Precious Metals

Gold Mountain Mining Corp. announced today that it has received final approval for listing of the Company's common shares on the Toronto Stock Exchange . In connection with the graduation the Common Shares, which are currently listed for trading on the TSX Venture Exchange will be up-listed to the TSX "After commencing trading on the Venture only 11 months ago, graduating to the senior board marks an exciting ...

Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX.V:GMTN)(OTCQB:GMTNF)(Frankfurt:5XFA) announced today that it has received final approval for listing of the Company's common shares (the "Common Shares") on the Toronto Stock Exchange (the "TSX"). In connection with the graduation the Common Shares, which are currently listed for trading on the TSX Venture Exchange (the "TSXV"), will be up-listed to the TSX


"After commencing trading on the Venture only 11 months ago, graduating to the senior board marks an exciting achievement for our company and is testament to Management's commitment to deliver shareholder value," commented CEO and Director Kevin Smith. "By going into production with only 70 million shares issued and outstanding, a clear path to revenue and an updated resource estimate expected to be completed this fall, we plan on ending our first year of trading carrying serious momentum. We anticipate that 2022 will see Gold Mountain transition into steady state production, positive cashflow and another multi-phased exploration program to continue showcasing the Elk's scalability."

The Common Shares are all expected to begin trading on the TSX effective as of commencement of trading on November 23, 2021 (the "Listing Date"). Upon listing on the TSX, the Common Shares will continue to trade under the ticker symbol "GMTN", respectively. In conjunction with the graduation to the TSX, the Common Shares will be concurrently delisted from the TSXV prior to commencement of trading on the TSX. Holders of the Common Shares are not required to take any action in connection with the graduation to the TSX.

Update to Escrow Release Schedule

In connection with the graduation to the TSX, all of the Gold Mountain securities that were subject to a Tier 2 escrow release schedule pursuant to a Surplus Securities Escrow Agreement and a Value Security Escrow Agreement both dated December 16, 2020 and a CPC Escrow Agreement dated December 6, 2019 will be subject to a Tier 1 release schedule. The tables below sets out the updated Escrow Release Schedule for each applicable agreement:

VALUE ESCROW TABLE

Release Dates

Tier 2

Original Release Schedule

TSX

Percentage

Shares Released

Percentage

Shares Released

December 29, 2020

10%

256,160

25%

640,400

June 29, 2021

15%

384,240

25%

640,400

December 29, 2021

15%

384,240

25%

640,400

June 29, 2022

15%

384,240

25%

640,400

December 29, 2022

15%

384,240

N/A

-

June 29, 2023

15%

384,240

N/A

-

December 29, 2023

15%

384,240

N/A

-

TOTAL

100%

2,561,600

100%

2,561,600

SURPLUS ESCROW TABLE

Release Dates

Tier 2

Original Release Schedule

TSX

Percentage

Shares Released

Options Released

Percentage

Shares Released

Options Released

December 29, 2020

5%

475,144

77,707

10%

950,289

155,414

June 29, 2021

5%

475,144

77,707

20%

1,900,487

310,828

December 29, 2021

10%

950,289

155,414

30%

2,850,868

466,242

June 29, 2022

10%

950,289

155,414

40%

3,801,250

621,656

December 29, 2022

15%

1,425,434

233,121

N/A

-

June 29, 2023

15%

1,425,434

233,121

N/A

-

December 29, 2023

40%

3,801,250

621,656

N/A

-

TOTAL

100%

9,502,894

1,554,140

100%

9,502,894

1,554,140

CPC ESCROW TABLE

Release Dates

Tier 2

Original Release Schedule

TSX

Percentage

Shares Released

Percentage

Shares Released

December 29, 2020

10%

250,000

25%

625,000

June 29, 2021

15%

375,000

25%

625,000

December 29, 2021

15%

375,000

25%

625,000

June 29, 2022

15%

375,000

25%

625,000

December 29, 2022

15%

375,000

N/A

-

June 29, 2023

15%

375,000

N/A

-

December 29, 2023

15%

375,000

N/A

-

TOTAL

100%

2,500,000

100%

2,500,000

Preliminary Economic Assessment

For details on the key assumptions behind the Company entering into steady state production and its 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

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 the statement with respect to the anticipated listing date on the TSX, the increase in resource estimate this fall, the anticipated state of production. 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 Annual Information Form for the year ended January 31, 2021 which was filed on the Company's SEDAR profile on November 4, 2021.

SOURCE: Gold Mountain Mining Corp



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Drilling with the backpack drill is continuing. To date, the core from the first five holes, totaling approximately 72 meters, has been transported to Quesnel and is in the process of being logged. From there it will be sent to the lab for assay. The following description of Drill hole D021-03 from Steve Kocsis, Qualified Person for the project, is indicative of what the early drilling results are showing.

"Drill hole DO21-03 was drilled at a 330° azimuth and -70° dip to a total depth of 16.76 m. From 0 to 13.4 m talc occurs in layers up to 12 cm thick and as brecciated fragments up to 2 cm wide. Talc makes up around 15% of the rock in this depth interval. From 13.4 to 15.85 talc occurs in layers up to 1.0 m thick and makes up around 80% of the rock in this depth interval. The rock was soft and washed away at depth interval 15.85 to 16.76 m and there was 0% core recovered. The soft rock was more than likely a high percentage of talc."

