon's Tintina Gold Province: The Final Frontier in Gold

Then TGP is approximately 200 km wide arcing for 1,200 km, extending from northeastern British Columbia into southwestern Alaska across the entirety of the Yukon. It encompasses 150,000 km2, the size of the state of Illinois. Geologists believe the TGP hosts the potential for many high quality gold deposits. Additionally, it has been vastly under-explored. The relative lack of exploration in the Yukon despite its world-class placer mining history can be explained as a result of three major obstacles all of which have been rectified in the last few years, opening the door to the modern day Klondike Gold Rush. The first impediment to modern mineral exploration was the lack of predictable land tenure as the First Nations of the Yukon have only recently signed land settlement accords acknowledging and setting out clearly exactly who owns which land. Eleven of the fourteen First Nations have signed these accords allowing for very stable and predictable land tenure. The second progressive change centers on a political process known as "Devolution". This was the transfer of all regulatory authority to the Territorial Government from the federal government in Ottawa. By allowing local governing, the timeline for permitting is greatly reduced and streamlined with "one-window" permitting. This is amongst the best systems of permitting in the world and allows predictability and relative certainty to the process which so often blindsides the industry with unanticipated delays, costs or even project condemnations in foreign jurisdictions. The final key to igniting the current interest, aside from the current gold price of ~ $1200 per ounce, is the recent reform of the Quartz Mining Law. To maintain a mining claim in the Yukon an annual expenditure to benefit the claim must be made in the amount of $100 per year. While this is not a large amount the logistics of spending on each claim would preclude meaningful work. The previous law allowed for the grouping of only 12 claims such that $1200 of work could be performed on just one claim that was a part of a contiguous group and this would satisfy the yearly assessment requirement for 12 contiguous claims. This grouping was far too small for meaningful large scale exploration so the law has now been revised to allow for grouping of up to 749 claims in one contiguous block so that large district scale projects can be held by virtue of a significant expenditure on just one claim out of 749 contiguous claims. These three developments taken along with a "pro-mining" government in the Yukon bode well for the future and the ultimate development of what may become one of the world's great gold regions, possibly rivaling Nevada in its importance. Even with the recent renewal of activity in the Yukon, less than 10% of the Yukon is held by current mining claims with even less being actively explored today. GPD owns the largest advanced landholdings of prospective gold properties of any company currently exploring the TGP.

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Ten Advanced Gold Projects and Growing

GPD has 10 highly prospective gold projects in the Yukon, several with historical placer production and one with modern heap-leach production as recent as 2002. All have potential for future discovery and development. GPD will focus its exploration program in 2010 on 6 of the projects. The company plans on drilling 200 RC and core holes this season and spending $6M on Yukon exploration. Three reverse circulation (RC) drills will increase productivity, improve economics and reduce turn-around time for assays. This means more frequent news for the market. The company has established a diverse advanced exploration portfolio that reduces discovery risk substantially.

Political Stability, Sustainability and a Mining Friendly Locale

Because the region is politically stable, mining-friendly, and First Nations peoples are being included in decision making, we have the ingredients for a superior gold exploration, discovery and production company. Superior assets,

Chris Berry House Mountain Partners, LLC 154 Grand St., New York, NY 10013 T 917.886.0229 [email protected] Page 5 of 33

8/12/10 high quality management, and a solid business model are prerequisites for success. GPD's corporate structure (property division, royalty division, non-core asset division), seasoned management team, strong balance sheet and valuable property holdings bode well for the stock going forward.

The Potential for Increased Gold and Silver Prices

Given the potential for significant inflation in the future we believe both gold and silver have significant upside potential. Although management does not predicate success on increasing gold prices and, in fact bases most of their projections on gold prices under $1000 an ounce, a $2000 per ounce price would increase the value of GPD's properties significantly. GPD is creating additional shareholder value by monetizing its Nevada silver assets through the creation of Silver Predator Corporation. The new vehicle (SPD) will be listed on the TSX and will be managed by seasoned professional Lou Lepry formerly of Metallica, Freeport, Crown Resources and Newcrest. It will concentrate its interest in the same jurisdictions, namely the Yukon and Nevada, with a clear mandate to focus solely on silver. The Yukon assets are being acquired from Rockhaven Resources and Strategic Resources who are similarly focused on gold with underappreciated yet considerable silver assets. GPD will be the largest shareholder of SPD and the board is likely to dividend out at least a part of their holding as market conditions prescribe. Given these positive catalysts for value we think GPD shares should currently be owned in both retail and institutional portfolios.

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II. The Three Century Story of Gold in the Yukon

"Yukon's gold potential was first recognized during the great Klondike Gold Rush of 1898. Over 20 million ounces (600 million grams) of gold have been recovered from the Klondike placer mining district and production is ongoing. Several other areas of the Yukon, such as Mayo-McQuesten, Dawson Range, Livingstone Creek, Kluane and Whitehorse have historical and recent placer gold mining activity, but considerably less effort has been directed towards locating their hard rock sources." Yukon Geological Society, 2008 The Chilkoot Pass, circa 1898. (also called the Golden Staircase)) The attraction of gold mining in the Yukon is a story that dates back to the end of the 19th century and extends through the Klondike Gold Rush at the turn of the 20th century. Today, at the turn of the 21st century, the rush to the TGP is clearly underway. In 1800, the Russians were the first gold miners of the TGP in western Alaska. In 1896 gold was discovered in the Yukon at Dawson City. News of this discovery caused a stampede of prospective miners from San Francisco and Seattle. Over 100,000 eager miners-to-be headed for Dawson City in the Yukon. Only 30,000 actually reached their destination. The Klondike gold rush which began in July 1897 was short lived, however, with the official rush over by 1898. It should be noted that although the rush was over,

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected] Page 6 of 33

1.500 steps carved out of snow rising 1,000 feet to Whitehorse and Dawson City.

Chris Berry House Mountain Partners, LLC

8/12/10 the peak production year was 1900 and major production continued through the 1920s. Significant production continued through 1960 when the last operating dredge ceased production. Small scale production continued for the next two decades until the gold price shot up in 1980 bringing a small renaissance to the district which has accelerated during recent years with the once again increasing gold price. Hundreds of miners are active in placer camps throughout the area. Dawson City was a difficult destination from the three embarkation cities, Nome, Alaska, Vancouver, British Columbia or Edmonton, Alberta. Since its discovery, over 20 million ounces of gold valued at well in excess of 2 billion dollars (based on current gold prices) has been extracted from the Klondike. Current statistics (20082009) indicate almost 50,000 ounces per year continue to be won from the timeless placers of the Klondike. Concurrent with the Klondike Gold Rush, placer gold resources were discovered and mined elsewhere in the Yukon with well over 150 placers known to exist including Highet Creek (below Gold Dome) and Clear Creek. Production began at Highet Creek in 1906 and at Clear Creek in 1941 and both continue uninterrupted today. Total production to date from Highet Creek is estimated at 50,000 ounces whereas Clear Creek has reported production in excess of 129,000 ounces. The Klondike's place in mining history is well documented. Historically, the Klondike has been the world's 4th largest gold producer. Dawson City's association with the gold rush is timeless. Eighty-eight percent of the reported gold mined in the Yukon was mined in the Dawson City region. Five of GPD's Yukon properties today are located in close proximity to Dawson City.

The Klondike Rush is Underway Once Again

Since 1990, many exploration and development companies have established land positions in the Yukon with a real boom in the last three years alone. Today, the modern science of geology has redefined the potential for gold discoveries in the region ­ and that potential is superb. We know that the Klondike surrendered $2 billion in gold during the last century. It promises to yield much greater gold value today. As the familiar quote reminds us, "you find a mine where there has been a mine." The history of the region and modern geological practice implies this is the case today in the Yukon. Although the TGP runs through the Yukon and Alaska, almost all of the modern exploration effort has been concentrated on the US side of the border with more than 100 million oz of lode gold resource having been defined since 1995 in Alaska. This trend is beginning to shift and the Yukon is experiencing a dramatic influx in exploration capital directed to the TGP and its gold deposits. Today the "discovery process" is on in the Yukon's Tintina Gold Province. The USGS notes, "The Tintina Gold Province is a region of important new minerals discoveries and exploration interest. i "

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The "Tintina" name is relatively recent, having been coined by geologists who recognized that the characteristics of the belt extend for 2,000 kilometers and encompass 150,000 km2 of land. The region is defined by ~15 gold "belts" that were traditionally mined for their placer resources. Today exploration in the Yukon is changing its focus towards the source of those many placer deposits. With more than 150 placer deposits in the Yukon, only a handful have had their lode sources discovered leaving the vast majority undiscovered. This sets the stage for what may become one of the world's great hard-rock gold districts. As the exploration boom begins with a vengenence in the Yukon, we consider it to be in its infancy with dozens of discoveries likely to be made over the coming two decades. In fact it is likely that a significant number of these placer deposits may have their sources discovered during the coming years. With gold prices above $1,000 per oz, the TGP includes many historical and current placer producers and several important lode or hard-rock deposits including: 1. 2. 3. 4. The Clear Creek District (129,000 oz placer production from 1941), Gold Dome, formerly Scheelite Dome, (45,000 oz of placer production from Highet Creek), Dublin Gulch (Indicated resource of 2.69 million oz of gold), and Brewery Creek (278,484 oz of gold production from 1996 to 2002 with indicated and inferred resources still existing of 3.98 M t Au @ 1.135 gpt indicated and 2.2 M t Au @2.01 gpt using a cut-off grade of .5 gpt Au).

