Precious Metals

Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX.V:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to announce that the Ministry of Energy, Mines & Low Carbon Innovation Communications Office ("EMLI") has awarded the Company its M-199 Mining Permit

Highlights:

  • After 18 months of regulatory and permitting advancements, Gold Mountain has received its Mining Permit from EMLI.
  • The Company will immediately begin mining the 1100 and 1300 vein systems in historical pit 2.
  • Mineralized material will be delivered to the Company's Ore Purchase Partner, New Gold Inc.
  • The Company anticipates achieving commercial production in November.
  • Year 1 of Gold Mountain's mine plan contemplates mining the highest grade mineralization, resulting in an expected annual after-tax profit of $10,000,000.

"It is extremely rare for a junior mining company to evolve from exploration and into production. For Gold Mountain to achieve this after being public for only 10 months is a testament to Management's focus and commitment. We would like to thank our shareholders for believing in the project and continuing to support us while we transition into BC's next gold producer," commented CEO and Director Kevin Smith.

"With construction nearly complete, waste rock mining from our quarry development underway, the Elk Gold Project is already in full stride. We anticipate releasing first mineralized material from our 1100 vein in the coming weeks. While aggressive, management is still confident in delivering our first shipment to New Gold in November, with recognized revenue anticipated in Q4 of this year. The upsized 13,000m Phase 2 diamond drill program is wrapping up and we anticipate a steady stream of assays very shortly. Our 10,000m Phase 3 drill program will commence right away. With a strong treasury, the Elk project is being pushed forward on all fronts and momentum continues to build. This is a pivotal moment for Gold Mountain, and we are thrilled to deliver the first gold mining permit in BC in nearly a decade."

Indigenous Communities

While the Provincial review and the corresponding Mine Review Committee process have come to a close, Gold Mountain is aware and acknowledges each respective Indigenous Nation's decision-making process will continue independently from the Province of British Columbia.

Over the past 18 months, the Company has made a concerted effort to build strong relationships with communities that are affected by the development of the Elk Gold Project. Gold Mountain looks forward to continued collaboration with all Indigenous Nations that have interests in the Elk Gold mine. The Company also wishes to communicate that there is no time limit on direct engagement and consultation between the Company and each respective Indigenous Nation.

Next Steps

With mine construction nearly complete and waste rock mining taking place near Pit 2, the Company is in a strong position to achieve revenue in Q4 ‘21. Gold Mountain will now turn its focus to the following operating milestones:

  • Continue to engage directly with surrounding Indigenous communities to adhere to each Nation's independent review process
  • Begin mining operations, targeting the Elk's high-grade 1100 and 1300 vein systems
  • Deliver material to New Gold's New Afton mine in Kamloops, located 133km away from the Elk Gold Project
  • Begin revenue generation and receive payment from its first mineralized material delivery

Moving into 2022, the Company anticipates being in steady-state mining operations outlined in its Year 1 production profile of 19,000 oz/annum. Pursuant to the mine plan set out in the Company's PEA, the Company will target some of its highest grade mineralization in the first year which is expected to result in an annual after-tax profit of approximately $10,000,000.

Preliminary Economic Assessment

For details on the key assumptions behind the Company's Year 1 production profile and anticipated cash flow, please see the Preliminary Economic Assessment entitled "Updated Preliminary Economic Assessment on the Elk Gold Project" dated June 21, 2021 with an effective date of May 14, 2021 a copy of which is available on SEDAR (the "PEA").

The Company's mine plan and annual after-tax profit are based on the PEA which is preliminary in nature and includes inferred 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.

