Golden Dawn Minerals Inc.: Deadwood Gold Silver Deposit Increases in Size

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/12 -- Golden Dawn Minerals Inc. (TSX VENTURE: GOM)(FRANKFURT: 3G8N) (the "Company" or "Golden Dawn") Wolf Wiese, CEO of the Company, reports substantial increase in the size of the Deadwood Gold Zone.

On July 13th, 2011, the Company announced a National Instrument 43-101 maiden Inferred Mineral Resource for the Deadwood Gold Zone, located on the Company's Greenwood Precious Metal Project 2 km from Greenwood, South Central British Columbia, Canada.

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Initially, the Company announced an Inferred Mineral Resource of 19.4 million tonnes at an average grade of 0.45 grams per tonne (g/t) gold (Au), yielding a total of 279,300 troy ounces of Au utilizing a 0.3 g/t lower cut-off grade (see Company news release dated July 13th, 2011). The Company completed 8 drill holes during a phase 2 drilling program in the late fall of 2011 that were designed to further test the Deadwood Gold Zone at depth and along strike to the northwest and southeast of the existing Inferred Mineral Resource. All 8 drill holes completed during the phase 2 drilling intersected similar mineralization in both grade and thickness to the Inferred Mineral Resource for the Deadwood Gold Zone. The Company has engaged APEX Geoscience Ltd. to update the existing resource model with the new drilling results. New wireframes that have been prepared for the existing resource that add in the phase 2 drilling indicate an increase in volume of approximately 50%-60%. This has the potential to add a range of somewhere between 8 and 12 million tonnes at a grade ranging from 0.4 to 0.55 g/t Au for the recently drilled extensions to the Deadwood Gold Zone(1).

(1) The potential quantity and grade is conceptual in nature and it is uncertain if further exploration will result in the Deadwood Gold Zone extensions being delineated as additional mineral resources to the existing Inferred Mineral Resource.

Current drilling, together with historic drilling results, have now confirmed the presence of a significant widespread alteration zone (the Deadwood Gold Zone) comprising low-grade gold-copper-silver (Au-Cu-Ag.) mineralization along a strike length of approximately 1,000 m. The phase 2 drilling has demonstrated that the zone is still open along strike and at depth. The Deadwood Gold Zone has an apparent horizontal width of 250 m to 300 m and includes at least 4 separate lodes and has been tested to a vertical depth of approximately 250 m below surface. The Deadwood Gold Zone remains open in all directions.

As indicated in the previous press releases, the Au-Cu-Ag mineralization at the Deadwood Gold Zone is usually associated with anomalous but fairly low concentrations of arsenic, antimony and other epithermal-type indicator elements. The lack of a consistent epithermal geochemical signature and the presence of a consistent Au-Cu relationship are strongly suggestive of a classic porphyry Au-Cu model for this mineralization. The relatively minor amount of intrusive rocks intersected by the drilling thus far, and the apparent relation between mineralization and stratigraphy, are indicative of a distal zonation.

Drill holes 11WR16 to 11WR19 were all drilled to extend the Deadwood low grade bulk tonnage mineralization to the southeast towards the Wild Rose vein area. All four holes successfully intersected Deadwood style gold mineralization, thus extending the known low grade bulk tonnage mineralization more than 200 m to the southeast of the main zone. Hole 11WR19 intersected 31.5 ms of 72.6 g/t Ag at surface and intersected lodes 3 and 4 at 190 and 220 m below surface with grades of 0.47g/t Au over 9 m core length 0.44 g/t Au over 27 m core length and a higher grade zone of 0.68 g/t Au over 15 m core length (see Company news release of Dec. 22nd, 2011). In addition, a number of the Deadwood lodes in these three holes displayed highly anomalous concentrations of silver, zinc and lead together with anomalous arsenic, cadmium, tungsten and occasionally anomalous antimony and thallium.

The Company is planning a drill program starting the end of January, 2013, to further extend the resource of gold, silver and copper mineralization of the Deadwood Gold Zone. A new National Instrument 43-101 is being prepared by APEX Geoscience Ltd. to reflect the increase in the resource and ounces of gold and will be published upon completion.

Mr. Michael Dufresne, M.Sc., P.Geol., a Qualified Person as defined by National Instrument 43-101, has reviewed the contents of this release.

On behalf of the Board of Directors:

GOLDEN DAWN MINERALS INC.

Wolf Wiese, President / Chief Executive Officer

THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THIS DOCUMENT CONTAINS CERTAIN FORWARD LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS, AND UNCERTAINTIES NOT UNDER THE COMPANY'S CONTROL WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE, OR ACHIEVEMENTS IMPLIED BY THESE FORWARD LOOKING STATEMENTS. WE SEEK SAFE HARBOR.

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Contacts:

Golden Dawn Minerals Inc.

Mike Poulin/ Investor Relations

604-221-8936
mike@goldendawnminerals.com
www.goldendawnminerals.com