Golden Dawn Minerals Inc. - Closing of Non-Brokered Private Placement

    
    TSX-V: GOM
    FRANKFURT EXCHANGE: 3G8
    

VANCOUVER, Sept. 28 /CNW/ - GOLDEN DAWN MINERALS INC. (the "Company") is pleased to announce that further to its news release of September 7, 2010, the Company has now completed a non-brokered private placement of the second tranche of a private placement consisting of 590,000 units at $0.20 per unit for total proceeds of $118,000. Each unit consists of three flow through shares, one non flow through share and two flow through warrants exercisable at a price of $0.12 in the first year following the date of issue and at a price of $0.15 in the subsequent year.

The Company has also completed the first tranche of its private placement with a subscription of 8,056,340 non flow through units (the "Units") of the Company at a price of $0.05 per Unit. Each Unit will comprise one common share and one transferable common share purchase warrant. Each transferable common share purchase warrant is exercisable for one additional non flow through common share at $0.10 per share in the first year and $0.12 in the second year from the date of issuance.

All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units are subject to a hold period and may not be traded in British Columbia for four months and a day except as permitted by the applicable Securities Acts and the Rules made there under and the TSX Venture Exchange.

The funds will essentially be utilized to commence a drilling program on the Wild Rose property as soon as the Company receives its permits. This program is designed to delineate a possible low grade bulk tonnage gold-copper deposit, and to confirm the high grade gold-copper drill holes on the Wild Rose and Wild Cat Vein system. This vein system trends North-West into the Dead Wood Zone where several historic drill holes (non NI 43-101 compliant) have provided evidence for a prospective low grade bulk tonnage deposit, with the best historic drill hole containing 63 meters @ 0.95g/t gold and 0.5% copper. Additionally the Company will apply for a permit for a bulk tonnage sample from the Wild Rose and Wild Cat veins which have been intersected in the existing adit on the Wild Rose Property.

Parallel to the above, the Company will be conducting surface work to further delineate drill targets on the Boundary Fall property situated contiguous to the South of the Wild Rose property. Both properties are within 2-3 km. from Greenwood B.C. and are accessible by serviced logging roads. The Company is able to drill year around on these properties.

Drill hole data in this news release is historic and non NI 43-101 compliant and should not be relied upon for investment purposes. This news release has been reviewed by Dr. Stewart Jackson P Geol., a qualified person under NI 43-101.

    
    ON BEHALF OF THE BOARD OF DIRECTORS OF
    GOLDEN DAWN MINERALS INC.
    "Wolf Wiese"
    ------------------------
    Wolf Wiese
    President/CEO
    

THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. 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.

For further information: GOLDEN DAWN MINERALS INC., 575 1111 WEST HASTINGS STREET, VANCOUVER, BC, V6E 2J3, Telephone: [phone], Facsimile: [phone]