Precious Metals

Gold Mountain Mining Corp. ('Gold Mountain' or the 'Company') (TSXV:GMTN, OTCQB:GMTNF, Frankfurt:5XFA) is pleased to provide a construction update at its 100% owned Elk Gold Mine, located outside Merritt, British Columbia


Highlights

  • The Company received authorization from the Ministry of Mines to begin construction on April 29th through its Notice of Departure ("NoD")
  • Nhwelmen-Lake LP ("Nhwelmen-Lake") has mobilized vehicles and mining equipment to begin construction and road development
  • Waste rock mining has begun by utilizing the Company's gravel borrow near the corner of Pit 2
  • Gold Mountain is on schedule for ore delivery in October and revenue in November 2021

"Aggressive timelines of getting into production are something we have committed to since coming to trade in December of 2020. We continue to deliver on key milestones and maintain our target of revenue generation in Q4," commented Kevin Smith, CEO and Director of Gold Mountain. "We've aligned ourselves with a first-class construction and mining contractor, Nhwelmen-Lake, to reduce our initial capex and leverage their expertise to develop BCs next high-grade gold and silver producer. With the Company receiving its early works permit and waste rock mining already underway through our gravel borrow, operations will be in full stride once we receive our mining permit amendment. All the while our drill team continues to hit mineralization and we anticipate receiving a steady stream of results from the lab in the coming weeks."

Waste Rock Mining - Road and Laydown Construction

On April 29, 2021, the Company received its Notice of Departure ("NoD") under its M-199 Mines Act permit, authorizing it to undertake certain construction and site preparation work at the Elk Gold Mine. A key component of the NoD was authorization for a "gravel borrow", which allows Gold Mountain to waste rock mine at Pit 2 and repurpose existing soil and gravel at site to develop roads and laydowns. The Company selected an area near PIt 2 for the gravel borrow in order to execute on a strategy that allows Gold Mountain to adhere to its aggressive timelines and accelerate the path to hit its high-grade 1300 vein.

Since receipt of the NoD the Company's mining partner Nhwelmen-Lake has cleared overburden and conducted the first blast of waste rock near Pit 2. Nhwelmen-Lake is now crushing and screening the blasted rock and has begun road and laydown construction.

Pit Dewatering

Additionally, on May 7, 2021, the Company received a letter of authorization from the Ministry of Environment and Climate Change Strategy related to dewatering of the historical open pits under the existing Effluent Discharge Permit. As of June 8, 2021 the Company has pumped out 46,500m3 of water from Pit 2. The dewatering efforts will ensure a smooth transition into ore mining.

Equipment Mobilization

Nhwelmen-Lake has mobilized various pieces of equipment to the Elk Gold Mine to support site construction activities, including; tracked dozers, excavators, a production blast-hole drill, rock trucks and a mobile jaw crusher. Other equipment en route include a weigh scale, fuel storage, office facilities, washroom/dry facilities and generator structures.

Path to Ore Delivery and Revenue

Once the final Mine Permit is issued, the Company anticipates beginning it's large scale waste rock mining operations through July and August. This will allow the Company to mine the high-grade 1300 vein for ore delivery in October to its ore purchase partner, New Gold Inc.

Prior to delivery to New Gold's New Afton Mine, the ore will be assayed by an independent third party and weighed on site to determine the ore's value. Trucks then haul the ore approximately 133km to the New Afton Mine where title to the ore is passed to New Gold upon delivery. New Gold will pay Gold Mountain for the delivered ore within 17-days of each month end.

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: 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 include but are not limited to: timing to begin large scale waste rock mining in July through August, delivering ore in October and receiving payment in November, Nwhelmen-Lake's schedule to mobilize. 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 a copy of which is available at www.sedar.com.

SOURCE: Gold Mountain Mining Corp



View source version on accesswire.com:
https://www.accesswire.com/651192/Gold-Mountain-Provides-Construction-Update

News Provided by ACCESSWIRE via QuoteMedia

Gold Mountain Mining

Gold Mountain Mining


Keep reading...Show less
gold bars with stock chart

5 Top Weekly TSX Performers: Assay Results Send Xtra-Gold Higher

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 19,030.09 early last Friday (June 24) morning. The index was on the rebound, and managed to close the week up at 19,061.98.

Looking over to the commodities sector, oil prices were on the rise by the end of the week, while gold and silver were on track for weekly declines.

"Our expectation is that prices do rise beyond September, October," Jeffrey Christian of CPM Group told the Investing News Network at this year’s Prospectors and Developers Association of Canada convention.

Keep reading...Show less
four stacks of gold coins superimposed over a city nightscape

5 Top Weekly TSXV Performers: Gold Explorers Find Support as Commodities Prices Fall

Major markets were on course for their first weekly gain in a month last Friday (June 24), while the S&P/TSX Venture Composite Index (INDEXTSI:JX) began to claw back losses seen late Thursday (June 23).

Dipping to a five day low of 623.48 overnight, Canada’s junior index moved to 637.83 after the morning bell. It ultimately closed the period slightly higher at 647.33.

Growing recession concerns were bolstered last week after reports that Canada’s inflation rate rose to a 39 year high of 7.7 percent in May. These fears are mounting below the border as well, and have been reflected in the plunging value of copper, a base and industrial metal heavily that is correlated to economic growth.

Keep reading...Show less
Challenger Exploration

Ongoing Drilling at Hualilan Solidifies Outlook for a Significant Uplift to Recently Reported Maiden MRE

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce results from recent drilling targeting extensions to the mineralisation at the Company's flagship Hualilan Gold Project, in San Juan Argentina. The results include the first drill holes that were not included in the Company’s recent maiden 2.1 million ounce AuEq1 Mineral Resource Estimate (MRE) which includes a high-grade core of 1.1 Moz at 5.6 g/t AuEq1 .

Keep reading...Show less
Top 10 Central Bank Gold Holdings (Updated 2022)

Top 10 Central Bank Gold Holdings (Updated 2022)

Global central bank gold reserves top 35,500 metric tons (MT), approximately one-fifth of all the gold ever mined. The vast majority of central bank gold holdings were acquired in the last decade, when national banks became net buyers of the yellow metal.

Central banks purchase gold for a number of reasons: to mitigate risk, to hedge against inflation and to promote economic stability. In its most recent annual survey released in June 2022, the World Gold Council (WGC) said that 61 percent of central bankers expect global gold reserves to increase over the next 12 months. Nearly three-quarters of respondents cited the precious metal’s “long-term store of value” as a guiding factor in gold purchases.

Central banks added 463 MT of gold to their vaults in 2021, signaling a significant turnaround in demand after the 255 MT decade low experienced in 2020.

Keep reading...Show less
gold bar with stock chart

VIDEO — Adrian Day: Recession, Stagflation, Crash? Where We're Going, What it Means for Gold

Adrian Day: Recession, Stagflation, Crash? Where We're Going, What it Means for Goldyoutu.be

The US Federal Reserve hiked interest rates by 75 basis points last week in its ongoing fight against inflation, amping up its efforts to tame prices and leaving market watchers wondering what's next.

Speaking just ahead of the central bank's meeting, Adrian Day, president of Adrian Day Asset Management, said usually the Fed starts out hawkish and then backs off. But this time around the opposite is happening.

This is due to various factors, but US President Joe Biden's recent meeting with Fed Chair Jerome Powell is among them — in their discussion, Biden expressed that inflation is the Fed's responsibility.

Keep reading...Show less

Latest Press Releases

Related News

×