Gold Mountain Bulk Sample Lot 2 Gold Grade at 22.8 gpt

TSX-V TRADING SYMBOL: GUM

VANCOUVER, Nov. 17, 2014 /CNW/ - Gold Mountain Mining Corporation (the "Company" or "Gold Mountain") completed the 2014 open pit bulk sample test on its 100% owned Elk Gold property, located near Merritt, British Columbia.

Bulk sample mining resumed the middle of June, 2014 and finished the middle of September.  Shipping of mineralized material in 1000 to 3000 tonne batches commenced the middle of July with Lot 2 and ended October 31 with Lot 5 for a total of 6253 tonnes shipped from the bulk sample mining operations in 2014.  Including the Lot 1 shipment in 2013 (415 tonnes), a grand total 6668 tonnes of mineralized material from the bulk sample pit have been shipped to a commercial milling operation for processing.

The table below summarizes the status of the bulk sample mineralized material processing including; the total tonnage, settlement grades received, expected settlement grades based on mine site estimates and total troy ounces of gold expected based on those grades. The 6668 tonnes of mineralized material is expected to yield an average expected grade of 17.3 gpt for a total of 3,711 troy ounces of gold. The estimated gross value of gold for the first four lots of mineralized material processed is $US 3.88 million.

2012 / 2014 Elk Bulk Sample Material Processed
Lot	Tonnes	Grade	Troy Ounces	LME Fix	Gross
Number		Au  gpt	Gold	Price USD	Value USD
1	415	13.8	185	$1,270.50	$234,877
2	606	22.8	445	$1,217.25	$541,438
3 *	2,568	20.9	1,728	$1,162.00	$2,008,385
4 *	2,045	14.3	943	$1,162.00	$1,095,733
5 *	1,034	12.3	410	TBD	TBD
Total *	6,668	17.3	3,711	-	$3,880,434
* Note: Settlement grade has been estimated

Lot 2 consisted of 606 dry tonnes of 2014 mineralized material and was processed in late August, 2014 with financial settlement completed at the end of September.  The settlement grade was 22.8 g/t gold for 445 troy ounces of gold produced and the settlement contract LME afternoon gold price was US$1,217.25 per troy ounce.

Correlation of the processing plant determined gold grade for Lot 2 was within 5% of the mine site estimated gold grade based on mineralized material pile sampling by Gold Mountain staff.  Processing and settlement for Lots 3 to 5 are still in progress and will be reported once complete.

For Lots 1 , 2 and 4 the mineralized material shipped for processing was a blend of rock mined from the new bulk sample pit and lower grade stock piles remaining from the 1992 to 1995 mining campaign. Historic stockpile material totaled 1094 tonnes at an average expected gold grade of 5.6 gpt yielding an expected 198 troy ounces of gold.

 In total, 7762 tonnes of mineralized material was shipped for processing, yielding an expected 3909 troy ounces of gold. All mineralized material has now been removed from the mine site for processing.

When the final results are confirmed for all lots, the gold grade and tonnage from the final gold milling figures will be compared to both the mine site grade estimate of vein material extracted, and the polygonal resource grade estimated from diamond drill holes within the bulk sample pit. 

During the bulk sample mining operations, several mining techniques for the efficient removal of the mineralized vein were tested to optimize the mining process and establish meaningful benchmarks for the next stage of development of the Elk Gold deposit.

The bulk sampling process has provided additional information for the planning and optimization of the mining and process metallurgy as the Elk project moves another step closer towards production.  Mine planning and production cost projections are being analyzed based on the work performed to date.  Information from the bulk sample mining will help to determine the optimum open pit mining process and will provide a confirmation of the representative grade for the Elk Gold potential resource. In addition, analysis of the bulk sample mining operations has provided more information on the structural and grade continuity as well as mining and milling characteristics for the Elk gold-bearing structures.

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

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