In the 1970s, low-grade gold mining technology became available on a world-wide basis setting the stage for the initial exploitation of the TGP. The first meaningful discoveries along the TGP in Alaska were at Pogo and Fort Knox. Kinross Gold's low grade Fort Knox mine in Alaska has yielded 5 million oz of gold to date. As geologists have begun to

Chris Berry House Mountain Partners, LLC 154 Grand St., New York, NY 10013 T 917.886.0229 [email protected] Page 7 of 33

8/12/10 discover and understand the Tintina's many gold belts and as exploration, development, and mining technology have evolved, the spotlight has been limited to the Alaska side of the border due to the historical social and political hindrances noted. Because of these hurdles, there was limited attention paid to the Yukon's potential for large-scale lode production. Between 1995 and 2002 the Yukon's Brewery Creek (now under the control of GPD) yielded over 250,000 ounces of gold from shallow oxidized deposits from which the gold could be "heap leached." Other known deposits with existing resources include Red Mountain and the Eagle deposit at Dublin Gulch. GPD's Gold (Scheelite) Dome, Clear Creek, Antimony Mountain, Eureka, and Cynthia, are other Yukon targets that have potential for lower grade bulk-tonnage gold resources. Several of these have additional potential for hosting high grade deposits including Antimony Mountain, Cynthia, and Grew Creek.

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III. The Yukon Today

Having just returned from the Yukon last week after visiting several exploration and development projects including GPD's Gold Dome, we are convinced the Yukon is on the verge of notoriety in the gold exploration and production space. In October 2008 long before our recent trip, we traveled to Whitehorse and spoke to the leadership of the First Nations. We realized from our meetings that the Yukon was emerging from its relative mining isolation. It was becoming an important wealth creator in the global mining space. That trend has continued and accelerated. In March 2010 at the Toronto PDAC, we attended a reception given by the Yukon Gold Mining Alliance, an industry group of seven of the leading gold, silver and copper companies exploring in the Yukon. The government of the Yukon lends great support for mining in general and more specifically the efforts of the YGMA to bring the open ended potential of this emerging world class arena to the financial market's awareness. The Yukon's Economic Development Minister, Jim Kenyon, laid out the plans to attract the mining industry to the Yukon, he stated that "This opportunity also gives us the chance to showcase our tremendous mineral potential ... the Yukon is a great place to invest. Not only because of its rich base and precious metals deposits but also access to resources, energy and ... dear to my heart, the people. Despite the economic downturn, high gold and silver prices along with encouraging results in a number of Yukon projects have spurred many companies to take a closer look at investing in new exploration programs in the Yukon. The Yukon government has made significant investment in its mining industry which includes modernizing legislation and investing. Over the last year we made significant investments in roads and electrical infrastructure. In recognition of the global economic situation the Yukon government will also provide $1.8 million of funding to mineral exploration companies to advance their exploration projects. By the end of the year the Yukon will have 3 producing mines and several in permitting stage. In the last several years investment in Yukon mining exploration and development has come in excess of $400 million dollars. As we look ahead we are very optimistic about the outlook for Yukon's mineral industry."

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

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8/12/10 Based on our research and an examination of the preceding map we believe that the Yukon's portion of the TGP, is vastly under-explored and that the government of the Yukon, fresh from the devolution of control of natural resource policy from Ottawa, plans to provide the framework and support necessary to encourage its development into one of the most prolific mining camps in the world. Here you have virtually every positive force a junior mining company requires: government support, First Nations active participation, devolution of control from Ottawa to the Yukon, a developing infrastructure with cheap hydro power, healthy gold prices, favorable mining laws, relatively inexpensive land acquisition and holding costs, initial financial support from Whitehorse and potentially hundreds of undiscovered or underdeveloped lode gold resources. The Yukon today offers uniquely profound potential for discovery and mining with a heavy bias towards gold and silver.

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IV. GDP's Yukon Properties

GPD's advanced exploration focus is entirely on the Yukon. Chairman Bill Sheriff believes the Yukon today is similar to Nevada circa 1970 when discoveries in the Carlin Trend began to come to prominence. Within ten years or so new discoveries were being made every few months. GPD, the largest landholder of advanced projects in the Yukon, currently employs a leading strategy for success. The clear focus is the acquisition of and production from "advanced gold projects". The advanced projects are Gold Dome, Clear Creek, Cynthia, Brewery Creek, Eureka, Panorama, Antimony Mountain, Idaho, Grew Creek and Airstrip. GPD has set a minimum gold resource target for each of these properties of one million ounces of gold. Of these 10 advanced projects, GPD has announced drilling during 2010 on 6 of them. The other projects will form a project pipeline for future development. The company has already drilled Eureka with 27 first phase RC holes completed. Drilling is underway at Brewery Creek, Gold Dome and Clear Creek with Antimony Mountain and Cynthia slated for initial drilling in August.

Gold Dome is GPD's largest property containing more than 170 km2 and one which we recently visited. We rode over Highet Creek where placer gold was discovered in 18846. At least 45,000 ounces of placer gold has been mined since 1903. The first lode claims were staked in 1916. This area has an incomplete history of gold production as much of the gold produced was likely not reported. The source of Gold Dome's placers is thought to be at the headwaters of the several creeks draining Gold Dome. Widespread alteration and mineralization has been mapped on the surface of Gold Dome. The area has good road access and excellent exploration potential. There is a very large soil anomaly measuring approximately 10 km by 3 km illustrating the potential of significant mineralization. This anomaly is one of the largest in the entire TGP. GDP has defined a total of 15 targets of interest on the property. 1

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Gold Dome (Formerly Scheelite Dome)

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The Scheelite Dome Gold Project, Central Yukon, Hulstein, Zuran, Carlson and Fields, Yukon Exploration and Geology, 1998 Chris Berry 154 Grand St., New York, NY 10013 House Mountain Partners, LLC T 917.886.0229 [email protected]

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8/12/10 In the recent years Kennecott Corporation explored the Scheelite Dome property between 1994 and 1998. In 1995 and 1996 Kennecott conducted soil sampling and rock chip sampling. In 1997 a 13-hole, 1052 meter RC drill program was initiated. The two best holes returned .48 gpt over 29 meters and .41 gpt over 61 meters. In 1998 seven diamond holes totaling 1,268 meters tested targets that returned gold intersections of 1.04 gpt over 15 meters, 3.67 gpt over 7.7 meters and 1.07 gpt over 12.1 meters. These results indicate that there is a gold system present at Gold Dome. In fact several quartz sulphide veins and zones of sheeted veins have been discovered which are similar to auriferous veins at the Fort Knox and Dublin Gulch gold deposits. In total, however, only 65 holes have been drilled on Gold Dome including 17 by GDP through 2009. The Gold Dome property is road accessible year round and close to hydro lines. Cheap Yukon hydroelectricity is an advantage. The company has identified 14 targets to date at Gold Dome. GDP drilled 3 targets in 2009, the Hawthorne Vein, and the Toby and Tom Zones. Six holes were drilled in the Tom Zone with four holes intersecting semi-massive to massive sulphides, a significant discovery. Eight holes were drilled in the Hawthorne vein, which was discovered in 1916 but never drilled until 2009. The rest were drilled in the Toby Zone in a geochemical soil anomaly and a coincident IP anomaly. The results were excellent. Several holes intersected high grade gold: 1) 10.87 grams over 2 meters 2) 2.56 grams over 9.58 meters 3) 11.12 grams over 25.4 meters (considered the discovery hole by GPD) The 2009 drilling results are contained in Appendix 3. View from Hawthorne Vein atop Gold Dome (7/27/10) On June 22, 2010 GPD announced that it had expanded its holdings in the Gold Dome area to 170 km2 from an original 70 by staking an additional 307 quartz lode claims after analyzing favorable geochemical and geophysical data. The company believes there is great potential in Gold Dome because the property is still relatively unexplored. The 2010 program will add to the geological knowledge of the deposit and test unexplored targets at depth. The following exhibit from the Yukon Geological Society shows a number of drill holes and the exploration pattern at Gold Dome during the Kennecott exploration programs in the 1990s.

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

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8/12/10 Yukon Geological Survey, 2009 This season a minimum of 7,000 meters of RC and core drilling will target geochemical anomalies, offsets to previously identified mineralization, as well as initial phase drilling at new targets in relatively untested areas of the property. In addition drilling will offset and attempt to extend previous areas of mineralization in the Tom Zone. The company will also continue trenching and mapping in the Toby Creek Zone. GPD's exploration progress will accelerate and there will be positive discoveries at Gold Dome in 2010 based on the 2009 drilling and the history of placer mining on the property.

