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
For further information contact Chris McLeod, President & CEO or Rod Shier, Chief Financial Officer at 604 558-4653