“We want to show the market that this asset has the potential for scale,” Gold Mountain Mining CEO Kevin Smith said.
Gold Mountain Mining (TSXV:GMTN) recently closed its C$10 million brokered private placement, and CEO and Director Kevin Smith is positive the transaction will position the company as Canada’s next gold producer.
The offering was led by Canaccord Genuity and Gravitas Securities. According to Smith, the funding allows Gold Mountain Mining to keep drilling and de-risks the Equinox property payment of C$3 million, which is due in May.
“It allows us to keep the drills turning, which is extremely important to us,” he shared. “We want to show the market that this asset has the potential for scale, and obviously, when you’re going through your baseline event of environmental and permitting work, that can be costly.”
Smith also set an aggressive timeline. “We want our permit by the end of April, early May, and we want to be in construction in June, waste drop mining in July or August and we want to be ore mining in September with a goal of delivering or to New Afton in October or November.”
Gold Mountain Mining is developing the highly prospective Elk gold project in South-central British Columbia and has recently entered into an Ore Purchase Agreement with New Gold for a three-year term. Under the agreement, Gold Mountain will deliver 70,000 tonnes of ore per annum to New Gold’s New Afton mine in Kamloops, BC.
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