TSX-V TRADING SYMBOL: GUM
VANCOUVER, Oct. 31, 2013 /CNW/ - Gold Mountain Mining Corporation (the "Company" or "Gold Mountain") is pleased to announce that it has completed the first 500 dry short tons of the 10,000 tonne bulk sample from its 100% owned Elk Gold property, located near Merritt, British Columbia. The 500 ton sample averaged 13.8 grams per tonne and contained 201 ounces of recoverable gold.
Vein material was trucked to a third party gold milling facility to process the first batch of material from the bulk sample program. The vein material was crushed, sampled and is being processed to gold bullion. The actual average settlement grade for the process material was 13.8 grams per tonne with a gold recovery rate of 97.99%. The settlement price for the payable gold was $1270.50 USD per troy oz. based on the LME spot gold price 21 days after vein material began processing at the milling facility. Total gross proceeds from the sale was $250,408 USD.
The gold grade and tonnage from the final gold milling figures match to within 5% of both the mine site grade estimate of vein material extracted, and the polygonal resource grade estimated from diamond drill holes within the bulk sample pit. These results add another level of confidence in the modeling of the Elk Gold deposit and provide valuable information for mine planning and processing moving forward.
Both the gold milling contractor and Gold Mountain Mining Corporation were pleased with the results of the initial trial sample. Discussions are now underway with regards to the potential for larger scale shipments of Elk Gold bulk sample material to the gold milling contractor.
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 this Release.
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:
For further information contact Chris McLeod, President & CEO or Rod Shier, Chief Financial Officer at 604 558-4653