DENVER--(BUSINESS WIRE)--WestMountain Gold, Inc. (“WestMountain”) (OTCQB:WMTN), a mineral exploration and development company, today announced metallurgical results from its initial production scale bulk sample test milling at the Terra Project (Table 1). The results are from a 23-ton surface bulk sample of the Ben and Fish Creek veins (Figure 1). A total of 75 ounces of gold and 28 ounces of silver were produced using the Company’s new onsite milling and gravity recovery system, yielding recoveries of 60% for gold and 15% for silver (Figure 1). These recovery numbers compare favorably to prior bench scale gravity recovery test work (the plant has yet to be optimized for silver recovery). The dore bars will be sent to Johnson Matthey refining in Salt Lake City, Utah, for final reduction to saleable gold and silver. The Company will focus on a larger bulk sample next summer, utilizing the full plant capacity of approximately 40-50 tonnes per day.
| Table 1 | |||||||||||||||||||
| WestMountain analytical results from initial concentrate melt: | |||||||||||||||||||
| Dore Composite Sample |
68.683% Au |
25.9% Ag | |||||||||||||||||
WestMountain is evaluating the gravity recovery circuit and will be upgrading the gravity circuit for the 2013 field season. Head grades for the 23 tons of vein material processed by the Terra mill was approximately 5.5 oz/t Au and 10 oz/t Ag.
Greg Schifrin, WestMountain CEO, stated, “We are extremely pleased with the initiation of gold production from our pilot plant at the Terra Project and we will continue with focused development on the project to maximize value for our shareholders.”
About WestMountain Gold, Inc.
WestMountain Gold, Inc. (OTCQB: WMTN) is an exploration and development company that explores, acquires, and develops advanced stage properties. The Company has a high-grade gold system in the resource definition phase with 168,000 ounces of inferred gold, which in total offers potential of greater than 1,000,000 ounces that is owned by the Company’s wholly owned subsidiary, Terra Gold Corporation (“TGC”). The WestMountain property consists of 344 Alaska state mining claims covering 223 square kilometers. All government permits and reclamation plans for continued exploration through 2014 were renewed in 2010.
TGC is a joint venture partner of Corvus Gold, Inc. (“Corvus”) on this project. TGC has the right to earn a 51% interest in the Terra Project from Corvus by spending a total of USD $6.0 million by December 31, 2013. TGC can further increase its ownership to 80% with an additional USD $3.05 million investment, bringing to a total of USD $9.05 million capital investment by December 31, 2014. Additional details are available at www.westmountaingold.com.
Safe Harbor Statement Some statements contained in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, therefore, involve uncertainties or risks that could cause actual results to differ materially. These statements may contain words such as "desires," "believes," "anticipates," "plans," "expects," "intends," "estimates" or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause its actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Such statements include, but are not limited to, the price of gold, projections of gold and silver reserves, assay results, our Joint Venture and Amended Claim Agreements and plans to raise capital, expand the board, strengthen management and governance and develop gold projects. Additional information regarding factors that could cause results to differ materially from management's expectations is found in the Company’s SEC filings. The Company intends that the forward-looking statements contained herein be subject to the above-mentioned statutory safe harbors. Investors are cautioned not to rely on forward-looking statements. The Company disclaims any obligation to update forward-looking statements.