VANCOUVER, BC / ACCESSWIRE / June 22, 2021 / Gold Mountain Mining Corp. ('Gold Mountain' or the 'Company') (TSX.V:GMTN, OTCQB:GMTNF, Frankfurt: 5XFA) is pleased to provide a corporate update as it nears its 6 month trading anniversary, showcasing its transformation from a small-scale asset to a near-term producer on the cusp of mining operations and reaching 1,000,000 ounces.
Early History
In May of 2019, Gold Mountain (formerly Bayshore Minerals Inc.) acquired the property from Equinox Gold Corp ("Equinox") for $10M, with a $1M deposit and a $9M interest-free promissory note. The asset had 127,000m of historical drilling, was located on an all-season highway near Merritt, British Columbia and had an M-199 mine permit. When the Elk Gold Project (the "Elk Gold Project") was mining high-grade ore in 2012, it ran into operational challenges and a soft gold market which led to the asset being put into care and maintenance. The Gold Mountain team saw an opportunity to leverage their strong BC mining operations experience and were confident in their ability to expand the mineral resource, amend the mining permit and get the project back into production.
Progress since public listing
Since listing on December 31, 2020 the Company has:
Initiatives for remainder of 2021
While the Company is proud of its achievements to date, below are the upcoming milestones management is forecasting to accomplish during the latter half of 2021:
Initiatives and outlook for 2022
"We have had an extremely active first six months since coming to trade and given our commitment to continuously deliver to shareholders, we wanted to update the market with our timeline for the remainder of the year. When we started this project, the feedback was this mine is always going to be too small, expensive to operate and very difficult to get back into production. Today, we have a PEA built off of locked-in agreements showing an AISC of $554 (USD) per ounce, we've shown we can efficiently expand the resource, our draft permit is in, and we're on schedule to drop off our first batch of ore to New Gold in October." commented Kevin Smith, CEO and Director of Gold Mountain. "It's still heads down here at Gold Mountain as we continue to drive this company forward and create value for those who want to join us in building out BC's next gold producer."
Technical Disclosure
The technical disclosure contained herein is based off of the Company's most recent Preliminary Economic Assessment (the "PEA"), the results of which are summarized in a Press Release dated May 27, 2021 a copy of which is available at www.sedar.com The Company anticipates filing the Preliminary Economic Assessment prior to the end of June.
Please see the press release for information on data verification and the key assumptions, parameters and methods used to estimate the resources as well as the assumptions behind the economic analysis.
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Qualified Person
The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for Gold Mountain Mining Corp.
About Gold Mountain Mining
Gold Mountain is a British Columbia based gold and silver exploration and development company focused on resource expansion at the Elk Gold Project, a past-producing mine located 57 KM from Merritt in South Central British Columbia. Additional information is available at www.sedar.com or on the Company's new website at www.gold-mountain.ca.
For Further information, please contact
Gold Mountain Mining Corp.
Kevin Smith, Director and Chief Executive Officer
Phone: 604-309-6340
Email: [email protected]
Website: www.gold-mountain.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release
This news release includes certain 'forward-looking statements' under applicable Canadian securities legislation. Forward- looking statements include statements that are based on assumptions as of the date of this news release and are not purely historical including any information or statements regarding beliefs, plans, expectations or intentions regarding the future and often, but not always, use words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements in this press release include all statements relating to anticipated activities for the remainder of 2021 and 2022. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the price of gold; and the results of current exploration. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold Mountain disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a comprehensive overview of all risks that may impact the Company, please see the Company's Management Discussion and Analysis for the year ended January 31, 2021.
SOURCE: Gold Mountain Mining Corp