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Gold Mountain Mining Corp
Symbol GMTN
Shares Issued 49,134,277
Close 2021-02-18 C$ 1.17
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Gold Mountain engages JDS for Elk prefeasibility study

2021-02-18 12:22 ET - News Release

Mr. Kevin Smith reports

GOLD MOUNTAIN ENGAGES JDS MINING FOR ELK GOLD PROJECT PRE-FEASIBILITY STUDY

Gold Mountain Mining Corp. has engaged JDS Energy & Mining Inc. to complete the prefeasibility study at the Elk gold project located in British Columbia.

The PFS was commissioned to reflect the recent advancements the company has made to the Elk gold project, most notably, the signing of both the contract mining agreement and the ore purchase agreement. These key inputs provide Gold Mountain with the near-term cost certainty required to delineate a maiden reserve at the Elk gold project. It is anticipated that the PFS will also update the company's resource estimate at the Siwash north zone based on the results of its phase 1 drill program.

"We are very pleased to have JDS lead the PFS update. Their proven track record of engineering expertise in building 'fit for purpose' projects in Canada's north will greatly contribute to the Elk gold project," stated Kevin Smith, director and chief executive officer. "Having a reputable group validate our economics, assess the underground potential and continue to advance the Elk gold project strengthens our upside and ability to deliver long-term value to our shareholders."

JDS will lead the PFS update with support from Knight Piesold Consulting and certain key independent consultants. The PFS is expected to be completed in Q3 2021.

Gord Doerksen, president of the engineering division at JDS, further states: "We are happy to be working with Gold Mountain to support near-term production and long-term planning at the Elk gold project. The team has built a strong foundation for JDS to add our extensive operational and permitting experience on a number of quality projects in B.C., and we look forward to maximizing value together as partners."

Qualified person

The technical content of this news release has been reviewed and approved by Grant Carlson, PEng, as the qualified person under National Instrument 43-101.

About Gold Mountain Mining Corp.

Gold Mountain is a B.C.-based gold and silver exploration and development company focused on resource expansion at the Elk gold project, a past-producing mine located 57 kilometres from Merritt in south-central British Columbia.

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