TSX-V TRADING SYMBOL: GUM
Website:
aumtn.com
VANCOUVER, July 2, 2014 /CNW/ - Gold Mountain Mining
Corporation (the "Company" or "Gold Mountain") has resumed the open
pit test on its 100% owned Elk Gold property, located near
Merritt, British Columbia.
The program will confirm open pit mining parameters projected in
the Preliminary Economic Assessment report. The bulk sample
mine plan expects to remove up to 10,000 tonnes of material at
grades similar to the sample mined in 2012 (13.8 grams per tonne
Au). The bulk sample is projected to be completed by this fall and
the material will be shipped off-site for processing to gold
bullion.
The bulk sample program was initiated in the fall of 2012.
Less than 5% of the gold bearing vein was removed and 500 tons were
sent for trial processing in 2013. The test processing run
proved to be very successful with an average grade of 13.8 grams of
gold per tonne and a gold recovery of 97.99%. Based on
metallurgical tests performed the gold recovery for the balance of
the bulk sample is expected to remain in the 98% range.
The mining of the bulk sample will provide invaluable
information for the planning and production phase of the Elk Gold
project. Several mining techniques for the efficient removal of the
mineralized vein will be tested to optimize the mining process and
establish meaningful benchmarks for the next stage of development
of the Elk Gold deposit.
The 2014 bulk sample program is expected to produce about 4,000
ounces of gold to yield a positive cash flow for the company based
on the current gold price of US$1298/ounce.
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