Gold Mountain Mining Corp. Announces Temporary Cessation of Regular Works

Rhea-AI Summary

Gold Mountain Mining Corp. (GMTNF) has announced a temporary cessation of all regular operations at its Elk Gold Mine in British Columbia. The suspension, which will last between 4 to 12 months, aims to focus on resource development and update existing resource models. The company will submit a Care and Maintenance Manual within 90 days to the Ministry of Mines. Following an internal review initiated in March 2025, preliminary QAQC efforts revealed the need for extensive relogging and resampling of core materials, with approximately 65% of core available for analysis. The company plans to complete this process by October 2025, followed by the development of a new PEA and 43-101 Technical Report.

Positive

• Company maintains compliance and monitoring through qualified professionals during cessation
• Proactive approach to resource validation and quality control
• Clear timeline for completion of relogging and sampling by October 2025
• Planned development of new PEA and Technical Report to improve resource understanding

Negative

• Complete halt of regular mining operations for up to 12 months
• Only 65% of core materials available for relogging, indicating potential data gaps
• Potential negative impact on revenue and cash flow during cessation period
• Indicates possible issues with previous resource estimates requiring extensive review

VANCOUVER, BC / ACCESS Newswire / June 18, 2025 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) announces that it is temporarily ceasing all regular operations at the Elk Gold Mine.

The Elk Gold Mine Project is temporarily ceasing all regular operations to focus on resource development and to update existing resource models. The Company has provided the Ministry of Mines with notice of "Temporary Cessation of Regular Works" in accordance to Section 10.8.1 of the Mines Act (British Columbia). The planned period of temporary cessation is a minimum of 4 and a maximum of 12 months. The Company will submit a Care and Maintenance Manual to the Ministry of Mines within 90 days. Company Qualified Professionals, Supervisors and compliancy contractor AEW Limited Partnership shall remain in place and continue with normal compliancy, management and monitoring works during the cessation period.

In connection with the Company's internal review announced on March 17, 2025, the Company also advises that preliminary QAQC efforts on Elk Gold Mine resource data does warrant an extensive and complete relogging and resampling of all available core materials. The Company estimates that 65% of all available core is available to be relogged. The Company plans to complete relogging and sampling by the end of October 2025 and will commence development of a new PEA and 43-101 Technical Report immediately thereafter.

About Gold Mountain

Gold Mountain is a British Columbia based gold and silver production, exploration and development company focused on the development of the Elk Gold Mine, a producing mine located 57 kilometers from Merritt in South Central British Columbia. Additional information is available at www.sedarplus.ca or on the Company's new website at www.goldmountainminingcorp.ca.

For more information, please contact:

Gold Mountain Mining Corp.
Email: info@goldmountainminingcorp.ca
Website: www.goldmountainminingcorp.ca

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Forward Looking Statements

Forward-looking statements in this news release may include, but are not limited to, statements relating to those in respect of the Company's future financial reporting. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation or intent to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

SOURCE: Gold Mountain Mining Corp

View the original press release on ACCESS Newswire

FAQ

Why did Gold Mountain Mining (GMTNF) stop operations at Elk Gold Mine in June 2025?

Gold Mountain Mining temporarily ceased operations to focus on resource development, update existing resource models, and conduct extensive relogging and resampling of core materials following QAQC concerns.

How long will Gold Mountain Mining's Elk Gold Mine operations be suspended?

The planned temporary cessation period is set for a minimum of 4 months and a maximum of 12 months.

What percentage of core materials is available for relogging at Gold Mountain's Elk Gold Mine?

According to the company, 65% of all available core materials can be relogged and resampled.

When will Gold Mountain Mining (GMTNF) complete its resource revalidation process?

The company plans to complete the relogging and sampling by the end of October 2025, followed by the development of a new PEA and 43-101 Technical Report.

Will Gold Mountain Mining maintain any operations during the cessation period?

Yes, the company will maintain compliance, management, and monitoring works through Company Qualified Professionals, Supervisors, and compliance contractor AEW Limited Partnership.