TSX-V TRADING SYMBOL: GUM
VANCOUVER, Jan. 9, 2013 /CNW/ - Gold Mountain Mining Corporation (the "Company" or "Gold Mountain") has completed a 13,410 meter drill program on its 100% owned Elk Gold property, located near Merritt, British Columbia. The exploration camp supported two target areas for diamond drilling during the 2012 exploration program.
The first area of focus for the drill program was to test the western extension of the historic Siwash North pit. In-fill drilling was completed along the 350 meter western step out between the existing open pit and 2011 drill hole SND11-123 which intersected a pyritic quartz vein, grading 30.4 g/t gold and 56.2 g/t silver over a core length of 0.39 meters. The 2012 drill results confirm mineralization in the western extension of the vein.
A second group of regional drill targets for the 2012 program included four of the nine prospective zones on the Elk property. Targets were identified based on the promising results of the Titan 24 survey, Pole-Dipole IP survey and the drill results from 2010 and 2011. Regional drilling was designed to extend both the strike length and depth of the high priority regional gold bearing structures identified in the 2010 and 2011 drilling program, including Lake Zone, Discovery and the South Showing. (see map attached)
2012 drilling in the South Showing focused on the expansion of a mineralized silica breccia. Starting from near surface, the 2011 drilling identified a breccia with widths of up to 47.7m and gold grades of 0.7g/t over the entire 47.7m, including intervals of 45cm at 14.2g/t, 39cm at 7.9g/t, 27cm at 18.6g/t, 24cm at 25.7g/t and 20cm at 6.7g/t. This mineralization is unlike the zones further north which carry gold primarily in pyritic quartz veins. The mineralized breccia opens new possibilities in the South Showing for a large volume, lower grade gold deposit. As a result, additional IP over the southern area is being planned for 2013.
Assay results from 2012 drilling have been received and are being compiled. Results will be released upon completion of analysis.
As part of the ongoing exploration program, prospecting new areas on the property continues. During the field season a number of interesting outcrops were sampled. One grab sample of particular interest was taken from a location three kilometers southwest of the South Showing mineralized breccia and yielded assay results of 7.36% copper, 226 g/t silver, 0.24% zinc and 0.38% lead. Gold Mountain's 2013 exploration program will plan for additional soil sampling and geophysical work in these new prospective areas.
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.
The Company is pleased to announce that it has retained the services of Mr. Greg Werbowski as our investor relations consultant. Mr.Werbowski has over 12 years of investor relations services experience for several public companies listed both in Canada and the United States. Prior to entering the investor relations field Mr.Werbowski was an investment advisor with a Canadian brokerage house.
Mr.Werbowski will be responsible for all shareholder and investment advisor relationship activities. Mr.Werbowski will be paid $2500.00 per month. The agreement, effective January 01, 2013, is on a month to month basis.
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.
Image with caption: "Elk Property 2012 Drill Program Collar & Zone Locations (CNW Group/Gold Mountain Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20130109_C4757_PHOTO_EN_22370.jpg
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
Greg Werbowski 604-558-4653 ext. 237 [email protected]