Spanish Mountain Gold Ltd.
TSX VENTURE : SPA

Spanish Mountain Gold Ltd.

September 23, 2014 09:00 ET

Spanish Mountain Gold Reports 2014 Drilling Results: High Grade Area Within Pit Continues to Expand

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 23, 2014) - Spanish Mountain Gold Ltd. (the "Company") (TSX VENTURE:SPA) is pleased to announce the assay results from the drilling program completed in 2014 within the Main Zone of its Spanish Mountain Gold Project (the "Project") located in central British Columbia, Canada.

Highlights of 2014 Drilling Results include:

  • 46.63 metre (m) grading 1.06 grams per tonne (g/t), including 6.10m grading 2.03 g/t gold in hole 14SMRC-1210
  • 50.29m grading 1.20 g/t gold in hole 14SMRC-1212
  • 27.43m grading 1.04 g/t, including 6.10m grading 3.01 g/t gold in hole 14SMRC-1214
  • 28.96m grading 1.66 g/t, including 10.67m grading 3.55 g/t gold in hole 14SMRC-1215
  • 48.77m grading 1.41 g/t, including 24.38m grading 2.42 g/t gold in hole 14SMRC-1215B
  • 33.5m grading 1.10 g/t gold in hole 14SMRC-1216

Significant assay results are contained in Table 1 appended to this news release. The drilling was carried out in the Phase 1 area of the potential open pit as outlined in the Preliminary Economic Assessment (the "PEA") announced on November 14, 2012. The above highlights can be judged favourably in context to the 10m bench height for mining assumed for the PEA. A map showing the location of the reported drill holes has been posted on the Company's website at http://www.spanishmountaingold.com .

Dr. Morris Beattie, Chief Executive Officer, commented "We continue to be encouraged by the high grade nature of the Phase 1 area of the potential open pit. This year's drilling was in an area adjacent to the high grade area outlined by the 2013 drilling and continues to expand the extent of this area. As the next step in advancing the Project, we will continue to evaluate alternatives such as a lower throughput project that focuses on the higher grade central portion of the deposit as outlined by the recent drill results. These alternatives will also enable us to consider a project with a potentially lower initial capital cost."

Judy Stoeterau, P.Geo., the Company's Vice-President of Geology and the qualified person as defined under National Instrument 43-101, has reviewed the contents of this news release. All samples were assayed at ALS Chemex Laboratory in Vancouver, BC. The Company has retained Discovery Consultants of Vernon, BC, to monitor independently the quality control and quality assurance (QC/QA) data on the Spanish Mountain Gold Project. Analytical precision and accuracy are being measured and monitored by the use of duplicates, prep and pulp samples and by standards (reference material). Possible contamination during the sampling and processing procedures is being monitored by the insertion of blank samples.

About Spanish Mountain Gold Ltd.

Spanish Mountain Gold Ltd. is focused on the responsible development of its flagship Spanish Mountain gold project in southern central British Columbia, Canada. The Company has no debt and owns 100% of the Spanish Mountain gold property.

On Behalf of the Board,

SPANISH MOUNTAIN GOLD LTD.

Morris Beattie,

Chief Executive Officer

This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Management has assumed that these will be our major projects going forward. Risks include that we are unable to satisfy environmental or other regulators, that we determine that our resources are not commercially viable, or that we have difficulties due to unavailability of labour or equipment.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Table 1: Significant Assay Results

