SOURCE: GoldMountain Explorations

October 15, 2007 09:00 ET

Drilling on GoldMountain's Yoquivo Property Continues to Intersect High Grade Silver-Gold Mineralization

TORONTO--(Marketwire - October 15, 2007) - GoldMountain Exploration (OTCBB: GMEX) ("GoldMountain" or the "Company") and partner West Timmins Mining Inc. (TSX: WTM) announced today that the recently completed Phase 1 drill program on the Company's Yoquivo Silver-Gold Project in Chihuahua State, Mexico has intersected a number of silver-gold bearing vein zones. Highlights include a 1.00 metre section of the Muralla Vein which returned 3.01 g/t gold and 566 g/t silver as part of a 9.60 metre interval of strong alteration and veining.

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                                                                  Gold
Hole        From      To       Interval    Gold     Silver     equivalent*
Number     Metres    metres    metres       g/t       g/t          g/t
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YO-07-03    11.75    12.25      0.50        1.33      210         4.83
           194.80   195.80      1.00        3.01      566        12.44
           198.60   199.80      1.20        1.25      239         5.23
           201.05   201.60      0.55        0.74      123         2.79
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YO-07-04                         No Significant Results
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YO-07-05     1.55     4.20      2.65        0.52       90         2.02
   incl.                        0.50        2.08      345         7.83
            24.60    27.90      4.10        0.91      103         2.64
   incl.    25.60    26.75      1.15        2.66      267         7.10
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YO-07-06                         No Significant Results
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YO-07-07                         No Significant Results
--------------------------------------------------------------------------
YO-07-08                         No Significant Results
--------------------------------------------------------------------------

* Gold equivalent calculated on the basis 1 g/t gold = 60 g/t silver;
  reported widths interpreted to be 110% of true widths

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Drill hole 05, targeting the El Indio vein system, collared into a previously unrecognized zone of gold-silver mineralization including, a 0.50 metre interval which returned 2.08 g/t gold and 345 g/t silver. The El Indio vein system was intersected at a down hole depth of 24.60 metres. It exhibits good widths (4.10 metres) and is cored by a higher grade interval which returned 2.66 g/t gold and 267 g/t silver. Both zones will be targeted by a proposed Phase 2 drill program.

The Yoquivo Project covers the entirety of the historic Yoquivo Mining District and is located 40 kilometres southeast of Agnico-Eagle's Pinos Altos silver-gold development project in the heart of the Sierra Madre Gold-Silver Belt. Historically reported production grades from the San Francisco mine on the Property averaged 10.9 g/t gold and 1,120 g/t silver. Eight holes totalling 2,474 metres were completed during the Phase 1 drill program.

West Timmins Mining is the operator of the Yoquivo Project. Subject to an Option Agreement dated May 31, 2006 GoldMountain may earn an initial 50% interest in the Yoquivo Project by making cash payments of US $200,000, issuing to West Timmins 1,000,000 common shares of GoldMountain, funding US $1,000,000 U.S. in exploration expenditures on the property over a 24 month period and making all cash payments required by West Timmins to the underlying property vendor.

Quality Control and Assurance

Geochemical results reported herein are from halved drill core and grab samples collected from surface on the Company's Yoquivo Project. Core sampling is conducted on site by trained personnel and sealed samples are transported to ALS-Chemex's preparation facilities in Chihuahua, Mexico by employees of consulting firm Minera Cascabel S.A. de C. V. on behalf of West Timmins Mining Inc. The remaining half of the drill core is stored in a secure facility on the project site.

All samples were assayed for gold by standard fire assay-ICP finish with a 50 gram charge. Samples additionally underwent 34 element ICP-MS analysis. Gold values in excess of 3.00 g/t were re-analyzed by fire assay with gravimetric finish for greater accuracy. Silver, zinc, copper and lead values in excess of 100 ppm, 1%, 1% and 1% respectively were also repeated by fire assay. For quality control purposes blank and analytical control standards were inserted into the sample sequence at regular intervals -- no discrepancies are reported.

ABOUT THE COMPANY

GoldMountain's corporate website can be found at www.GoldMountainCorp.com. Details of the Yoquivo Au-Ag Property can be found under the Projects section of the website. A detailed PowerPoint presentation is also available on the company home page under the Quick Link section. Shareholders are advised to sign up to the company e-mail distribution list in order to stay up to date with company developments.

GoldMountain Explorations ("GoldMountain") (OTCBB: GMEX) is a mineral exploration company focused on Gold-Silver exploration in the Sierra Madre Occidental Gold-Silver Province of Mexico. The Sierra Madre Occidental Gold Province is the primary gold/silver trend in Mexico. GoldMountain has entered into a 50/50 joint venture with West Timmins Mining Inc on the 2500 hectare Yoquivo Au-Ag Property in the Yoquivo District, Chihuahua State, Mexico.

Forward-Looking Statements:

This press release contains forward-looking statements, particularly as related to, among other things, GoldMountain's business strategy. The words or phrases "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers" or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, and other factors that may cause GoldMountain's actual results, performance or achievements, or developments in its industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks, uncertainties and other factors that are detailed in GoldMountain's Quarterly and Annual Reports and other documents GoldMountain files from time-to-time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. GoldMountain cautions readers not to place undue reliance on such statements. GoldMountain does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from GoldMountain's expectations and estimates.

NR 07-13

Contact Information

  • GoldMountain Explorations
    Adam Cegielski
    President
    (416) 915-3126

    Investor Relations
    (604) 628-9404