WestMountain Continues Operations at the Terra Project
DENVER--()--WestMountain Index Advisor, Inc. / dba WestMountain Gold Corp (OTCBB: WMTN or the Company), an exploration and development company, today reports that drill operations and gold mill construction are underway at the Terra Project in Alaska. The planned drill program is a continuation of the company’s efforts to expand the gold resource at the Terra Project. The 2012 drill program plans for over 1200 meters of core drilling, which should further extend the Ben Vein gold structure over its kilometer and a half surface exposure. Planned work for the 2012 season includes:
“The 2012 season should be a momentous year in advancing the Terra Project with ongoing resource definition drilling at the Ben Vein and gold production from our pilot mill”
- Drilling 1200 meters to further extend the Ben Vein gold resource.
- Complete the construction and installation of the bulk sample gold mill on-site and commence gold production.
- Complete a technical report (43-101 compliant) on the Terra Project with a resource update from 2011 & 2012 drill results due out in Q4 2012.
- Engineering work at Terra to support a Scoping Study on an underground mining operation due out in Q2 2013.
- Aggressive field work program on the Camp Creek Midway porphyry target.
“The 2012 season should be a momentous year in advancing the Terra Project with ongoing resource definition drilling at the Ben Vein and gold production from our pilot mill,” stated Greg Schifrin, WestMountain CEO. “The company has completed in-house resource estimates with the addition of the 2011 Terra Project drill results that show clear expansion of the Ben Vein system gold resource."
About WestMountain, Inc. / Terra Mining Corporation
WestMountain Index Advisor, Inc. / dba WestMountain Gold Corp (OTCBB: WMTN or the Company) is an exploration and development stage 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 oz. of inferred gold which in total offers potential of 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 approximately 85 square miles. 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 $6.0M by December 31, 2013. TGC can further increase its ownership to 80% with an additional USD $3.05M investment bringing to a total of USD $9.05M capital investment by December 31, 2014. Additional details are available at www.terraminingcorp.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, projections of gold reserves, assay results, 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.
Posted: August 8, 2012