Hole From To Length (m) Au
(g/t)
14SMRC-1200 3.96 21.34 17.37 0.65
including 3.96 9.14 5.18 1.38
14SMRC-1200 35.05 60.96 25.91 0.44
including 53.34 56.39 3.05 1.43
14SMRC-1200 71.63 73.15 1.52 0.22
14SMRC-1200 126.49 128.02 1.52 1.00
14SMRC-1200 137.16 155.45 18.29 0.67
including 137.16 138.68 1.52 1.35
including 141.73 147.83 6.10 1.35
and 143.26 144.78 1.52 3.04
14SMRC-1201 5.18 24.38 19.20 0.58
including 7.62 15.24 7.62 0.77
and 7.62 10.67 3.05 0.96
14SMRC-1201 33.53 108.20 74.68 0.69
14SMRC-1201 33.53 85.34 51.82 0.73
including 45.72 56.39 10.67 1.49
including 60.96 64.01 3.05 1.35
including 73.15 85.34 12.19 0.89
and 76.20 82.30 6.10 1.41
14SMRC-1201 91.44 108.20 16.76 0.76
including 91.44 103.63 12.19 0.96
and 97.54 100.58 3.05 2.48
14SMRC-1201 131.06 138.68 7.62 0.33
14SMRC-1202 5.18 7.62 2.44 0.33
14SMRC-1202 12.19 13.72 1.52 0.23
14SMRC-1202 19.81 30.48 10.67 0.20
including 28.96 30.48 1.52 0.48
14SMRC-1202 36.58 56.39 19.81 0.41
including 45.72 56.39 10.67 0.60
and 53.34 56.39 3.05 1.10
14SMRC-1202 105.16 108.20 3.05 0.24
14SMRC-1202 118.87 124.97 6.10 0.38
14SMRC-1202 147.83 150.88 3.05 0.66
14SMRC-1203 15.24 18.29 3.05 2.32
14SMRC-1203 28.96 42.67 13.72 1.03
including 33.53 42.67 9.14 1.48
and 38.10 41.15 3.05 3.00
14SMRC-1203 54.86 60.96 6.10 0.47
14SMRC-1203 82.30 91.44 9.14 0.56
including 82.30 85.34 3.05 1.05
14SMRC-1203 100.58 102.11 1.52 0.25
14SMRC-1203 105.16 112.78 7.62 0.20
including 105.16 106.68 1.52 0.34
including 111.25 112.78 1.52 0.41
14SMRC-1203 118.87 129.54 10.67 0.28
including 118.87 120.40 1.52 1.09
14SMRC-1203 146.30 147.83 1.52 1.64
14SMRC-1204 3.66 24.38 20.73 0.43
including 3.66 9.14 5.49 0.69
including 15.24 16.76 1.52 1.17
14SMRC-1204 44.20 62.48 18.29 0.38
including 53.34 56.39 3.05 1.09
14SMRC-1204 68.58 73.15 4.57 0.62
including 71.63 73.15 1.52 1.03
14SMRC-1205 4.57 9.14 4.57 0.53
including 7.62 9.14 1.52 1.07
14SMRC-1205 16.76 18.29 1.52 0.31
14SMRC-1205 67.06 68.58 1.52 0.40
14SMRC-1205 86.87 108.20 21.34 0.25
including 86.87 99.06 12.19 0.31
including 102.11 103.63 1.52 0.56
14SMRC-1205 117.35 120.40 3.05 0.35
14SMRC-1205 131.06 132.59 1.52 0.22
14SMRC-1206 12.19 36.58 24.38 0.48
including 12.19 18.29 6.10 1.08
and 12.19 13.72 1.52 1.91
and 16.76 18.29 1.52 1.96
14SMRC-1206 50.29 70.10 19.81 0.32
including 51.82 53.34 1.52 0.99
including 59.44 60.96 1.52 1.01
including 68.58 70.10 1.52 1.02
14SMRC-1206 82.30 109.73 27.43 0.34
including 99.06 100.58 1.52 1.13
including 108.20 109.73 1.52 0.62
14SMRC-1207 5.18 7.62 2.44 0.24
14SMRC-1207 28.96 30.48 1.52 0.23
14SMRC-1207 143.26 144.78 1.52 0.25
14SMRC-1208 131.06 132.59 1.52 0.62
14SMRC-1209 6.10 7.62 1.52 1.59
14SMRC-1209 53.34 64.01 10.67 0.76
including 57.91 62.48 4.57 1.09
14SMRC-1209 79.25 85.34 6.10 0.31
including 79.25 80.77 1.52 0.56