Clear Creek

"The geologic environment, the evidence of bedrock occurrences and the extensive placer workings are all positive indicators of potential mineralization of the Clear Creek district" Robert B Pincombe, CEO Select Resources, Aug. 2, 2005 The Clear Creek District has a rich prospecting history dating back to the early 1900s, with modern exploration efforts commencing in the late 1970s. It is situated to the north of the Tintina fault zone in the Selwyn Basin. Bema Industries, working on contract from Canada Tungsten Corporation, was the first company to recognize potentially significant gold mineralization in 1978. Since this initial effort, various companies have conducted limited exploration campaigns including programs by Gold Rite Mining Corp., Noranda Exploration Ltd., Ivanhoe Goldfields Ltd./First Dynasty Mines Ltd., Kennecott Canada Inc., Newmont Exploration Limited, Redstar Resources Corporation, and most recently Strata Gold Corporation (now Victoria Gold Corp.). Here's the point: By building on the efforts of these early workers, GPD is well positioned to make a high-quality discovery once their exploration program begins. Following up on previous explorers, Noranda Exploration Ltd. conducted extensive soil and rock chip sampling, ground geophysical surveys, trenching, road building, and a 6 hole RC drilling program in 1991 and 1992. Two holes were drilled on each of the Eiger, Predator, Saddle, and Pukelman stocks for a total of 654 meters. In 1995, Kennecott Canada Inc. completed drilling, soil sampling and 320 meters of bulldozer trenching. The 27 hole (1971 m) RC program on the Rhosgobel stock identified an east-west trending zone 1,200 m long, 200 m wide and 65 m

Chris Berry House Mountain Partners, LLC 154 Grand St., New York, NY 10013 T 917.886.0229 [email protected] Page 11 of 33

8/12/10 deep. The average grade of the gold mineralization in this 40 MT zone is estimated at approximately 300 ppb Au, with a higher grade core zone of approximately 1.5-2.0 million tonnes grading from 0.75-1.25 gpt Au. The size and grade estimate is conceptual because there has been insufficient exploration to define a mineral resource. GPD believes that a new structural interpretation may significantly increase the overall tenor and provides the basis for several new drill sites in this area. In 1998, Newmont Exploration Limited conducted magnetic and radiometric airborne geophysical surveys. Interpretation of the data by Newmont suggests that the Eiger, Saddle, Josephine and Pukelman stocks may be part of a single larger intrusive body, and the Rhosgobel and Far stocks are themselves a separate body. Historic drilling by Redstar Resources Corporation on the Bear Paw Breccia Zone included 2 diamond drill holes totaling 219 meters in 1999; and 9 diamond drill holes totaling 1,211 meters in 2000. The best result of the Bear Paw Breccia zone was 2.3 gpt of gold over 31.8 meters in Hole BP00-10. In 2006, Strata gold Corporation conducted a detailed trenching and soil sampling program on the Bear Paw Breccia, Contact and Barney zones. In addition, infill sampling was conducted to follow-up on geophysical and historical gold anomalies identified by previous explorers. GDP's proposed Phase 1 2010 program at Clear Creek includes 1,000 m of oriented HQ diameter diamond drilling on the Bear Paw breccia zone where the Company plans to: "Twin" a select number of Redstar's holes in order to determine the orientation of previously identified mineralization at Bear Paw; and Drill five north-south directed holes to test a geological model that mineralization may be following an east-west trend. Upon completion of the diamond phase of the program, GPD plans to follow-up with a 3,500 m RC drill program on a grid across the established mineralization trend of the Bear Paw breccia. Pending the results of this drilling, other under-explored, low-grade bulk tonnage targets on the property may also be tested. As Golden Predator's Chairman, Bill Sheriff has remarked, in 2010 the company plans to drill 200 holes (both core and RC) to maximize productivity and turnaround. Every time a hole is drilled in properties in 2010 it is a step closer to discovering a major ore body. Perseverance on targets of the scale and quality of those assembled by GPD will greatly increase GPD's odds of success. On July 19, 2010 GPD issued a press release 2 announcing yet another property acquisition in the Yukon ­ Cynthia. Here, the company is targeting an intrusion-related gold deposit as well as epithermal gold veins. Cynthia covers roughly 4,750 hectares (1,920 acres) and is located 160 km northeast of the Ross River in the Tintina Gold Belt which also hosts the White Gold deposit made famous in the Underworld/Kinross deal.

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Cynthia

The area is actually 45 square km in size and according to GPD, gold grades as high as 16 gpt have been found at the property. Cynthia itself covers a 2 km by 2 km zone of gold mineralization. Since 1967 when the first claim was staked, Hess, Union Carbide Canada, Yukon Gold, and Cyprus Canada have all been involved in exploration on the property. The previous exploration mentioned above has returned some very promising results including gold grades as high as 3 gpt and higher grades (the 16 gpt we mentioned above) near fault intersection areas. Regarding ownership of the property, GPD can earn a 100% interest in the property, subject to a 3% NSR royalty.

2 http://www.goldenpredator.com/s/NewsReleases.asp?ReportID=409522&_Type=News-Releases&_Title=Golden-Predator-Acquires-Priority-DrillProject-The-Cynthia-Gold-Property-Y... Chris Berry 154 Grand St., New York, NY 10013 Page 12 of 33 House Mountain Partners, LLC T 917.886.0229 [email protected]

8/12/10 GPD is currently reviewing all historical data on Cynthia and is mobilizing a crew to hopefully have one drill in the ground this summer.

Grew Creek

The second property ­ Grew Creek ­ we mentioned earlier. The company is targeting epithermal gold veins on this project that covers roughly 7,300 hectares (2,955 acres) 25 km northwest of the Ross River. Though Grew Creek was first staked in 1965, no significant exploration took place until the 1980s. Between 1984 and 2008, the property traded ownership between the following: Allan Carlos, Hudsons Bay Company, Noranda Exploration (a joint venture), Golden Nevada, Wheaton River Minerals, YGC Resources, Freegold Ventures, and Emerick Resources. Each of the companies mentioned did some exploration on the property. A NI 43-101 Technical Report was completed on Grew Creek in 2008, but this report summarized the historical resource estimates and did not estimate compliant resources. Both high grade veins and vein stock-work mineralization were uncovered in previous exploration attempts as was lowgrade mineralization spread over a wide area. According GPD's website 3 , the mineralization runs for 300m in length and is approximately 100m wide and has been characterized by shallow drilling to date (less than 100 m).

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No drilling plan has as of yet been put forward by GPD as the company is compiling past data to put together a drill plan going forward.

Brewery Creek

The most advanced property in the Yukon, Brewery Creek, produced 278,484 ounces of gold from 1996 to 2002. A recent NI 43-101 compliant report indicates the following resource: Indicated, 3.98 mm tonnes Au @ 1.135 gpt (.038 opt) and inferred 2.20 mm tonnes Au @ 2.01 gpt (.059 opt) at a cut-off of .5 gpt Au. 4

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Brewery Creek, located 57 kilometers east of Dawson City, was discovered by Noranda Exploration in 1987. At least CDN $17 million was spent on exploration and development in the property by 1992 before mine construction began. Figure 1 pictures the landscape at Brewery Creek. Gold was produced here at a cash cost of $250 per ounce via open pit heap leach technology although it was forced to close in 2002 when gold prices slumped to $270 per oz. The mine has yet to be reopened. Golden Predator is currently drilling to increase the known resource to a level that would support reopening of the mine. Figure 1: Brewery Creek Eleven thousand tons of ore were processed daily at Brewery Creek. Production was largely run-of-mine oxide ore. The stripping ratio was excellent, 1.5 to 1 and the recovery rates were between 60% and 70%. In 2003 Spectrum Gold published a historical resource estimate of 145,105 troy ounces of gold indicated and 143,091 ounces of gold inferred resource at a cutoff of .5 gpt. 5 Alexco acquired the property in 2005 and reclaimed it completely by 2007 although very importantly, they retained the water and mining license in good standing through 2021. GPD may earn in 75% from Alexco by spending $6 million by 2015.

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http://www.goldenpredator.com/s/GrewCreek.asp Please see the Appendix for most recent drill results on all GPD projects. 5 From 2003 report by R. Diment and R.G. Simpson Brewery Creek has indicated resources of 3.986 million tonnes grading 1.135 grams and inferred resources of 2.214 million tonnes grading 2.01 grams / tonne at a .5 gram / tonne cutoff. Chris Berry 154 Grand St., New York, NY 10013 Page 13 of 33 House Mountain Partners, LLC T 917.886.0229 [email protected]

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8/12/10 Figure 2 shows a graphic of several of the defined targets at Brewery Creek. GPD will drill the Kokanee, Lucky and Golden pits in 2010. From this diagram, one can see the large extent of the mineralization marked by anomalous trends and known ore bodies. GPD benefits from a database of hundreds of drill holes and over 125,000 blast hole assays and 24,000 soil samples from this area. The property extends over an area of 12 kilometers (7.2 miles) by 9 kilometers (5.4 miles). Figure 2: Targets at Brewery Creek GPD recently published a NI 43-101 indicated gold resource of 151,200 ounces and in inferred resource of 129,800 ounces on this property in September 2009. 6

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More than 24,000 soil samples have been collected from the property and there is a database of hundreds of drill holes and 125,000 blast hole assays. Major targets in the 2010 drilling season are south of the Lucky pit, the upper extent of the Lucky pit, the Golden and Kokanee pits where drilling will extend 100 to 200 meters below previous levels. Historically, most of the drilling at Brewery Creek has been very shallow. This is a recurring theme in the Yukon's TGP. GPD plans to spend $1,500,000 in 2010 on exploration at Brewery Creek. The property is fully permitted through 2021 and therefore has the potential for immediate and extensive value creation for the company. GDP Chairman Bill Sheriff has suggested that the property and its targets and various geographic features will likely be renamed with the assistance of the Tr'ondek Hwech'in with which GPD maintains a full benefits agreement. In 2009, GPD drilled 13 shallow holes to expand the known oxide gold resource and 13 deeper holes. Brewery Creek results are contained in the Appendix. Of the 13 shallow holes 8 intersected significant oxide gold intersections at very shallow depths (average maximum depth of 45 meters). On these shallower holes the average grade was 2.73 gpt (.0877 opt) over average widths of 5.05 meters. The deeper holes (avg. maximum depth of 182 meters) produced an average gold grade of 4.8 gpt over intersections averaging 3.6 meters. Notably one 1.9 meter intercept graded 20.2 gpt Au (.66 ounces) and a second 9.7 meter intercept graded 4.7 gpt (.14 ounces). Based on results from the 2009 drilling season, history in Yukon's Tintina is repeating itself at Brewery Creek for GPD. The grades increase at depth, a result we have seen in other Yukon gold discoveries such as Underworld. Brewery Creek appears to be getting better as mixed sulphide and sulphide mineralization is drilled out. We think Brewery Creek, soon to be renamed, is a key short-term wealth creator for GPD's shareholders. On June 7, 2010 the company announced a drill program for Brewery Creek. Bill Sheriff said, "The first holes will be located in the Kokanee and Golden Zones, which produced some of the highest grade intercepts on the property to date."

