Gold Mountain receives mining permit for its gold project in BC
(Kitco News) - Gold Mountain Mining (TSXV:GMTN)announced Tuesday that the Ministry of Energy, Mines & Low CarbonInnovation Communications Office hasawarded the company its M-199 Mining Permit for the Elk Gold project in BritishColumbia.
The company said it willimmediately begin mining the 1100 and 1300 vein systems in historical pit 2 andthat mineralized material will be delivered to the company's ore purchase partner,New Gold Inc.
The Company added itanticipates achieving commercial production in November.
Year 1 of Gold Mountain'smine plan contemplates mining the highest grade mineralization, resulting in anexpected annual after-tax profit of $10,000,000.
"It is extremely rarefor a junior mining company to evolve from exploration and into production. ForGold Mountain to achieve this after being public for only 10 months is atestament to Management's focus and commitment. We would like to thank ourshareholders for believing in the project and continuing to support us while wetransition into BC's next gold producer," commented CEO and Director KevinSmith.
Moving into 2022, the companysaid it anticipates being in steady-state mining operations outlined in itsYear 1 production profile of 19,000 oz/annum.
Pursuant to the mine plan setout in the company's PEA, the company will target some of its highest grademineralization in the first year which is expected to result in an annualafter-tax profit of approximately $10,000,000.
Gold Mountain is a BritishColumbia-based gold and silver exploration and development company focused onresource expansion at the Elk Gold project, a past-producing mine located 57 KMfrom Merritt in South Central British Columbia.
By Vladimir BasovFor Kitco News
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