TSX-V TRADING SYMBOL: GUM
VANCOUVER, Nov. 4, 2015 /CNW/ - Gold Mountain Mining Corporation (the "Company" or "Gold Mountain") is pleased to announce that it has received an effluent discharge permit from the BC Ministry of Environment for its 100% owned Elk Gold property, located near Merritt, British Columbia.
The effluent discharge permit allows the company to passively release to the environment ground and rain water that accumulates in the two bulk sample pits. The permit specifies the location and frequency of water quality and other sampling that will continue to ensure the water leaving the mine area remain within BC water quality guidelines for the protection of aquatic life. Sample results are reported to the Ministry of Environment. Gold Mountain is committed to protecting the environment and ensuring that its operations do not harm aquatic or land based life and has proactively implemented progressive reclamation of lands disturbed by exploration and mining to date.
Receipt of the discharge permit is one step in the process to put the property into commercial production that speaks to the relatively environmentally benign nature of the gold mineralization and enclosing wall rock.
The existing Bulk Sample Permit allows the extraction of 4,000 banked cubic meters of mineralized material. Currently, 2,440 cubic meters have been removed, leaving a permitted allowance of another 1560 cubic meters. An evaluation of the economics to mine mineralized material along strike between the old and new pits was completed and the level of risk associated with uncertainty surrounding the weaker gold commodity price was deemed to be too high. As a result the property has been placed on care and maintenance.
The Company's Environmental Consultant, Marlin Murphy, P. Ag., EP, 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: Chris McLeod, President & CEO or Rod Shier, Chief Financial Officer at 604 558-4653