6 In September, 2009 the company published a 43-101 compliant report showing an indicated resource of 3.98 MM tonnes Au @ 1.135 gpt (0.038 opt) and an inferred resource of 2.20 MM tonnes Au @ 2.01 gpt (0.059 opt) using a cut-off grade of 0.5 gpt Au (Simpson, 2009). Chris Berry 154 Grand St., New York, NY 10013 Page 14 of 33 House Mountain Partners, LLC T 917.886.0229 [email protected]

8/12/10

Eureka

The Eureka property is located 90 km southeast of Dawson City and 50 km north of the Underworld "White Gold" discovery. The property consists of 349 contiguous claims totaling 70 km2. Eureka was an original Klondike placer location in the late 19th century. Mining has been continuous through the present but few records were kept. Between 1978 and 2005, 152,671 ounces of gold were mined in the area. GDP plans a 3,500m RC drill program with 54 holes targeting extensive soil sampling and trenching results from 2009. Previous exploration companies had identified three anomalous showings on the Eureka properties, known as the Allen, Wealth and Childs showings. In 2006, Strategic Metals, drilled 10 RC holes on the Wealth showing and returned .592 gpt over 18.3 meters. In addition to testing previous exploration results, GPD will also test the 2009 trenching results which were as follows: 1) Moderate to strong gold-in-soil geochemical values which vary up to 672 ppb Au from a 6 km long by up to 2 km wide anomaly; 2) Down dip extensions of mineralized drill-intercepts identified by previous explorers at the Wealth showing, and 3) Trenching results reported by previous companies at the Allen, Wealth, and Childs prospects including GPD's 2009 trench results at the Wealth. GPD's 2009 trenching results from Eureka are contained in Appendix 2. The lode source(s) for Eureka Creek's significant historical placer production have never been identified. GDP has the opportunity to complete this story. 2010 exploration on Eureka has clear value creation potential.

Antimony Mountain

Antimony Mountain, an intrusion-related gold occurrence is located 65 km northeast of Dawson City and 25 km north of Brewery Creek. The property consists of 478 hard rock claims covering approximately 96 km2. Access to the property is by helicopter ­ 25 minutes from Dawson. Mineralization was first discovered in 1916. No further work was done on the property until the auriferous A.J. Vein was discovered. Anaconda exploration performed some limited drilling on the A.J. vein in 1980. Kennecott continued exploration from 1994 to 1998 but allowed its claims to lapse. In 2004, the Golden Wall showing was discovered by Shawn Ryan the noted local prospector responsible for the White Gold and Coffee discoveries of Underworld and Kaminak. GPD optioned the claims in 2009. The company completed twelve diamond drill holes at the A.J. Vein. Drilling revealed multiple intersections of gold-bearing vein mineralization associated with tourmaline, arsenopyrite, pyrite, pyrrhotite and chalcopyrite, hosted in metasedimentary host rocks close to the Antimony Mountain stock. Drilling also intersected copper-lead-zinc-arsenic-silveranomolies. These results are indicative of a distal vein deposit located a few kilometers away from the main mineralizing body, thought to be present at the Golden Wall which will be the target for this year's drilling. The company has demonstrated continuity of grade and width potentially suitable for underground mining. To date every drill hole has intercepted well-mineralized vein material varying in thickness from 1 to 2.5 meters. The A.J. vein is a very small part of the entire area. GPD's geologists see the property having both bulk tonnage and higher-grade underground gold mineralization The company plans to drill 1,500 meters of RC in the 2010 program testing Antimony Mountain's Golden Wall showing. Note Shawn Ryan is in the lower right of this picture.

Chris Berry House Mountain Partners, LLC 154 Grand St., New York, NY 10013 T 917.886.0229 [email protected] Page 15 of 33

8/12/10 In a recent development which we think significant, two additions to GPD's Yukon property portfolio have been completed increasing the total number of GPD's Yukon projects to ten. These are Cynthia and Grew Creek, reviewed above. Developing an exploration strategy for each is underway. The addition of these properties will significantly increase the total size of GPD's land package and bode well for future discovery potential. The real significance however is that it is clear that Golden Predator has an open-ended acquisition and development pipeline strategy in the Yukon and is in fact an opportunistic explorer in the region.

4B

V. GPD Assets in Nevada and the Western U.S.

GPD's Nevada assets and overall program exist to fund exploration in the Yukon, a crucial component of GPD's wealth creation strategy. GPD has built a solid base in Nevada. Leveraging both gold production and royalty payments will efficiently fund exploration in the future. This efficiency will be a result of centralized modular milling at the company's Humboldt mill. Final permits at Humboldt are expected in Q4 2010. Figure 3: GPD's Nevada Properties The flagship project in Nevada is Adelaide, a promising deposit with over 300 meters of strike length and 90 meters vertical depth along a single portion of just one of the four major veins on the property. The deposit consists of mineralized veins that require further exploration. Three veins of interest are Sage, Recovery, and Crown. While there is currently no NI 43-101 resource on this property, the company anticipates a 43-101 during Q1 2011. Once the program is permitted (January 2011) GPD plans to construct a 1,500 foot decline which will cut the Recovery vein. At least 40 holes will be drilled with the goal of expanding the Margarite vein zone. The current budget for this property in 2010 is $370,000 as it awaits the underground permitting. This property has been mined since the early part of the twentieth century and has produced ~ 19,000 ounces of gold and 345,000 ounces of silver from open pit and underground mines. Between 1988 and 1991, a small open pit mine produced 4,917 ounces of gold and 53,474 ounces of silver from both the Margarite and Recovery pits. GPD acquired the property (along with the Tuscarora Project) from Atna Resources through an agreement with Newmont Gold. The company must spend $1 MM on either or both projects over 5 years and issue 1 MM shares to Atna in order to earn its interest in the projects. The company anticipates full earn in within the next 12 months. Please see the Appendix for 2009 Brewery Creek results.

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

Page 16 of 33

8/12/10 Golden Ridge, California Golden Ridge is a GPD property on the California/Oregon/Nevada border (in California). GPD's goal is to uncover "bonanza vein style" mineralization with gold grades high enough to make trucking ore economic. In 2009, 30 RC holes and 5 diamond holes were drilled (11,000 feet of drilling). For 2010, permitting is the first order of business followed by drilling. The drilling will focus on two veins, the Alturas and Moonlight as well as initiating drilling on the Consolidated vein system. In addition to this, compiling information on various rock chip and geochemical soil surveys will continue in order to help model this deposit and pinpoint drill targets. A meaningful discovery was made last year in hole 29 where GPD reported 95 feet of .388 opt Au. Three follow up late season core holes were drilled around hole 29 in order to accurately determine the orientation of the mineralized zone. The zone is now known to be two parallel veins with grades running in the ounce per ton range. The first phase of 2010 drilling will be to systematically offset along strike and at depth this discovery from last year in an attempt to drill out a reportable highgrade resource. Please see the Appendix for selected 2009 drill results. Other Western US properties are "in the pipeline." They are in the permitting stage and are located in the following states: Property Tuscarora Dome Hill Angel's Camp Mineral Hill Location Nevada Nevada Oregon Wyoming Ownership 100% 75% earn-in. Drill in August 2010 50% earn-in to complete in 2010 100% drilling underway to complete by August 1

5B

VI. Two Recent Yukon Gold Successes in the TGP

As of June 1, 2010 Chairman Bill Sheriff and his team were in the field. They are drilling, as we write, on a number of their properties. We mention this in the discussion of GPD's progress. We believe that in the exploration phase, good things ultimately happen when the drill turns. Drilling programs must be thoroughly planned. In the Yukon they usually follow prospecting, mapping, surface sampling, shallow trenching and, often, geophysical programs. Eventually discovery is verified with drill results. We are satisfied that by July 2010 GPD will have reverse circulation (RC) drills working on four properties. To get a true sense of the discovery potential in the Yukon it seems pertinent to discuss two recent successful case studies in the area.

