Gold Mountain Receives Update from the Ministry of Mines

Gold Mountain Mining Corp. ('Gold Mountain' or the 'Company') (TSXV:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to announce that the Ministry of Energy, Mines & Low Carbon Innovation Communications Office ("EMLI") has received final comments on the draft mine permit from both the local communities and the Mine Review Committee. EMLI will now draft the final permit and then submit it to the statutory decision maker for approval

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"This is an important milestone for Gold Mountain and marks the conclusion of the review and information request portion of the permit amendment process. All information is now in the hands of provincial regulators and based on our communications we anticipate delivery of the permit in the coming weeks," commented Kevin Smith, CEO and Director of Gold Mountain. "We'd like to thank the surrounding Indigenous communities for their input and guidance on how best to develop the project. We also recognize that this is just the first step of many and look forward to continued engagement and consultation as the mine transitions into production.

In the meantime, development is pushing forward at site. Our exploration contractor, HEG Explorations Services Inc, is continuing to aggressively drill out the property in our Phase 2 program. Construction is in full swing with Nhwelmen-Lake stripping waste rock, to develop our initial pit shell and expose the high-grade, shallow mineralization we will be targeting in the early years of the mine plan. Our timelines and company goals have always been considered aggressive, but we have shown our ability to execute and continue to deliver shareholder value as we build BC's next Gold and Silver producer."

The Mine Permit

By receiving all comments from stakeholders, EMLI is in a position to finalize the mine permit and submit it to the statutory decision maker. Gold Mountain's permit amendment application was submitted to provincial regulators in May ‘20. In total there have been three rounds of review and responses regarding components of the application, which the Company promptly answered to ensure it maintained its permitting timeline.

With this milestone, the Company's portion of the mine permitting process has concluded and will be notified once the permit has been submitted to the statutory decision maker. Gold Mountain is anticipating this process to take approximately two weeks and the Company remains on schedule for ore delivery to New Afton in October.

Indigenous Input

The Company anticipated the final permit to be received in June, however provincial regulators requested an extension to the permit review process given the recent residential school discovery in Kamloops, British Columbia. The Company was in full support of affording additional time and felt it was the only appropriate choice to allow for local Indigenous communities and governments to have a chance to properly review and make final comments on the proposed conditions of the permit.

Timelines

The Company anticipates its final permit will be submitted to the statutory decision maker in approximately two weeks' time, followed by the approval of its final mining permit by the end of July. This timeline allows Nhwelmen-Lake to continue waste rock mining operations for the balance of August and transition to ore mining along the 1300 vein in September. This schedule is consistent with the Company's commitment of ore delivery to New Gold's New Afton Mine in October with first revenue landing in November.

Other Authorizations

The Mine Permit is the most material authorization required for production and its receipt provides the Company with confidence that other ancillary authorizations will follow. Such authorizations include those related to the Explosives Storage and Use, Bulk Explosives Use, Road Use, Effluent Discharge, Industrial Access and Free Use (forest use). The Company is actively pursuing the receipt of all necessary authorizations and does not anticipate any delays in its production schedule resulting from the failure to hold any required authorization.

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 all statements relating to the timeline for its receipt of permits, the commencement of ore mining and the receipt of revenue. 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.