As successful as this drilling method has been, it is limited in its capabilities of recovering some friable formations. To date, our contractor has exceeded our expectations for core recovery considering the drilling method and ground conditions present.

Follow-up drilling with a larger drill rig is expected to begin in January. The Company will be able to explore potential talc mineralization to depths exceeding 100 meters versus the shallow exploration completed in the past and with the current round of drilling. The talc showing outcrops at several locations on the Company's claims, making drilling a relatively simple process and allowing for drilling throughout the winter.

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Quesnel Nickel/Cobalt/Talc Project Highlights:

There are 3 BC MINFILE occurrences as follows:

  • -  093A 013 - Sovereign Creek - developed prospect containing talc and magnesite, and a co-incident nickel sulfide showing.
  • -  093A 130 - Sovereign - showings containing talc and nickel sulfides.
  • -  093H 061 - R.T. - showing containing nickel, chromium, and cobalt.

Talc is a soft mineral used in a variety of industries. Talc is used in the production of plastics, ceramics, paint, paper, roofing, rubber, and for other industrial uses. The U.S. Geological Survey (USGS) indicates that total sales of talc by U.S. Producers in 2020 was about 430,000 tons valued at about US $100 million. The USGS estimates total mine production worldwide in 2020 was 5,800,000 tons with about 220,000 tons produced in Canada. To the best of the Company's knowledge, there are no talc mines in Western Canada.

In addition to acquiring more knowledge of the talc occurrences on the Property, the Company intends to drill using the larger rig to gain more knowledge of the potential for nickel and cobalt in the same general area as the talc. The Company will be concentrating on known and potential new nickel and cobalt targets with the plan to continue drilling with larger RC/DD rigs in 2022.

The recently completed UAV-MAG survey results over the Quesnel Nickel/Cobalt/Talc Project area indicates the presence of highly magnetic rocks co-incident with the interpreted surface exposure and down-dip projection of a favorable ultramafic rock assemblage. This is similar to the aeromagnetic response in the area of nickel-alloy mineralization found throughout the BC Decar District.

Kyle Townsend, Mine Manager for Green River Gold Corp. says; "The success of our modified backpack drilling technique is very encouraging. We have demonstrated our ability to obtain quality down hole data in a very cost effective manner while keeping our surface disturbance to almost nonexistent. As we move from the trial phase to the drilling phase, we are working to delineate the talc mineralization with enough data to confirm a mineral resource."

Perry Little, Green River Gold's President and CEO stated, "We are excited to see the early results from this drilling program appear to be very similar to the limited, but impressive, results from the 1980's that inspired the claim owners at the time to proceed to a feasibility study and preliminary mine plan. In addition to finding out more about the potential for a commercial talc deposit, the focus will be on nickel and cobalt. Preliminary metallurgical work completed in 1971 has suggested the presence of nickel sulfide or nickel alloy minerals. One focus in the initial phase of exploration is to prioritize the multiple Nickel/Cobalt targets within the project area for a follow-up RC/DD drill program and to expand the areas of mineralization in 2022."

Regional Exploration Plan:

Additionally, there will be some upcoming exploration plans for the Fontaine Lode Gold Project, which is contiguous to the Quesnel Nickel/Cobalt/Talc Project and also contiguous to Osisko Development Corp.'s Cariboo Gold Project. Green River is also awaiting assay results from the recent grab sampling program completed at the Quesnel Nickel/Cobalt/Talc Project.

Qualified Person:

Stephen P. Kocsis is the qualified person as defined by National Instrument 43-101 and he has reviewed and approved the technical information in this news release.

About Green River Gold Corp.

Green River Gold Corp. is a Canadian mineral exploration company focused on its wholly owned, high-grade Fontaine Gold Project, Quesnel Nickel/Cobalt Project and Kymar Silver Project which are located in renowned mining districts in British Columbia. The properties straddle an 18km length of the Barkerville and Quesnel Terranes and are contiguous to Osisko Development Corp.'s mineral claim group containing a proposed mine location at its Cariboo Gold Project.

The Kymar Silver Project is located in southeast BC, approximately 28 kilometers west of the town of Invermere in the Golden Mining Division. The property is made up of two mineral tenures, totaling 1,440 hectares, along the southeast flank of Mount Catherine.

For more information contact:

Green River Gold Corp.
Mr. Perry Little - President and Chief Executive Officer
perry.little@greenrivergold.ca
780-993-2193

Additional information about Green River Gold Corp. can be found by reviewing its profile on SEDAR at www.sedar.com.

Forward Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. Expressions such as "anticipates", "expects", "believes", "estimates", "could", "intends", "may", "plans", "predicts", "projects", "will", "would" and other similar expressions, or the negative of these terms, are generally indicative of forward-looking information. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. In addition, the forward-looking information contained in this release is based upon what management believes to be reasonable assumption. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain, and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.

The securities of the Company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

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