The Underworld Resources Case Study

Last January we interviewed the management of Underworld Resources. 7

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Telephone Interview with CEO Adrian Fleming of Underworld Resources, January 21, 2010. Chris Berry 154 Grand St., New York, NY 10013 House Mountain Partners, LLC T 917.886.0229 [email protected]

Page 17 of 33

8/12/10 The company had been exploring for gold in the Tintina's White Gold belt approximately 96 kilometers south of Dawson City and 49 kilometers south of GPD's Eureka property. The Underworld management team told us, "Something very special is happening in the Yukon. The geological setting is quite different and unusual." Underworld acquired its extensive Yukon properties in 2007 and drilled 3 holes at its Ryan's showing in 2008 with good results. In 2009, Underworld drilled its Golden Saddle property and, according to management, the "first four holes were all good." Two of the drill holes yielded assays of 3.2 grams of gold per tonne over ~ 25 meter intersections. This was within 90 meters of the surface. In our interview management noted, "Clearly we have more than a million ounces at Golden Saddle." Management also indicated that gold grades were improving at depth. They expected that by the end of 2010 they would develop a resource of 2 million ounces of gold. Through January 2010, the company had spent only $13 million on its Yukon properties. This established an excellent discovery cost of $10 per ounce of gold. The company indicated that the first 4 holes on the Golden Saddle property started a staking rush. These results were so promising that on March 16, 2010 Underworld Resources was acquired by Kinross Gold for $135 million, a premium of 36%. Kinross executives and the Board of Directors obviously understood the significance of the Underworld discoveries and land position very well. Kinross is currently mining the Fort Knox deposit in a Tintina gold belt of Alaska that will produce 387,000 ounces of gold each year for the next five years. Value creation requires an exit strategy and given the declining level of gold reserves amongst the major producers, many more takeouts are likely. Underworld had established 730 square kilometers of properties. We think these properties are prospective for increased gold resources. What are the lessons from the Underworld case study? They are: · Finding gold in the Tintina is an easier process than elsewhere. It is accomplished by prospecting, mapping, soil sampling, trenching and drilling. · The Underworld case study also teaches that significant land positions are critical because the Yukon's Tintina is virtually unexplored. It is clear that there are majors waiting for more drill results from the Yukon's Tintina. These are all lessons that GPD management understands. The Kaminak Gold Case Study On May 26, 2010 Kaminak reported the results of its first two drill holes on its Supremo target. We attended the Kaminak management conference call as part of our research effort. Management noted that the first hole came back as a discovery hole. It graded 17.7 grams per ton over an intersection of 15.5 meters. Kaminak management believes that with the discoveries in the Yukon, the Tintina is an emerging gold district not dissimilar to the historic gold camps of Ontario and Quebec. The gold appears to increase in grade with depth. It is uniformly distributed and does not appear to occur as nuggets. Kaminak management believes that the Tintina, at least in the Yukon, has never been glaciated. This means that soil samples are more nearly representative of the bedrock below. Exploration progress should increase and costs decrease (as in the Underworld case) because a backhoe program with shallow trenching can provide significant results and geological knowledge relative to a deposit. In the Kaminak case study, there are 43 kilometers of targets with "8 large, intense geochemical soil anomalies." Kaminak management said, "Trenching these is a good indicator of potential for large scale deposits." And, we might add, trenching is very economical. Kaminak is waiting for assays on 13 holes on four different parts of the property. The land position, as in Underworld, is so large that only 7% of the properties have been sampled. Lessons from the Kaminak case study reinforce those of Underworld's experiences.

Chris Berry House Mountain Partners, LLC 154 Grand St., New York, NY 10013 T 917.886.0229 [email protected] Page 18 of 33

8/12/10 · · · · The Yukon's Tintina Gold Province is unexplored, has significant gold resources that are relatively easy to discover by soil sampling and trenching followed by systematic drilling. Gold is distributed uniformly and in multiple deposits. It is fine disseminated "pepper shaker" gold, not visible and not "nuggety." Gold grades increase at depth and are found close to the surface. Surface samples on Kaminak properties graded ~ 1 gpt on average.

Kaminak management believes that their properties are indicative of the TGP's White Gold Belt. The positive implications for GPD are many, which we discuss in due course.

6B

VII. GPD's Philosophy of Value Creation

Figure 4: GPD's Yukon Properties

The Big Five: Five of Golden Predator's ten Yukon properties to be drilled this year in the Tintina Gold Province.

Crew Creek is one of GPD's latest additions. Not pictured is Cynthia, 160 kms northeast of Ross River. The company also plans to drill here bringing the total drill projects to six.

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

Page 19 of 33

8/12/10 The view from the Chief Executive's office is most important. Mr. Sheriff needs no introduction to us. He was the architect of Energy Metals' uranium acquisitions, its move to the New York Stock Exchange and its sale for $1.8 billion to Uranium One. 8 Owners of EMC shares in February 9, 2006 had earned a compound annual rate of return of 409.8% in this wealth creation environment by June 7, 2007. (C$3.75 to C$19.12). This was even higher if you include shareholders during the company's first offering at C $0.27 in July 2004.

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Mr. Sheriff has now focused on the Yukon's gold resources. His GPD business plan has three components. He proposes to build a self-funded junior gold mining company using a royalty division and a non-core asset division which will fund exploration and development of the third portfolio, its Yukon holdings. Given the current global situation, a mix of inflationary government spending and deflationary global de-leveraging, gold seems to us to be the appropriate sector in which to be developing a pure play mining company. Mr. Sheriff explained his plans for Golden Predator shareholders in his Letter to Investors in March 2010. "Through 2009 our management team worked to refine our corporate mandate to one concise statement: `creating a self-funded gold company focused on Yukon.' All activities at Golden Predator are undertaken with the single purpose of becoming the leading gold explorer in what we view as the world's premier first world gold exploration jurisdiction. With our industry leading property position in Yukon, comprised of eight properties which we began to establish in July 2009, I believe we are positioned for a significant discovery." Figure 5 (below) pinpoints the properties that comprise the GPD portfolios in the Yukon and Western US. In the Yukon, the portfolio pipeline is open-ended and actively managed by GPD management. It is now comprised of the Gold Dome, Clear Creek, Brewery Creek, Antimony Mountain, Eureka, Panorama, Idaho, Airstrip, Grew Creek and Cynthia properties. Collectively these properties include over 700 km2 and have yielded significant placer gold production 9 . In 2009, GPD spent $3.5 million on assembling and exploring the properties. In 2010, GPD plans to spend $8 million on these properties as well as the properties in The US. According to Mr. Sheriff,

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"We will focus on our five main properties (Gold Dome, Clear Creek, Antimony Mountain, Brewery Creek and Eureka) to maximize our potential for discoveries, with an emphasis on Gold Dome. We anticipate spending approximately $6,000,000 in Yukon in 2010." Another important aspect of the exploration and development of GPD's gold resources is that the Yukon, in particular the White Gold and Tombstone Gold Belts of the TGP, lend themselves to reverse circulation drilling. While RC drilling provides lower geological content, it is much faster and cheaper but you must have road access; importantly five of GPD's projects are road accessible and most of them have road access planned for 2011. This technology appears well suited to the Yukon's gold deposits such as those identified by both Underworld and Kaminak although they are restricted to helicopter access and therefore not suitable for RC drilling as you would need a military helicopter to get a full size RC rig into site.

8 In a Morning Note on February 12, 2007 we wrote this about the successful acquisition and uranium development strategy of Energy Metals. "Shareholders have been rewarded with almost a tripling in share price since February. This has been accomplished through a number of very positive occurrences. EMC acquired three uranium companies in 2006: High Plains Energy, Standard Uranium and Quincy Energy. The company now has 66 million pounds of uranium resource re-classified in a 43-101 category. By the end of the first quarter of 2007, I expect another 26 million pounds of uranium to be added to that category. There may be another 200 million pounds of historical of non 43-101) uranium in the portfolio. These resources are in 9 western states in the US." 9 See Appendix 1 for individual project size in the Yukon. Chris Berry 154 Grand St., New York, NY 10013 Page 20 of 33 House Mountain Partners, LLC T 917.886.0229 [email protected]

8/12/10 Figure 5: GPD Pipeline of Properties*

* Not pictured here are the Grew Creek and Cynthia properties in the Yukon.

Mr. Sheriff contends that while the company's properties may not be the largest in aerial extent, GPD is now the largest property owner of advanced development properties in the Yukon. In summation Mr. Sheriff's ongoing philosophy is as follows, "Our Yukon operations, with an industry leading gold property position, are focused on exploring for and developing world class bulk tonnage gold deposits amenable to open pit mining. We are aggressively exploring 6 of our 10 projects: our Cynthia, Gold Dome, Clear Creek, Antimony Mountain and Brewery Creek projects in the Tombstone Gold area and our Eureka Project in the White Gold area, all 6 of which are located within the prolific Tintina Gold Belt. We also plan to selectively expand our portfolio within these two emerging gold camps and further our leading land position in the Yukon Territory." The company is presently funded through the 2010 field season.

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

Page 21 of 33

8/12/10

7B

VIII. Royalty Division

GPD's royalty division accounts for over 70,000 acres in the Western US. It includes 15 projects across 23 claim blocks. Based on a gold price of $875/oz this portfolio currently yields well over CDN $1 million per year in royalties. The leverage factor here is that the royalties escalate with an increase in the price of gold above $875 and with increased production, both of which we think are likely. Mr. Sheriff anticipates CDN $14 to $15 million per year in royalties within five years. The royalty portfolio includes interests in the following mines:

Deposit Bald Mountain Mine Pan Deposit Tonkin Springs Deposit Rattlesnake Deposit Leased To Barrick Gold Midway Gold US Gold Evolving Gold

It is handled through a wholly owned subsidiary named Gold Standard Royalty ("GSR"). GSR was created to hold and acquire Nevada-based royalties, specifically focused on precious metals.

