Post by
TELEMARKER on Nov 03, 2013 12:33am
$250k gold
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.
Read more at https://www.stockhouse.com/news/press-releases/2013/10/31/gold-mountain-completes-gold-sale-with-bulk-sample#C8WT4FHqlCI7CBMa.99
Comment by
kel882 on Nov 18, 2013 10:57pm
This post has been removed in accordance with Community Policy
Comment by
TELEMARKER on Dec 08, 2013 1:56pm
possible https://www.kinross.com/operations/operation-kettle-river-buckhorn-usa.aspx
Comment by
Hans3 on Feb 12, 2014 2:22pm
Hey, have not seen you on Copper Mountain board?Anything new on GUM seems like c-um has a crusher in place soon go to$3.00????