WestMountain Gold Completes Drill Program at the Terra Project and Further Advances Porphyry Target
DENVER--()--WestMountain Gold, Inc. (“WestMountain”) (OTCBB:WMTN), an exploration and development company, today reports that drill operations were completed on September 11, 2012 at the Terra Project in Alaska. The drill program is a continuation of the company’s efforts to expand the gold resource at the Terra Project. The 2012 drill program drilled 3,782 feet in four diamond drill holes.
“The 2012 season was successful in advancing the Terra Project and producing gold concentrate from the bulk sample mill”
- Drilling extended the vein system 200 meters north and one hole was drilled at the Fish vein.
- The bulk sample gold mill is operational and concentrates were produced during a one week test run.
- Gustavson & Associates will complete a third party technical report (43-101 compliant) when all assay data is received. The technical report will include an updated resource from all recent and previous drilling along the 1.2 mile Ben vein gold system.
- Preliminary assay results from soils and rock chip samples taken this field season from the Camp Creek Midway porphyry target have been received with positive results – the CCA soil line Camp Creek Midway results a high of 3.19 g/t gold from soil samples collected that averaged 401 ppb Au over 1500 feet of surface exposure. The CCA line was 4,000 feet in length and 39 samples were taken on talus slopes 100 feet apart. All but four of the samples were gold bearing above detection limits. A full report on the Camp Creek Midway target will be made after complete assays have been received.
“The 2012 season was successful in advancing the Terra Project and producing gold concentrate from the bulk sample mill,” said Greg Schifrin, CEO. ”The company is working on the data collected during the 2012 drill program and the drilling has demonstrated clear expansion in delineation of the Ben vein system and gold resource."
About WestMountain Gold, Inc. / Terra Mining Corporation
WestMountain Index Advisor, Inc. / DBA WestMountain Gold, Inc. (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: October 15, 2012