Golden Dawn Discovers Significant Copper Zone North of Current Inferred Gold Resource Zone, Greenwood Mining District, British Columbia, Canada

VANCOUVER, Dec. 22, 2011 /PRNewswire via COMTEX/ — TSX-V: GOM FRANKFURT EXCHANGE:3G8

Golden Dawn Minerals Inc. /quotes/zigman/479198 CA:GOM +10.00% (frankfurt:3G8) (the “Company” or “Golden Dawn”) is pleased to announce the discovery of significant porphyry style copper and gold values north of the Deadwood Inferred Gold Resource on the Wildrose/Tam O’Shanter properties, Greenwood Mining District, British Columbia, Canada. Four step-out holes in an area1.1 km north of the published inferred gold resource (news release,July 13, 2011) intersected widespread copper and gold values with minor molybdenum in all four holes spatially associated with the Buckhorn Diorite. The best intercepts of copper are tabulated below and ranged from 239.0 m @0.08 % copper, to23.5 m @ 0.20 % copper, interspersed with gold values throughout the entire depth of the holes.

This drilling was conducted over an area of 400 m by 400 m and tested gold and copper in soil anomalies adjacent to the southern contact of the Buckhorn Diorite. The Motherlode Skarn, a historic mine in the Greenwood area, is spatially associated with the northern contact of the Buckhorn Diorite.The 2011 drilling intersected disseminated chalcopyrite in basalts and dioritic intrusions with wide low grade copper-molybdenum-gold-silver mineralization that reflects a possible intrusive-related system extending over large portions of the property holdings. This interpretation is supported by geophysical responses in conjunction with widespread anomalousprecious and base metal values in soil samples.

Table 1. Drillholes 11WR20 to 11WR23,Greenwood Gold Project, Wild Rose Property

Drillhole Zone From To Interval (m) Au (g/t) Ag (g/t) Cu % Mo % Zn %

(m) (m)

11WR20 Buckhorn Copper 3.0 242.0 239.0 0.12 – 0.08 0.004 –

includes 3.0 59.0 56.0 0.13 0.62 0.10 0.003 –

includes 153.5 155.0 1.5 6.35 0.7 – 0.068 –

includes 216.5 231.51 15.01 0.15 0.47 0.12 0.004 –

11WR21 Buckhorn Copper 4.0 287.0 283 0.09 – 0.09 – –

includes 4.0 128.22 124.22 0.15 – 0.13 – –

includes 4.0 92.0 88.0 0.16 – 0.14 – –

includes 141.5 170.0 46.5 0.15 – 0.01 – –

includes 254.5 278.0 23.5 0.11 – 0.20 – –

11WR22* Buckhorn Copper 5.0 63.5 58.5 0.12 – 0.10 – –

11WR23** Buckhorn Copper 3.55 94.65 91.1 0.11 2.24 0.09 – –

and 193.0 225.5 32.5 0.08 – 0.16 0.004 –

*Hole 11WR22 not completed to target depth and abandoned due to drilling problems; **Hole 11WR23 ended in mineralization Assays are uncut and represent assay interval weighted averages, no bottom cut or allowance for internal waste have been made at the exploration stage

Split drill core samples were shipped from the site by overland courier for sample preparation and analysis by Inspectorate Exploration and Mining Services Inc., of Richmond, BC, an ISO 9001:2008 certified laboratory. Assay procedures consisted of standard one assay ton fire assay for gold, with atomic adsorption (AA) finish. Other elements were analyzed by 30 element Inductively Coupled Spectrophotometry (ICP) following multi-acid digestion. Assay blanks, standards and duplicate checks were performed as part of the QA/QC program.

THREE FACETED CONTINUING PROGRAM FOR 2012

A. Deadwood Expansion and Extension

Drilling is required to test for extensions of the Inferred Gold Resource on the Deadwood Gold Zone as it extends to boththe westandthe northwestonto the contiguous Tam O’ Shanter Property. Additional drilling willalso continue to the north of the known extent of the Deadwood Gold Zone in the area of the high grade silver discovery and to the southeast to further extend the zone along strike toward the Wild Rose vein system.

The fall 2011drill program also included 8 holes designed to extend the Deadwood Gold Zone to the north, northwest and southeast. All holes intersected gold mineralization. It is anticipated that a revised National Instrument 43-101 resource will be preparedin the first quarter of 2012.

Further 2012 work will also include additional drilling to the north of the Deadwood zone to further test and extend the currently announced Buckhorn copper- goldporphyry style discovery zone there.

B. Royal Attwood Joint Venture

Earlier this year the company announced it was drilling the Royal Attwood project 10 km southeast from the Greenwood Project. Due to mechanical difficulties with the drill on the first hole this drilling has been deferred until the New Year. The follow-up drill testing of the Titan 24 anomalies which coincide with strong gold soil geochemistry will be continued early in January.

C. Boundary Falls Property includingMay Mac Mine area

Late in the season the Company decided to test portions of the Boundary Falls property on the Greenwood project to check both airborne electromagnetic (EM) and ground induced polarization (IP) targets associated with gold in soil anomalies. This drilling included 7 holes totalling 1,900 m, which was completed on December 19. All core samples have been delivered to Inspectorate laboratories for assay, with results expected late in January 2012.

Two holes from the recent drilling campaign tested for the strike and depth extensions of the May Mac Mine system of veins which are interpreted from geophysical and geochemical surveys to extend over much of the hillside surrounding the May Mac Mine.

The Company is planningunderground evaluation, as well as continuedsurface drillingof the May Mac Mine silver-gold-lead-zinc vein systems. Rehabilitation and re-entry to the multiple levels of the mine will be initiated, with a view to early bulk sampling andshipping of material for milling and recovery of values. The Company is considering using either a modern processing facility located 10 km east of the Greenwood Project or refurbishing the permitted mill and tailings pond situated on our Boundary Falls portion of the Greenwood Project. The Company is currently in negotiations with Peruvian Mining Contractors who have the experience in mining high grade narrow veins in underground mines.

Golden Dawn looks forward to a challengingand rewarding program for the upcoming year.

The information in this release have been reviewed and verified by Mike Dufresne, M.Sc., P.Geol. of APEX Geoscience Ltd., a Qualified Person. The program is being supervised by Mr. Dufresne.

On behalf of the Board of Directors: GOLDEN DAWN MINERALS INC.

“Wolf Wiese” Wolf Wiese Chief Executive Officer

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.

SOURCE Golden Dawn Minerals Inc.