WestMountain Gold Pours First Gold Bar; and Reports Positive Assay Results Pilot Mill at Alaska Terra Project
DENVER--()--WestMountain Gold, Inc. (“WestMountain”) (OTCBB:WMTN), a mineral exploration and development company, announced positive assay results from the gold concentrates from the initial test run of its pilot mill, which became operational in September 2012 at its Terra Gold Project in Alaska. The pilot mill gravity concentrates assayed indicate 5,561.52 ounces of gold per ton and 2,254 ounces of silver per ton. There were concentrations of copper, tungsten, antimony and zinc present ranging from 0.8% to 2.7%. From the concentrates of one ton of ore processed by the pilot mill, there were 1.4 kg of gold concentrate recovered which produced a 401 gram gold bar of which the Company anticipates 9 oz of gold and 4 oz silver upon refinement based on current metallurgical analysis.
“The Terra Project pilot mill has produced high concentration gold from the gravity mill. We are enthusiastic about the equipment and pilot mill upgrades underway and the anticipated production during the upcoming 2013 season.”
Greg Schifrin, WestMountain Gold CEO, said, “The Terra Project pilot mill has produced high concentration gold from the gravity mill. We are enthusiastic about the equipment and pilot mill upgrades underway and the anticipated production during the upcoming 2013 season.”
The assay results of gold concentrates from the Terra Project pilot mill are 71% gold and 29% silver. The gold recovery from the first metallurgical testing of the concentrates is greater than 98.5% recover from the concentrate. There is additional metallurgical testing and gold recover currently underway and a complete report will be provided by year-end.
Further, WestMountain also announced the appointment of Dale Rasmussen to the Board of Directors. Mr. Rasmussen served as the Chairman of the Board of Quantum Fuel System Technologies Worldwide from 2002 to 2012, as well as being a member of the Board of Directors since 2000. Mr. Rasmussen’s responsibilities included acquisitions, joint ventures, strategic alliances and investor and shareholder relations.
WestMountain Gold, Inc. will be in attendance and exhibiting at the Hard Assets Investment Conference being held November 16 and 17 at the San Francisco Marriot Marquis.
About WestMountain Gold, Inc. / Terra Mining Corp
WestMountain Index Advisor, Inc. / DBA WestMountain Gold, Inc. (OTCBB: WMTN) (or the Company) 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 oz. 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 $6.0M 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.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, 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: November 19, 2012