The Portfolio contains both grass roots and pre-development stage projects and the strategy here is to maintain the majority of portfolio assets under lease and / or joint venture. Ideally, this will lead to successes with exploration as well as continuing the annuity stream from producing deposits. It is important to note that this is an active part of GPD's business model in that the group in charge of monitoring this royalty portfolio is mandated with actively growing it and reviewing opportunities as they arise. Mr. Ed Devenyns, a long time veteran of the mining industry who has been with GPD since 2007, manages this business. A recent press release announced the plan to begin mining Midways' Pan deposit by 2013 10 . Midway Gold is the current operator of the property and has announced they intend to move to production. The terms of this agreement between GPD and Midway are "annual advance royalty payments which are indexed to the price of gold, and a sliding scale gross production royalty set at 4% where the gold price is greater than USD$450.00 per ounce." 11

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If Midway begins production at Pan on schedule, the anticipated royalty income could amount to CDN $5 million per annum for a number of years assuming a 100,000 ounce per year production rate. This will strengthen the balance sheet of GPD and allow it to continue its focus on its exploration in the Yukon. A final example is an actual production royalty payment Barrick Gold recently sent to GPD for production on the 1% GSR Bald-Alligator area in the amount of CDN $115,000 which was returned to Barrick in favor of receiving the payment in kind. This election has netted the company gold bullion currently held at Johnson Matthey valued at $150,000. This is an example of the passive cash flow the company will continue to generate in its quest to become self-funded. An important valuation issue for investors to consider is: If the price of gold rises, these royalties increase. If the production from these projects increases, the royalties increase. If both occur, GPD could achieve its goal of becoming self-funded more quickly than anticipated.

http://www.goldenpredator.com/s/NewsReleases.asp?ReportID=402940&_Type=News-Releases&_Title=Golden-Predator-provides-update-onRoyalty-Portfolio 11 Ibid Chris Berry 154 Grand St., New York, NY 10013 Page 22 of 33 House Mountain Partners, LLC T 917.886.0229 [email protected]

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8/12/10

8B

IX. Non-Core Asset Division

This division focuses on the divestiture of assets deemed non-critical to the long-term plans of the Company. It is a second potential revenue generator for GPD. Typically, it is defined by a stock sale or sale for cash of gold properties. GPD retains the royalties on projects with notable gold occurrences or resources and projects with very strong gold anomalies. Typical terms may include: · · · · Cash payment Stock representing between 3 and 9% of the company with anti-dilution protection Royalty payment of .5 ­ 2.5% NSR Board representation

This division is comprised of numerous properties and here is a list of the more notable ones in Nevada and Wyoming:

Nevada

CV Modoc Platte River JV UNR Keystone Phoenix Trail Kismet GQ Landmark Mt. Hamilton North Monitor Buena Vista French Boy Jag Maggie Creek Mina

Wyoming

Lewiston

9B

X. The Future of Mining in the Yukon

The future looks exceptionally bright for the Yukon mining industry. In 2010, production is expected to triple according to Government forecasts and exploration funding will exceed C$90 million. 12 Mike Burke, head of mineral services for the Yukon Geological Survey, has stated "Development dollars are going through the roof..." and also that 47% of Yukon exploration dollars are going into gold, 23% into silver, and 30% into base metals. 13 In addition to this, production of placer gold is expected to reach a 20-year high in 2010, with a total of 66,000 oz.

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A final plus is the potential for the strengthening of the Canadian dollar relative to its U.S. counterpart. Those companies needing to acquire equipment for production based in US dollars have been able to do so economically. The recent acquisition of Underworld Resources by Kinross underscores the increasing discovery potential in the Yukon. Aside from this deal, companies such as Alexco, Northern Freegold, Northern Tiger, Kaminak, Capstone, and Western Copper, are all actively exploring the Yukon for precious metals. The increased exploration and production dollars paint a very encouraging picture for the Yukon and its mining industry. Where there's smoke, there's fire and this is yet another reason why we think GPD shares are well positioned to appreciate.

12 13

http://www.mineweb.com/mineweb/view/mineweb/en/page66?oid=93492&sn=Detail Ibid

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Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

Page 23 of 33

8/12/10 "Devolution represents a single-window approach to regulatory review." Premier Piers McDonald 14 , Former Premier of the Yukon Telephone Interview June 17, 2010

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Another very significant and positive factor for mining in the Yukon is the political climate. Thanks to a process known as "devolution", management of land claims and the permitting process has been ceded by Ottawa to the Yukon Government. Devolution was designed to allow the Yukon to achieve "responsible government" in that local control of decision-making regarding socio-economic issues was preferable to decision-making from a federal body in Ottawa based 3,537 miles (5,660 kilometers) away from Whitehorse. In the end, this makes the entire process for permitting and mining much more efficient and faster. In our research for this paper, we interviewed Piers McDonald, former Premier of the Yukon (September 30, 1996 ­ April 17, 2000) and current Golden Predator board member. 15 He mentioned that Devolution commenced at the turn of the 20th century out of Yukon ambitions to build the economy and compete with other territories and provinces across Canada. The main barrier to Devolution becoming a reality was the management of First Nations land claims. According to Premier McDonald, developing an agreement with Canada's aboriginal groups was a "top priority to push Devolution forward."

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Though various responsibilities had been transferred from the federal government to the territory as far back as the 1960's, the process accelerated in 1993 with a focus on oil and gas claims and then moved to the mining and permitting processes in the late 1990's. Devolution wasn't fully finalized until 2003 with the signing and passage of the Yukon Environmental and Socio-economic Assessment Act (YESAA) on May 12th, 2003. By this time, First Nations concerns had been largely resolved and there were no significant barriers to completing this hard fought for agreement. Permitting is handled through a single body known as the Yukon Environmental and Socio-economic Assessment Board (YESAB). Essentially, a company attempting to do work on a mining claim in the Yukon must go through the YESAB as well as obtaining water permits. As an aside, GPD is up to date on all its responsibilities within YESAB and maintains progressive relations with the First Nations in whose traditional territory it operates. The implementation of Devolution provides a competitive advantage in resource extraction for the Yukon over neighboring provinces and territories. A huge under-explored landmass in the Yukon can be staked and explored more expeditiously than elsewhere. This leads to faster discoveries that will presumably lead to faster production benefiting all of the Yukon's stakeholders.

14 Minister McDonald joined the Board of Directors of Golden Predator Corp on April 12,2010. Please see press release at http://www.goldenpredator.com/s/NewsReleases.asp?ReportID=394438&_Type=News-Releases&_Title=Former-Yukon-Premier-Appointed-to-Boardof-Directors 15 http://en.wikipedia.org/wiki/Piers_McDonald Chris Berry 154 Grand St., New York, NY 10013 Page 24 of 33 House Mountain Partners, LLC T 917.886.0229 [email protected]

8/12/10

10B

XI. Budgeting and Sustainability

As of July 5th, 2010, GPD had $6 MM in cash and $3 MM in marketable securities on its balance sheet. The company has no debt and has developed an exploration budget of $8,000,000 for 2010 broken down below: Project Adelaide Golden Ridge Angel's Camp Dome Hill Mineral Hill Total U.S. Budget Brewery Creek Gold Dome Antimony Clear Creek Eureka Total Yukon Budget Total 2010 Exploration Budget Location Nevada California Oregon Nevada Wyoming Yukon Yukon Yukon Yukon Yukon 2010 Budget $670,000 $480,000 $250,000 $200,000 $400,000 $2,000,000 $1,500,000 $1,750,000 $600,000 $1,000,000 $1,150,000 $6,000,000 $8,000,000 This budget will allow for programs across 6 of the first-tier properties in the Yukon and consist of up to 200 RC and core holes. The company is funded through 2010. However as exploration at the Adelaide property in Nevada has been pushed back for six months due to a permitting delay, it is likely that an additional capital raise will need to occur by 2011. Our pro forma analysis, taking into account the royalty and non-core asset cash flow streams, suggests that the company will be required to go the equity market for at least one funding of $10 to $12 million before Q2 2011.

In the interim we believe that the share price will benefit from the current drilling programs in the Yukon. We also see initial revenue from bulk testing progressing to production from Adelaide coming on stream in the 2012/2013 timeframe. These factors will help mitigate the potential shareholder dilution from raising excess capital in the equity markets. Once GPD begins production in the US coupled with increasing royalty revenues, this will remove or significantly reduce the need to access the capital markets. With the company currently involved in advanced exploration and not yet in production, it is difficult to value. However, if you consider the book value of GPD's assets such as the 100% owned Taylor mill, 100% owned U.S properties such as Adelaide, Tuscarora, and Mineral Hill, plus the most important upside in Yukon exploration, GPD is a value proposition and has substantial upside share appreciation. We look to the company to realize this potential in the coming months as drill results are made public. 2010 drill results from 1,430m in 6 diamond holes at Brewery Creek and 2,930 m in 27 RC holes at Eureka are completed and now pending assays. These could help strengthen the share price. Drill results will follow shortly on the more important Clear Creek and Gold Dome projects. It is also significant that the company has CDN $20.8 million in warrants exercisable over the next 22 months. While all of these warrants are not "in the money" at this time, we are confident that they will be exercised in whole or in part stabilizing the business plan. Capitalization Issued and Outstanding, GPD.V Warrants (GPD.WT) (1) Warrants (Private) (2) Warrants (Private) (3) Warrants (Private) (4) Warrants (Private) (5) GPD Options GPD Shares 62.2 MM 4.0 MM 0.7 MM 0.6 MM 14.8 MM 0.7 MM 6.2 MM

(1) (2)

Fully Diluted

Chris Berry House Mountain Partners, LLC

89.9 MM

Exercisable at $1.34 until August 15, 2011 Exercisable at $0.60 until April 20, 2012 (3) Exercisable at US$0.30 until October 2010 (4) Exercisable at prices between $0.75 and $0.84 until December 2011 (5) Exercisable at prices of $0.75 - $0.90 until September 2011

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

Page 25 of 33

8/12/10 Finally the company is relatively closely held. Three institutional investors, Chairman Sheriff and several high net worth investors now hold approximately 70% of the company. As the company's investor relations plan is realized many more investors will be attracted to the shares of this company. We foresee no difficulty in a $10 to $12 million equity raise in the next 12 months given its current institutional and high net worth base of investors. SEDAR shows that three significant institutional investors have filed their ownership positions on GPD 16 . Front Street has a 14% position (6.77 million shares plus 3 million warrants), U.S. Global has a 12.92% (4.425 million plus 2.5 million purchase warrants) position and Eric Sprott is now filing at a 10.4% ownership. Mr. Sheriff has established a 6.2% position (4.094 million shares). He recently increased his holdings. 17 Another high net worth investor owns approximately 9% of the company's shares and warrants. This means that over 50% of the shares are held by 5 investors. Another 5 high net worth investors hold 20% of the company's shares. Given the Blue Ribbon nature of the early investors, this means that the firm should have no trouble raising capital in the next two year timeframe.

