Gold Mountain subsidiaries receive demand for $5.6M
2024-01-10 11:39 ET - News Release
Mr. Ron Woo reports
ELK GOLD MINE RECEIVES DEMAND FOR PAYMENT
Gold Mountain Mining Corp.'s two subsidiaries holding the Elk gold mining project concessions have received demand for payment letters from two of its mine site contractors. The demand is for a total of approximately $5.6-million for contract work on the Elk gold mining project. Of this amount, $4.7 million is related to expenses incurred by its mining contractor and a notice of enforcement of security has also been received from this contractor regarding a previously announced and executed general security agreement (GSA). The company is reviewing its legal options with respect to these letters and while the company does not have the means to pay these amounts at this time it is attempting to find solutions to work with the groups. Mining operations had been paused for the Christmas holiday break and remain paused at present.
The company also announces that Simon Buckett has resigned as chief financial officer of the company and the company is in process of identifying a replacement as soon as possible.
About Gold Mountain Mining Corp.
Gold Mountain is a British Columbia-based gold and silver exploration and production focused on the development of the Elk gold project, located 57 kilometres from Merritt in south-central British Columbia.