TSX-V TRADING SYMBOL: GUM
Website: aumtn.com
VANCOUVER, May 1, 2013 /PRNewswire/ - 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 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