22 Nov Gold Mountain receives final approval for graduation to TSX main board
Gold Mountain Mining Corp has announced it will be up-listed from the TSX Venture Exchange (TSXV) to the main board after receiving final approval from the Toronto Stock Exchange.
The British Columbia based gold and silver explorer is focused on resource expansion at the Elk Gold Project, a past-producing mine located 57 km from the city of Merritt in the Canadian province.
“After commencing trading on the Venture only 11 months ago, graduating to the senior board marks an exciting achievement for our company and is testament to Management’s commitment to deliver shareholder value,” said Gold Mountain CEO and Director Kevin Smith.
“By going into production with only 70 million shares issued and outstanding, a clear path to revenue and an updated resource estimate expected to be completed this fall, we plan on ending our first year of trading carrying serious momentum.”
Earlier this month, Gold Mountain said it had mined its first significant mineralised material at the Elk project. The company was also awarded a mining permit for the project in October.
According to the May 2021 preliminary economic assessment, the open pit mine will run at 70,000 tonnes per annum (tpa) in the first three years of operation, with a ramp up to 324,000 tpa operation in the fourth year when underground mining is expected to commence.
“We anticipate that 2022 will see Gold Mountain transition into steady state production, positive cashflow and another multi-phased exploration programme to continue showcasing the Elk’s scalability,” Smith said.