Gold Mountain Mining Receives Mining Permit For Elk Gold Project
As the two day halt suggested, Gold Mountain Mining Corp (TSXV: GMTN) has finally received its mining permit from the BC government. The permit was granted by the Ministry of Energy, Mines & Low Carbon Innovation Communications Office to the company.
With its permit in hand, the company has indicated it will “immediately begin mining the 1100 and 1300 vein systems in historical pit 2.” Commercial production is set to commence this month, with the company expecting to pull an after tax profit of $10.0 million in its first year of full operations.
With production set to begin this month, the company is also looking to book its first revenues in the current quarter, with the first shipment of ore slated to be delivered to its processing partner, New Gold, later this month yet.
The company is currently targeting 19,000 ounces of gold production per annum, with high grade mineralization being targeted in the first year of operations.
“With construction nearly complete, waste rock mining from our quarry development underway, the Elk Gold Project is already in full stride. We anticipate releasing first mineralized material from our 1100 vein in the coming weeks. While aggressive, management is still confident in delivering our first shipment to New Gold in November, with recognized revenue anticipated in Q4 of this year,” commented CEO Kevin Smith.
Smith also added that a 13,000 metre drill program is in the process of final completion, while another 1`0,000 metre program is set to begin shortly.
Gold Mountain Mining last traded at $1.98 on the TSX Venture.
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