F F F F

One of the firm's royalty positions, as discussed, is a 4% gross royalty on Midway Gold's Pan Gold deposit. While Pan may not come into production for 3 to 4 years management projects that it will yield about $5 million per year. Assuming that the Bald Mountain project advances to GPD's royalty interests during that same time frame and accounting for increased revenue from the 1% Alligator-Bald royalty the entire portfolio could provide upwards of $15 million per annum within the next 4 years or so. Given GPD's aggressive 2010 Yukon drilling program, now underway, the ~$21 million slate of warrants exercisable through April 20th 2012, the strong Institutional investor and high net worth participation and Adelaide's future production now delayed to 2011, the company's business plan is sustainable and we think that GPD has the potential to become a self-funded gold exploration and production company within 5 years.

11B

XII. A Note on Silver Predator

When analyzing metals and mining-related equities, one of the most difficult tasks is to estimate the market value of a company's assets. GPD is no exception as the company has interests in many silver properties throughout North America in addition to its gold properties. We think the management is performing well when it chooses to segregate the gold and silver assets from a capital markets perspective. Monetizing the silver assets will create value interpedently of the company's gold properties. In February of 2010, GPD teamed up with Strategic Metals, Rockhaven Resources, and Platoro West Holdings to create Silver Predator Mines to aid investors in realizing the value of these silver properties. Each of the companies will contribute assets of silver properties from their respective portfolios to Platoro which has been renamed Silver Predator Mines. The total land package will consist of 39,000 hectares across 21 development and advanced exploration stage properties predominantly in the Yukon and Nevada ­ both areas which GPD knows all too well. The CEO of the company is Mr. Louis A. Lepry Jr. Mr. Lepry is a geologist with over 30 years experience in the mineral development and exploration fields with Newcrest Resources, Metallica Resources, and Crown Resources Corp. Please see the appendix for a listing of Silver Predator board members. Silver Predator will be a silver exploration and production company with all significant assets located in Nevada and the Yukon. GPD will be contributing five properties as well as a joint venture option agreement on its Taylor Mill

Canadian System for Electronic Document Analysis and Retrieval Please see June 24, 2010 Global Predator announcement of Mr. Sheriff's purchases and his increased position. "Chairman William H. Sheriff increases Ownership in Golden Predator." In this announcement Mr. Sheriff remarks,

17 16

"I strongly believe in Golden predator advanced gold projects and have every confidence in the elite management team that we have carefully assembled over the past 18 months. The company's future lies in its strong property position and its commitment to the Yukon, which is quickly emerging as the world's preeminent gold camp. I want my ongoing purchases to reflect this overwhelming confidence and personal commitment. " Chris Berry 154 Grand St., New York, NY 10013 Page 26 of 33 House Mountain Partners, LLC T 917.886.0229 [email protected]

8/12/10 facility. Rockhaven will contribute eleven properties and Strategic Metals will contribute the balance. A Letter of Intent has been set forth and is currently being completed step by step. This is significant in that it shows GPD management recognizing the interests of shareholders and providing an opportunity to monetize assets GPD owns but that the market is not yet fully appreciating. We think the price of silver will increase over the coming years as industrial demand resurfaces, investment demand continues, and new uses of the metal are discovered. SPD, planning a full TSX listing, will begin with an enviable package of advanced projects highlighted by the Taylor silver deposit in Nevada. This deposit hosts 43-101 compliant resources. Silver Predator should be an interesting pure US-Canada silver play indeed given the strong price potential of silver over the next decade.

12B

XIII. Concluding Thoughts on the Unrealized Value in GPD

When we interviewed Premier McDonald he said that he liked GPD because everything was "run like a business." We certainly agree and could only add that we think the company is run like a successful business. Assembling the components of this business model has been no small feat and because of this, GPD management is in a position to create share price appreciation in the next 12 months. It is clear to us that GPD, in the right place at the right time and has a management team that "will do something about it" to borrow from Ray Kroc's quote. A review of pertinent GPD value factors: A seasoned management team experienced in growing incubator companies into organizations that attract the attention of larger mining companies. A very attractive royalty portfolio generating over CDN $1 M in cash per year which is set to increase substantially. A non-core asset portfolio that promises to generate additional cash flow through disposition of properties including important Mexican and Canadian assets not detailed in this report (Quitovac and Willoughby) A 100% ownership of two mill sites and one mill in Nevada Holder of more than 700 km2 of Quartz mining claims in the Yukon ­ an under-explored region of the world in a mining-friendly district....and growing. RC drilling in the Yukon promises faster and much less expensive drill results than core drilling programs. Investors must always understand the catalysts for value creation. Many junior exploration companies fail because they are underfunded and fail to produce enough good drill results early in their life cycle. We wish to re-emphasize Mr. Sheriff's statement that "every drill hole is a piece to the puzzle" of a discovery. Because the company plans to drill 200 holes this summer, catalysts for a higher share price may be in the immediate future. We reviewed the Kaminak and Underworld case studies for just this reason. These are two of the companies that have entered the Yukon successfully in a very short timeframe. On many accounts GPD's approach is more powerful than either of these two successful Yukon explorers. This is a milestone year in exploration for GPD and we believe, given previous historical and current drill, soil sampling and trenching results, that one or more of the properties will yield impressive drill results, very soon. Our recent visit to Gold Dome only cements this belief in our minds. Finally, it is important to remember that Mr. Sheriff has succeeded as an architect of a fast-growth mining company in the past during his tenure at Energy Metals Corp. These lead us to believe good things lie in store for GPD and its shareholders.

Chris Berry House Mountain Partners, LLC 154 Grand St., New York, NY 10013 T 917.886.0229 [email protected] Page 27 of 33

8/12/10

13B

XIV. Appendices

Appendix 1: GPD Projects for 2010

Gold Dome Clear Creek Eureka Brewery Creek Antimony Mtn Area 170 km2 60 km2 70 km2 161 km2 96 km2 12.45 gpt - 4.88 m Best Showing 11.12 gpt ­ 25.40 m 2.3 gpt - 31.00 m 2.34 gpt ­ 3.05 m Resource N/A N/A N/A 43-101 N/A RC Drilling 7,030 m (25 RC, 5 core) 4,500 m (1,000 core) 3,500 m 10,500 m (1,500 core) 1,500 m

1 square kilometer (km2) equals 247 acres or 100 hectares

Appendix 2: 2009 Eureka Trenching Results (significant intercepts only)

Eureka Project, Yukon :Select Significant Trench Intercepts Trench TR-09-01 including TR-09-01 TR-09-03 including TR-09-07 TR-09-08 including TR-09-08 TR-09-13 TR-09-14 TR-09-14 TR-09-14 TR-09-14 TR-09-15 TR-09-18 From (m) 42.00 30.60 72.10 277.50 272.00 70.90 109.80 109.80 157.00 497.00 32.50 61.00 124.00 264.50 295.00 414.50 To (m) 24.10 27.60 55.50 269.00 269.00 58.80 103.00 105.80 148.50 492.00 29.50 57.00 112.00 250.00 290.00 410.00 True Width (m) 17.90 3.00 16.60 8.50 3.00 12.10 6.80 4.00 8.50 8.00 3.00 4.00 12.00 14.50 5.00 4.50 Au Grade (gpt) 0.97 2.46 0.45 0.59 1.05 0.32 0.83 1.33 0.32 0.33 0.35 0.36 0.36 0.37 0.41 0.67 Interval (ft) 58.71 9.84 54.45 27.88 9.84 39.69 22.30 13.12 27.88 26.24 9.84 13.12 39.36 47.56 16.40 14.76 Au (opt) 0.028 0.072 0.013 0.017 0.031 0.009 0.024 0.039 0.009 0.010 0.010 0.010 0.010 0.011 0.012 0.020

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

Page 28 of 33

8/12/10

Appendix 3: GPD's 2009 Drill Results at Gold Dome

Drillhole GD09-004 GD09-005 and and GD09-007 including and GD09-012 and GD09-014 GD09-015 and and Zone/Area Tom Tom Tom Tom Tom Tom Tom Hawthorne Hawthorne Hawthorne Hawthorne Hawthorne Hawthorne Depth of Intersection (m) 5.18 21.34 55.70 161.99 10.25 13.00 240.15 20.00 48.96 14.20 24.35 36.35 92.77 Intersection* 1.98 m @ 10.87 g/t Au 9.58 m @ 2.56 g/t Au 1.93 m @ 2.46 g/t Au 1.16 m @ 1.17 g/t Au 25.40 m @ 11.12 g/t Au 2.70 m @ 52.35 g/t Au 3.10 m @ 1.12 g/t Au 2.15 m @ 3.79 g/t Au 1.44 m @ 1.92 g/t Au 13.23 m @ 1.40 g/t Au 1.46 m @ 2.81 g/t Au 2.52 m @ 5.17 g/t Au 1.60 m @ 2.34 g/t Au

* Significant intercepts greater than 1 g/t Au.

