Montana Gold Mining Company Inc.
CNSX : MGM

Montana Gold Mining Company Inc.

May 09, 2016 12:24 ET

Montana Gold Receives Drilling Permit at Golden Trail Project, Elko County, Nevada

LONDON, ONTARIO--(Marketwired - May 9, 2016) - Montana Gold Mining Company Inc. ("MGM" or the "Company") (CSE:MGM) has received approval of a revised exploration permit notice (the "Permit"), valid for two years, from the US Bureau of Land Management ("BLM") on the Company's Golden Trail Project located in Elko County, Nevada (the "Golden Trail").

The Permit includes 11 proposed drill sites that are situated along the largest identified vein, the Golden Trail Vein ("GTV"), which is over 1,200 meters long and has an associated alteration zone that averages 30 meters wide. Gold values above 20 ppb are common within the zone and several samples above 9 grams have been taken in the central GTV area including one rock chip sample of decalcified limestone that contained over 28 grams gold. Continuous 5 foot trench samples returned 13.7 grams gold with 36.2 grams silver in one 5 foot trench, and 3.49 grams gold with 105 grams silver in a second 5 foot trench.

The Permit is valid for two years and may be renewed or amended at that time, subject to BLM approval. The Permit incorporates operational requirements, including management of local habitat, and reclamation requirements. The Company has posted US $13,033 with the BLM as a financial guarantee which is the estimated reclamation cost.

The Golden Trail is situated on the recently identified North Eastern Nevada Gold Trend (also called the Pequop Trend), about 50 miles north of the Newmont Long Canyon Project and about 100 miles north of Pilot Gold's Mount Kinsley Project. The Geological Society of Nevada 2015 Symposium published a technical paper on the Golden Trail under the Carlin-type Deposits Section titled: "Gold Mineralization at the Golden Trail Project, Northeastern Elko County, Nevada, R. Capps, P. Noble, and C. Jorgensen" That paper and an NI 43-101 report are available on the Company website at www.montanagoldmining.com.

In addition to Golden Trail, and given the recent resurgence of certain metals and related capital markets, the Company is actively reviewing other mineral prospects in the vicinity of the North Eastern Nevada Gold Trend as well as certain areas of Canada for potential addition to the Company's project portfolio. Any such additions will be announced, as will plans for drilling at Golden Trail when finalized. The Company's diamond drill rig will be transported to Nevada in early June.

Richard C. Capps, PhD, is the qualified person responsible for approving the technical information contained within this release.

Montana Gold Mining Company Inc. is a reporting issuer in good standing in the Province of Ontario whose common shares are listed on the Canadian Securities Exchange (CSE) (Symbol: MGM). There are 49,664,765 common shares of the Company issued and outstanding.

CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's plans to seek additional mineral properties, its plans for drilling at Golden Trail, and its plans to transport the Company's diamond drill rig will to Nevada in early June..

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to initiate and complete future exploration work as expected and its ability to raise capital and complete exploration programs. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's future exploration work, technical, safety or regulatory issues.

Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Contact Information

  • Edward (Ted) Ellwood, MBA
    President & CEO
    1-519-964-2836