TSX-V TRADING SYMBOL: GUM
VANCOUVER, May 1, 2013 /CNW/ - Gold Mountain Mining Corporation (the
"Company" or "Gold Mountain") has partially completed the planned
10,000 tonne bulk sample program on its 100% owned Elk Gold property,
located near Merritt, British Columbia.
The amendment to the existing mine permit authorizing the bulk sample
mining was received at the beginning of September, contract equipment
and personnel were mobilised immediately. The bulk sample mining
operations continued until the middle of December when vein extraction
productivity began to decline due to inclement weather.
The average grade for the 684 tonnes of vein material removed from the
bulk sample pit was 9.79 grams per tonne gold and 14.1 grams per tonne
silver. Although only a small portion of the vein material has been
mined, these gold and silver grades compare favourably with the drill
core results and polygonal estimates made for the grade of material to
be expected from this area of the bulk sample pit. The vein structure
and grade continuity over the small section mined to date has provided
confirmation of the ore modelling performed. At completion, the bulk
sample mining program is expected to yield approximately 10,000 tonnes
of vein material and more than 5,000 ounces of gold.
Overburden removal began mid-September and waste rock mining started
shortly thereafter. At the end of December, approximately 75% of the
waste rock and overburden had been removed from the bulk sample pit
area and approximately 5% of the vein material was mined. Recovery of
vein material was performed using an excavator and was closely
monitored by an on-site geologist. Ore was stockpiled on a prepared
storage pad at the mine site. The vein material was removed in blocks,
segregated and identified based on the referenced bench elevation and
vein location. Subsequently, each block had a representative 200
kilogram sample removed from the stockpile and run through a sampling
plant consisting of a jaw crusher, a roller crusher and an automated
sampling machine to yield a representative 20 kilogram sample. The 20
kilogram samples were split and sent for assay.
The bulk sampling process is providing the needed information for the
planning and optimization of the mining and process metallurgy as the
Elk project moves another step closer towards production. Additional
metallurgical testing is being performed on the material from the bulk
sample program to confirm processing parameters for the mill design.
In addition, mine planning and production cost projections are being
analyzed based on the work performed to date. The bulk sample mining
operations will start up again to complete the program this year.
The test mining operations will focus on determining the optimum open
pit mining process and will also provide more information on the
structural and grade continuity as well as mining and milling
characteristics for the Elk gold-bearing structures.
The Company's Senior Geologist, Robert Wilson, P.Geo., acts as the
Company's Qualified Person for technical disclosure per National
Instrument 43-101, and has reviewed and approved the technical content
of this press release.
About Gold Mountain Mining
Gold Mountain is a public resource company managed by an experienced
team of professionals with a solid track record of exploration and
development success. The Company owns 100% of the 16,700 hectare Elk
Gold property, which the Company intends to develop into a precious
metal producer within the next two years, and is also seeking
additional near-term production assets to further build shareholder
value. Additional information is available on Sedar.com or on the
Company's website at www.aumtn.com.
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
ON BEHALF OF THE BOARD
"Chris McLeod" (signed)
Chris McLeod, President & CEO
Forward-Looking Statements: This news release contains forward-looking
statements that are based on the Company's current expectations and
estimates. Forward-looking statements are frequently characterized by
words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar words
or statements that certain events or conditions "may" or "will" occur,
and include, without limitation, statements regarding the closing of
further tranches of the Offering, the use of proceeds from the
Offering and the Company's plans with respect to the exploration and
development of its projects. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether as a result
of new information, future events or results or otherwise.
Forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to
the inherent uncertainty therein.
SOURCE: Gold Mountain Mining Corporation
For further information:
Chris McLeod, President & CEO or Rod Shier, Chief Financial Officer at 604 558-4653