Appendix 4: GPD 2009 Antimony Mountain Drill Results

Drillhole AH09-014 and AJ09-015 and and AJ09-016 and AJ09-017 and Including and Zone/Area AJ AJ AJ AJ AJ AJ AJ AJ AJ AJ AJ Depth of Intersection (m) 48.85 66.79 45.89 52.20 77.49 50.41 67.55 62.71 70.70 70.70 90.42 Intersection* 0.32 m @ 4.50 g/t Au 2.06 m @ 3.29 g/t Au 2.61 m @ 2.02 g/t Au 1.10 m @ 1.32 g/t Au 1.14 m @ 1.86 g/t Au 1.00 m @ 1.83 g/t Au 1.00 m @ 5.48 g/t Au 0.49 m @ 5.55 g/t Au 4.88 m @ 12.45 g/t Au 2.45 m @ 28.81 g/t Au 0.31 m @ 9.24 g/t Au

* Significant intercepts greater than 1 g/t Au.

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

Page 29 of 33

8/12/10

Appendix 5: GPD 2009 Selected Adelaide Drill Results

Drillhole # GPA 019 Including GPA 027 including GPA 036 including including GPA 042 From (ft) 485 485 80 80 425 425 450 395 To (ft) 510 500 110 95 465 430 460 405 Drill Width ft (m) 25 (7.62) 15 (4.57) 30 (9.15) 15 (4.57) 40 (12.2) 5 (1.52) 10 (3.05) 10 (3.05) True Width ft (m) 18.0 (5.49) 10.8 (3.29) 28.0 (8.51) 14.0 (4.25) 25.4 (7.74) 3.2 (0.98) 6.4 (1.95) 7.8 (2.36) Au Opt (gpt) 0.781 (26.80) 1.219 (41.80) 0.799 (27.41) 1.555 (53.31) 0.650 (22.30) 1.970 (67.60) 1.360 (46.65) 0.876 (30.05) Ag Opt (gpt) 1.74 (60.0) 2.42 (83.0) 2.42 (83.0) 4.18 (143.0) 0.83 (28.5) 1.17 (40.0) 2.04 (70.0) 3.06 (105.0)

Appendix 6: GPD 2009 Selected Golden Ridge Drill Results

Drillhole # GPGR 016 including GPGR 021 GPGR 021 GPGR 021 GPGR 027 GPGR 027 GPGR 027 GPGR 029 including including GPGRD 01 GPGRD 01 GPGRD 02 GPGRD 02 GPGRD 04 GPGRD 04 From (ft) 193 205 68 160 250 70 88 105 53 53 120 56 113 52 174 38.5 128.5 To (ft) 218 210 70 165 255 75 90 113 150 58 150 60 121 57 181 44.5 132.3 Drill Width (ft) 25 5.0 2.5 5.0 5.0 5.0 2.5 7.5 97.5 5.0 30.0 4.0 7.6 5.0 7.5 6.0 3.8 Drill Width (m) 7.6 1.5 0.8 1.5 1.5 1.5 0.8 2.3 29.7 1.5 9.2 1.2 2.3 1.5 2.3 1.8 1.2 Au (gpt) 3.68 10.3 3.2 11.0 7.1 5.1 9.0 4.5 13.3 100.1 25.0 4.54 12.0 67.39 22.64 40.09 11.55 Au (opt) 0.325 0.302 0.093 0.320 0.208 0.150 0.264 0.132 0.388 2.919 0.730 0.132 0.350 1.965 0.660 1.169 0.337

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

Page 30 of 33

8/12/10

Appendix 7: GOLDEN PREDATOR Management

Bill Sheriff, BSc., CEO John W. Legg BA, LLB, President Michael O'Brien CA, CFO Clifford Nelson Jr., VP Operations Travis Schwertfeger BSc, MAIG, VP Nevada Corwin Coe, A.Sc.T., B.Sc., P.Geo., VP Canada Janet Lee, VP First Nation Relations GOLDEN PREDATOR Board of Directors Bill Sheriff, B.Sc., Chairman John W. Legg, BA, LLB William B. Harris, BA, MBA Barry D. Rayment, Ph.D. Thomas Skimming, BSc, P. Eng. Piers McDonald, OC SILVER PREDATOR Pro-Forma Expected Management & Board Louis A. Lepry, Jr., CPG - CEO William M. Sheriff Robert C. Carne, PGeo W. Douglas Eaton John W. Legg

Appendix 8: GPD New Releases, 2010

HU

July 19, 2010 Golden Predator Acquires Priority Drill Project: The Cynthia Gold Property, Yukon Territory

UH

HU

July 13, 2010 Golden Predator Commences Drilling at Clear Creek Project, Yukon

UH

HU

July 08, 2010 Golden Predator Commences 7,000 M Drilling Program at Gold Dome Project, Yukon

UH

HU

July 06, 2010 Golden Predator Acquires Grew Creek Gold Property in Yukon, Canada

UH

HU

June 24, 2010 Chairman William M. Sheriff Increases Ownership in Golden Predator

UH

HU

June 22, 2010 Golden Predator Increases Clear Creek and Gold Dome Land Positions to Over 230 km(2)

UH

HU

June 10, 2010 Golden Predator Commences 3,500 m Drill Program at Eureka Project, Yukon Territory

UH

HU

June 07, 2010 Drilling begins at Brewery Creek

UH

HU

June 03, 2010 Golden Predator provides update on Royalty Portfolio

UH

HU

May 21, 2010 Golden Predator announces Name Change and Appointment of Vice President, Exploration (Canada)

UH

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

Page 31 of 33

8/12/10

HU

May 10, 2010 Golden Predator to Present at the Las Vegas Money Show

UH UH

April 29, 2010 Golden Predator Announces Phase I 2010 Yukon Drill Program; Appoints Louis A. Lepry, Jr., CPG to Advisory Board

HU HU

April 29, 2010 U.S. Global Investors Increases Holdings in Golden Predator

UH UH

April 22, 2010 Golden Predator Royalty & Development Corp. Closes $6 Million Financing of Flow-Through Common Shares

HU HU

April 12, 2010 Former Yukon Premier Appointed to Board of Directors

UH

HU

April 12, 2010 Golden Predator to Present at Yukon Forums

UH UH

April 05, 2010 Golden Predator Royalty & Development Corp. Announces $5 Million Flow-Through Common Share Financing

HU HU

March 05, 2010 Chairman's Update

UH

HU

March 02, 2010 Golden Predator announces Gold Medal Yukon Geological Staff for 2010

UH

HU

March 01, 2010 Golden Predator receives Barrick Gold Corporation royalty payment from Nevada production

UH

HU

February 25, 2010 Diamond drilling at Golden Ridge intersects multiple high grade veins from Alturas mine

UH

HU

February 10, 2010 Golden Predator a Founding Member of the Yukon Gold Mining Alliance

UH UH

February 04, 2010 Golden Predator, Strategic Metals and Rockhaven Resources Agree to Contribute Major Silver Assets to New Venture; Louis A. Lepry, Jr. Signs on as CEO

HU

January 27, 2010 Golden Predator Intersects 6.07 gpt Gold over 8.30 m including 16.42 gpt Gold over 3.05 m from the South Fosters Zone at Brewery Creek

HU UH HU

January 21, 2010 Golden Predator Options Eureka, Panorama, and three other Yukon Properties

UH UH

January 07, 2010 Golden Predator Appoints Michael O'Brien CFO; Announced as First Sponsor of Yukon First Nations 2010 Project

HU

January 05, 2010 Golden Predator Intersects 13.88 m of 2.30 gpt Au and 3.15 m of 25.06 gpt Au from the AJ Vein at Antimony Mountain, YT

HU UH

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

Page 32 of 33

8/12/10

DISCLAIMER

The content in this report is for information purposes only. None of the information contained in this report is intended as or constitutes an offer to sell any securities to any person or a solicitation of any person of any offer to purchase any securities. No investor should rely exclusively on the content in this report in making an investment decision and House Mountain Partners LLC has made a concerted effort to present the facts to the best of their knowledge. Please consult your financial advisor and perform your own due diligence before considering any companies mentioned in this report. I, Chris Berry, certify that the views expressed in this research report accurately reflect my personal views about the subject, securities, and issuers. I do not own shares in Golden Predator Corp. I reserve the right to accumulate shares in any company mentioned in this report one week from publication of the report. House Mountain Partners LLC has prepared this research report for informational purposes only and it does not constitute financial, legal, tax, or any other advice.

Chris Berry House Mountain Partners, LLC

154 Grand St., New York, NY 10013 T 917.886.0229 [email protected]

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