VANCOUVER, Nov. 2, 2011 /CNW/ – Gold Mountain Mining Corporation (the “Company” or “Gold Mountain”) is pleased to provide a status report on its 100% owned Elk Gold project near Merritt, BC. The Company’s 4 month field program was completed in early October, wherein the Company completed 14,000m of core drilling in 77 holes, approximately 24 line km of Induced Polarization surveying and a 12 line km Titan 24 test survey. Results from the 2011 exploration program are still being finalized, with assays pending, and will be reported in the near future.
The current NI 43-101 resource estimate (not including 2010 and 2011 data) includes 2,190,000 tonnes Measured and Indicated at 4.26 g/t Au for 301,000 ounces gold contained, and 1,150,000 tonnes Inferred at 7.13 g/t Au for 263,000 ounces gold contained. Once all drill results have been received, a resource update will be conducted, to include the 2010 and 2011 drill results in a new block model.
Gold mineralization occurs in at least nine different zones on the Elk property, contained within multiple, stacked quartz-pyrite veins and stringers, hosted by a granitic intrusive and surrounding mafic to intermediate volcanics. The vein system in the historic 200 meter long pit area has been previously defined over a strike length of at least 1000m with erratic “nuggety” grades ranging from 1 to 50 g/t gold (but as high as 500 g/t) over 0.2 to 0.4 meter widths.
The 2010 infill drilling program was designed to upgrade the 43-101 resource and highlights of the 2010 drill program are tabulated below:
Hole From To Interval Au g/t
SND10-006 98.30 100.70 2.40 14.87
Incl. 98.30 98.45 0.15 233.00
SND10-010 146.10 148.30 2.20 13.08
Incl. 146.10 146.30 0.20 137.00
SND10-011 86.30 89.55 3.25 46.70
Incl. 87.85 88.20 0.35 432.00
SND10-012 78.68 80.40 1.72 15.12
Incl. 78.90 79.10 0.20 66.00
SND10-018 40.65 42.05 1.40 11.26
Incl. 41.76 42.05 0.29 46.90
SND10-029 175.86 178.00 2.14 6.28
Incl. 177.10 177.30 0.20 57.10
SND10-034 152.00 153.10 1.10 26.56
Incl. 152.00 152.35 0.35 61.90
SND10-042 101.00 102.80 1.80 14.56
Incl. 102.63 102.80 0.17 84.10
SND10-064 82.10 83.40 1.30 28.23
Incl. 82.10 82.56 0.46 55.10
SND10-071 98.05 99.77 1.72 4.40
Incl. 99.40 99.47 0.07 69.50
Please note that all widths reported above are down hole intercepts only, with true widths ranging from approximately 70 to 100 % of the reported width.
Gold Mountain’s Vice President of Exploration, Peter Thiersch, M.Sc., 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. The analyses reported above were conducted by ALS Chemex Laboratories of North Vancouver (for Almaden Minerals in 2010) using industry standard Fire Assay techniques.
About Gold Mountain Mining Corporation
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 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 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
Peter Thiersch, Vice President Exploration
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.