TSX-V TRADING SYMBOL: GUM
Website: aumtn.com
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