TSX-V TRADING SYMBOL: GUM
Website:
aumtn.com
VANCOUVER, July 24,
2014 /CNW/ - Gold Mountain Mining Corporation (the
"Company" or "Gold Mountain") resumed the open pit bulk sample test
on its 100% owned Elk Gold property, located near Merritt, British Columbia
The bulk sample mining began on June 19th with the aid of two
hydraulic excavators and three 30 tonne articulated haul trucks and
will continue until the bulk sample program is completed. In
excess of 3,000 tonnes of mineralized material has already been
mined and is being trucked on a 24 hour basis to the contract
processing facility. The average grade of the 3,000 tonnes of mined
material is approximately 19.1 grams of gold per tonne,
representing 1840 ounces of gold with an attributed gross value of
approximately US$ 2.4 million at
US$1300/oz.
The mineralized material mined to date in 2014
was removed in 46 lots and includes 14 lots of material grading in
excess of 31 grams per tonne gold and 4 lots grading between 63 and
130 grams per tonne gold. To obtain correlation, a direct
comparison was made between the mined material and the 13
exploration drill holes that were drilled within the mined area.
For each of the 13 exploration drill holes, the lots of material
mined and sampled immediately adjacent to the drill holes returned
gold assay results that consistently exceeded the exploration drill
hole assay results. The average gold grade for the bulk sample
material immediately adjacent to the exploration drill holes
exceeded the average gold grade for the 13 drill holes by 4.28
times.
One objective of the bulk sample program was to
confirm gold grade estimates based on the exploration drill holes
used in the resource modelling. The higher gold grades in the mined
bulk sample are believed to be due to the significant amount of
pyritic gouge material recovered in many areas of the bulk sample
pit that may have been lost during diamond drilling. Pyritic gouge
material can be washed away with drilling mud and the gold
associated with the pyrite lost in the core sampling process. This
together with the relatively small drill core sample size in a
"nugetty" deposit helps explain the large positive variance noted
above. This hypothesis will be further tested with continued mining
and additional sampling and testing of the mineralized bulk sample
material.
Trucking of the bulk sample material to the
processing mill has begun at a rate of approximately 110 tonnes per
day. The material will be processed at the mill in separate lots of
between 1000 and 3000 tons. The first lot of material is expected
to be processed in late August.
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