Gold Mountain Proceeding with Open Pit Test at Elk Gold Project
October 02 2012 - 7:30AM
PR Newswire (Canada)
TSX-V TRADING SYMBOL: GUM Website: aumtn.com VANCOUVER, Oct.
2, 2012 /CNW/ - Gold Mountain Mining Corporation (the "Company" or
"Gold Mountain") is pleased to announce that the Company has
recently received government permits to proceed with a bulk sample
program to confirm open pit mining parameters projected in the
Preliminary Economic Assessment report that was completed in early
2011. The 10,000 tonne bulk sample is projected to be completed
this fall and is estimated to contain 6,000 ounces of gold. Crews
and equipment have been mobilized and mining in progressing. The
location of the bulk sample pit is east of the previous Bonanza
open pit and underground operations. The bulk sample program will
mine the eastern extension of the same vein structure previously
mined in the early 1990's and produced 51,500 ounces of gold. The
operations will focus on determining the optimum open pit mining
process and will also provide a more representative grade for the
Elk Gold potential resource. It had been noted previously that the
high-nugget effect of the gold deposit yielded an underestimate of
the in-situ gold grade based on the assays generated from surface
diamond drill holes. The bulk sample program will provide a
confirmation of this hypothesis for the Elk Gold project. In
addition, the bulk sample will provide more information on the
structural and grade continuity as well as mining and milling
characteristics for the Elk gold-bearing structures. Information
gained from the bulk sample program will be invaluable for the
planning of the production phase for the Elk Gold project. This
step towards the production of the Elk Gold deposit will be most
critical for future planning and optimization. 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 new 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
project, 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 new 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. Gold
Mountain Mining Corporation CONTACT: Chris McLeod President &
CEO or Rod Shier, Chief FinancialOfficer at604 558-4653
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