The Company's Annual Financial Statements, Management's Discussion and Analysis ('MD&A'), and Annual Information Form, for the year ended
Q4 2023 Highlights
Q4 2023 saw the Company achieve its lowest strip ratio, highest head-grade, and record gold ounces sold
Gold production of 1,942 oz from 10,627 tonnes of ore grading 5.52 g/t
Gold sales of 2,056 oz at an average realized gold price of
Mine operating income of
Total Cash Costs1 per ounce sold of
The Company became the first
Gold production of 5,680 oz from 44,809 tonnes of ore grading 4.07 g/t
Gold sales of 5,644 oz at an average realized gold price1 of
Total Cash Costs1 per ounce sold of
Q4 Overview
The Company continued to see operational improvements at the
FY'23 Overview
2023 marked a pivotal year for Gold Mountain as the Elk Gold mine successfully transitioned from permit application to ore mining and revenue generation. The assets' narrow veined geological properties initially caused issues related to grade control, which prompted the Company to immediately roll out a robust in-fill drill program beginning in
As a result, the operation immediately started to see improvements in grade and recovered ounces during the latter months of Q3 which continued into the Company's fourth quarter.
Corporate Update
Gold Mountain continues to focus on the
Additionally, Gold Mountain received results of its metallurgical test work program completed in 2022 which indicated the potential for including a Knelson Concentrator into the production assaying procedure. The Company has initiated a 6-week trial program in collaboration with
The Company is also actively working with the respective governing bodies to obtain the necessary permits to begin underground mining. This will see an increase in mining operations from the current 70,000 tonnes permitted to 324,000 tonnes per year. Gold Mountain has begun early engagement with surrounding Indigenous Communities in order to proactively address any community concerns relating to the underground expansion. Gold Mountain is aware of and acknowledges each of the respective Indigenous Nation's decision-making process that will continue independently from the applicable federal and provincial regulatory regimes.
About Gold Mountain
Gold Mountain is a
Contact:
Tel: 778.262.0933
Email: IR@gold-mountain.ca
Forward-Looking Statements
This includes certain 'forward-looking statements' under applicable Canadian securities legislation. Forward-looking statements include statements that are based on assumptions as of the date of this news release and are not purely historical including any information relating to statements regarding beliefs, plans, expectations or intentions regarding the future and often, but not always, use words or phrases such as 'expects' or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'estimates' or 'intends', or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements in this press release include the ability to improve the accuracy of grade forecasting, improve the drill and blasting techniques and scale the ore body, seeing continued improvements in the accuracy of grade forecasting, increased consistency in mining operations, the implementation of a new sampling procedure for the production samples and any potential results from such implementation and the timing and success of any underground expansion. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties including permit uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the price of gold and the results of current exploration. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold Mountain disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a comprehensive overview of all risks that may impact the Company, please see the Annual Information Form for the year ended
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