Gold Mountain Continues to Hit High-Grade Intercepts in its Phase II, Siwash North Drill Holes | INN

Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTC:GMTNF)(FRA:5XFA) is pleased to announce additional assay results from its Siwash North portion of its Phase II drill program at the Elk Gold Project. The Company continues to uncover high-grade mineralization along its well-established vein systems near the project's open pits, which show strong grade continuity and openness on strike and at depth throughout the Siwash North zone

Drilling Highlights Include:

1.10m grading 10.05 g/t Au including 0.30m of 46.1 g/t Au
1.30m grading 12.00 g/t Au including 0.30m of 44.7 g/t Au
1.40m grading 9.68 g/t Au including 0.40m of 24.60 g/t Au
1.30m grading 5.59 g/t Au including 0.30m of 18.60 g/t Au

"These results from our Siwash North drilling reinforce the consistency and grade continuity in the mineralization surrounding our open pits. Our best intercepts were struck on different veins 300m apart and show strong resemblance in both widths and grade. This gives us confidence they're beginning to converge as we extend our geological model to the west," commented CEO and Director, Kevin Smith. "With mine production now ramping up and the first two batches of assay results from our Phase II program delivering as expected, we continue to showcase the scalability of the Elk."

Phase II Drilling Program

Gold Mountain and its exploration management partner HEG & Associates ("HEG") continue to intercept high-grade mineralization by stepping out and infilling the Siwash North's well-established vein systems. These highlight intercepts came from the 1300, 2600 and 2700 veins, showing strong grade continuity as the company extends its vein model to the west.

The Company has concluded all drilling activity for its Phase II program and now await assay results from the laboratory. In total, the program drilled 13,900m, with 10,500m occurring in the Siwash North zone and the remaining 3,400m drilled in the property's satellite zones (Lake Zone, South Zone and Elusive Zone).

Satellite Zones

The Elk Gold Project has eight additional exploration zones that were drill tested by previous operators. To date, 9,000m of drilling have been performed in the Elk's Satellite Zones which do not currently contribute to the project's resource estimate.

For the first time, Gold Mountain is exploring in the satellite zones and will look to develop maiden resources in multiple areas on the Elk claims. By coupling historical drill data with strong visual mineralization in new core samples, the Company is confident that these satellite zones will showcase similar grade and structure as the Siwash North zone.

Elusive Zone

The Elusive Zone is located 10km away from Siwash North and is the most prospective region on the property. When the Elk Gold Project was discovered in the 1980's, the second largest gold-in-soil anomaly was identified in the Elusive Zone; however, given the focus on developing the Siwash North deposit, the Elusive Zone has never been drill tested. Gold Mountain will be the first operator to carry out a drill campaign on this highly-prospective target, in hopes of identifying a totally new type of mineralization and adding a new dimension to the Elk Gold mine.

Drill Results

Below is a table of Selected Core Drill Results. A complete list of all drill results to date have been posted to the Company's website at www.Gold-Mountain.ca :

Assay Results
Hole	From (m)	To (m)	Interval (m)*	Au (g/t)
SND21-020	163.0	164.1	1.1	10.05
including	163.4	163.7	0.3	46.10
SND21-008	446.7	448.1	1.3	12.00
including	446.7	447.1	0.3	44.70
SND21-017	177.3	178.7	1.4	9.68
including	178.3	178.7	0.4	24.60
SND21-020	230.6	231.9	1.3	5.59
including	230.6	230.9	0.3	18.60

*Assay intervals are presented as apparent thickness. True thickness will vary depending on the orientation of the drill hole but are typically 70-90% of the apparent thickness.

Drill Collar Locations

Drill collar locations, azimuths and dips for the drill holes included in this release are provided in the table below and have been posted to the Company's website for all drill holes:

Drill Collar Locations
Drill Hole ID	Easting	Northing	Elevation	Azimuth	Depth (m)	Dip
SND21-020	693230	5525791	1616	0	342	47
SND21-008	692861	5525200	1638	0	492	83
SND21-017	693279	55257891	1603	0	372	70

Quality Assurance/Quality Control (QA/QC) Measures and Analytical Procedures

Gold Mountain adheres to a strict QA/QC monitoring program that includes the insertion of blanks, standards and duplicates into the sample stream, as well as the re-submission of select samples for check assays by an independent third-party laboratory. Core samples were analyzed by Actlabs in Kamloops BC using Fire Assay methods with a gravimetric finish for results over 10g/t gold.

No material QA/QC issues were noted with the results received from the laboratory.

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 the Company.

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 atwww.gold-mountain.ca.

For Further information, please contact:

Gold Mountain Mining Corp.

Kevin Smith, Director and Chief Executive Officer

Phone: 604-309-6340

Email: ks@gold-mountain.ca

Website: www.gold-mountain.ca

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. Forward looking statements in the press release include but are not limited to: any potential increase in the Company's resource, the results of the Phase 2 exploration program and the potential of the Elusive Zone to be an entirely new discovery. 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 Annual Information Form for the year ended January 31, 2021 a copy of which was filed on Gold Mountain's SEDAR profile on November 4, 2021.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

SOURCE: Gold Mountain Mining Corp

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Cautionary Statements

This press release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, statements regarding the completion of the Offering and the timing thereof, and the anticipated use of proceeds of the Offering are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "should" or "would" or occur. Forward-looking statements are based on certain material assumptions and analyses made by the Company and the opinions and estimates of management as of the date of this press release, including, but not limited to, that the Company will complete the Offering on the terms disclosed, that the Company will receive all necessary regulatory approvals for the Offering, that the Company will use the proceeds of the Offering as currently anticipated; and assumptions relating to the state of the financial markets for the Company's securities. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that the Company may not be able to raise funds under the Offering, as currently anticipated, that the Company may fail to receive any required regulatory approvals for the Offering, that the Company will not use the proceeds of the Offering as anticipated, market volatility, unanticipated costs, changes in applicable regulations, and changes in the Company's business plans. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.

SOURCE Quimbaya Gold Inc.

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