How can i delete the masters of iPhoto without losing my photos

Mac Book Pro (Mid 2012) 13 inches
256 Solid State Start up Insert in DVD Drive
1T Hard Drive in reg slot
16 GB Ram
Mavericks 10.9.4
iphoto 9.5.1
I am currently keeping my iPhoto library on my 256 SS Main Drive of my MacBook Pro.
How can I delete the masters of iPhoto without losing my photos in the main iPhoto display library and all their masters and edits.
I take loads of photos and import them and then will keep only 5% of the ones that I import.  As a result I have a masters folder of over 50GB and actual photos that take up less that 5GD.  Is it possible to delete the master folder without losing all the photos and without having to pain stakingly go through every folder and pick out from literally hundreds the ones that i kept and edited.  How do I reduce the size of the masters just down to the ones that I have kept and not every single photo and video that I imported in the history of my iPhoto experience.
If I delete the master folder will all the photos and their edits be deleted.
If so, is there a way to just delete the masters that are no longer in the iPhoto library, while keeping the masters and edits of the ones that I clearly want to keep because they are the ones that I did keep.
Why do they keep the masters of photos that I clearly deleted and emptied the trash on.
I like to maximize space and this would help a lot to clear up for me.  Thank you.

All the 5000 photos that reappeared after repair today were from my canada mega event, but for some reason it did not do it for all the other mega events.  It is a start but not complete.
Try the rebuild to recover more lost photos.
If "rebuild" with iPhoto does not recover more lost photos, rebuild with iPhoto Library Manager as described by Old Toad in this thread, but rebuilding with iPhoto Library manager will not recover your projects like cards, bilks, slideshows.
Re: iPhoto glitch with retained masters https://discussions.apple.com/message/26354337#26354337
Mostly the way I organize all my photos is that I make a folder for each country I visit.  i.e. New Zealand Folder, Canada Folder, India Folder; and at the same time, any photos that I import I delete directly from new imports and just keep the ones i want and then i go up to events and move the latest imported event into a mega event for that country and so they all get joined in a sense.
As a workaround, merge the events right after importing, before you start deleting photos.  And empty the trash always before merging projects.
You might consider to use albums instead of events for your country lists.   I simply use the events as basic containers. One event for each day of shooting photos. I found, that smart albums and searches are quicker in iPhoto and Aperture, if the events are smaller, also browsing is easier, if the events are not so large.
You can merge albums and remove photos from albums without the problems mentioned above.

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