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 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: ks@gold-mountain.ca
Website: www.gold-mountain.ca
Twitter: www.twitter.com/goldmtnmine_

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 the anticipated Year 1 production profile and anticipated profits, the timing for the receipt of any EA, the timing to commence mining, the timing for the delivery of mineralized material to New Afton. 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



View source version on accesswire.com:
https://www.accesswire.com/670614/Gold-Mountain-Receives-Its-Mining-Permit-from-The-Ministry-of-Mines

News Provided by ACCESSWIRE via QuoteMedia

i-80 Gold Corp.

i-80 Gold Corp.

i-80 Gold Corp is a well-financed gold producer and developer holding an impressive portfolio of advanced-stage gold projects in the State of Nevada. The company's primary goal is to build a self-sustaining, mid-tier, mining company with a peer-best growth platform by employing a methodical, capital disciplined and staged approach to minimize risk while also assessing and monitoring for accretive growth opportunities.

gold bars

Top 5 Gold Stocks on the TSX (Updated November 2022)

Click here to read the previous best gold stocks article.

The gold price is finally gaining some ground after falling below US$1,650 per ounce in September for the first time since 2020. The yellow metal neared US$1,800 in mid-November and is now sitting above US$1,750.

Even so, gold is still under pressure, and some experts think now is the time to buy. The Investing News Network spoke with Mark Yaxley, managing director of bullion dealer SWP, twice in November, and he shared his advice on buying bullion both times.

"My advice … to my clients, who are mostly Canadians and Americans, is maybe you should be mirroring eastern investors and taking advantage of these dips at this price level," he said in his first interview, explaining that westerners often wait for positive price performance to buy gold. In the second discussion, he shared his three guidelines when buying bullion.

Keep reading...Show less
Quadro Resources

Quadro Announces Private Placement

Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTC Pink: QDROD, FRA: G4O2) is pleased to announce that, subject to regulatory approval, it will conduct a non-brokered private placement of up to 10,000,000 units (the “Units”), each Unit priced at $0.05 and consisting of 1 common share of the Company and 1 common share purchase warrant (the “Unit Warrants”), each Unit Warrant being exercisable for an additional common share of the Company at $0.10 for 12 months from closing, and up to 8,333,333 flow-through units (the “FT Units”), each FT Unit priced at $0.06 and consisting of 1 flow-through share and one half common share purchase warrant (the “FT Unit Warrants”), each full FT Unit Warrant being exercisable at $0.12 for a common share of the Company for 12 months, to raise proceeds of up to a total of $1,000,000.

Keep reading...Show less
Quadro Resources

Quadro Shares Results From Its Optioned Staghorn Property

Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTC Pink: QDROD, FRA: G4O2) is pleased to announce high grade gold results from recent work completed by TRU Precious Metals Corp. (“TRU”) on TRU’s recently optioned Staghorn property in Central Newfoundland. This work was completed within the Staghorn option along the Mark’s Pond Shear zone and within the Rich House Mineral occurrence further to the Northeast.

This zone was first identified in 2018 by Quadro technical staff during the execution of a short trenching program. Follow up work including diamond drilling was then able to confirm the presence of a broad, extensive shear zone with multiple parallel high strain gold bearing structures which remains open to the North and along strike to the Northeast and the Southwest.

Keep reading...Show less

Tempus Announces Non-Brokered Private Placement Of Up To C$1.0 M

Tempus Resources Ltd. (ASX: TMR) (TSXV: TMRR) (OTCQB: TMRFF) ("Tempus" or the "Company") is pleased to announce a non-brokered private placement (the "Offering") for gross proceeds of up to C$1,000,000 (approximately A$1,111,000) from the sale of up to 16,666,667 flow-through units of the Company (each, a "FT Unit") at a price of C$0.06 (approximately A$0.067) per FT Unit. Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a "Warrant Share") at a price of C$0.09 (approximately A$0.10) for a period of 24 months following the issue date of the FT Unit. Red Cloud Securities Inc. will be acting as a finder in connection with the Offering.

News Provided by Newsfile via QuoteMedia

[subscribe_company_profile use_post="101618410"]

Keep reading...Show less
Peruvian Metals

Peruvian Metals to Extend Warrants

Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) (the "Company") announces that the Company intends to amend the terms of 2,334,000 outstanding warrants of the Company (the "Warrants") that are set to expire December 15, 2022.

The Company has made an application to the TSX Venture Exchange (the "TSXV") to extend the expiry date for all of the Warrants to March 31, 2023. All other terms of the Warrants will remain the same.

Keep reading...Show less

Latest Press Releases

Related News

×