14SMRC-1209 91.44 117.35 25.91 0.47
including 92.96 94.49 1.52 1.49
including 106.68 117.35 10.67 0.73
and 109.73 111.25 1.52 2.39
14SMRC-1209 137.16 141.73 4.57 0.55
including 140.21 141.73 1.52 1.02
14SMRC-1210 5.18 51.82 46.63 1.06
including 15.24 21.34 6.10 2.03
including 24.38 25.91 1.52 1.88
including 27.43 44.20 16.76 1.45
and 36.58 38.10 1.52 3.29
14SMRC-1210 59.44 68.58 9.14 0.96
including 59.44 60.96 1.52 1.16
including 65.53 67.06 1.52 2.67
14SMRC-1210 74.68 141.73 67.06 0.53
including 76.20 77.72 1.52 1.15
including 80.77 82.30 1.52 1.06
including 88.39 89.92 1.52 1.05
including 94.49 96.01 1.52 1.04
including 102.11 103.63 1.52 2.23
including 117.35 120.40 3.05 1.21
including 131.06 132.59 1.52 1.25
including 135.64 137.16 1.52 1.94
14SMRC-1210 147.83 160.02 12.19 0.29
including 153.92 155.45 1.52 1.31
14SMRC-1211 5.18 12.19 7.01 0.28
including 10.67 12.19 1.52 0.56
14SMRC-1211 18.29 22.86 4.57 0.40
14SMRC-1211 32.00 86.87 54.86 0.64
including 71.63 74.68 3.05 1.35
including 79.25 82.30 3.05 2.46
including 83.82 85.34 1.52 2.22
14SMRC-1211 96.01 143.26 47.24 0.32
including 103.63 108.20 4.57 0.50
14SMRC-1212 2.44 10.67 8.23 0.77
including 4.57 7.62 3.05 1.16
14SMRC-1212 28.96 50.29 21.34 0.61
including 41.15 42.67 1.52 3.60
including 42.67 44.20 1.52 1.71
14SMRC-1212 56.39 152.40 96.01 0.82
including 68.58 71.63 3.05 1.04
including 83.82 134.11 50.29 1.20
and 91.44 92.96 1.52 5.19
and 97.54 99.06 1.52 3.48
and 106.68 108.20 1.52 10.55
and 115.82 117.35 1.52 4.04
including 150.88 152.40 1.52 1.07
14SMRC-1213 7.62 25.91 18.29 0.28
including 7.62 12.19 4.57 0.49
14SMRC-1213 38.10 79.25 41.15 0.66
including 51.82 74.68 22.86 0.90
and 73.15 74.68 1.52 3.69
including 77.72 79.25 1.52 1.23
14SMRC-1213 86.87 89.92 3.05 0.45
14SMRC-1214 2.13 35.05 32.92 0.31
including 32.00 33.53 1.52 1.42
14SMRC-1214 44.20 45.72 1.52 0.23
14SMRC-1214 53.34 80.77 27.43 1.04
including 62.48 68.58 6.10 3.01
and 67.06 68.58 1.52 8.09
14SMRC-1214 86.87 144.78 57.91 0.90
including 112.78 134.11 21.34 1.68
and 112.78 115.82 3.05 3.74
and 124.97 126.49 1.52 11.65
14SMRC-1215 10.67 51.82 41.15 0.76
including 21.34 25.91 4.57 2.59
including 45.72 48.77 3.05 2.27
14SMRC-1215 57.91 86.87 28.96 1.66
including 67.06 77.72 10.67 3.55
and 67.06 68.58 1.52 4.16
and 70.10 71.63 1.52 9.03
14SMRC-1215B 86.87 135.64 48.77 1.41
including 86.87 111.25 24.38 2.42
and 97.54 100.58 3.05 6.16
14SMRC-1215B 141.73 143.26 1.52 0.21
14SMRC-1215B 153.92 160.02 6.10 0.42
14SMRC-1215B 164.59 166.12 1.52 0.56
14SMRC-1215B 169.16 175.26 6.10 0.42
14SMRC-1216 9.14 10.67 1.52 0.28
14SMRC-1216 22.86 24.38 1.52 0.26
14SMRC-1216 30.48 32.00 1.52 0.28
14SMRC-1216 39.62 73.15 33.53 1.10
including 39.62 42.67 3.05 1.67
including 60.96 64.01 3.05 2.33
including 68.58 71.63 3.05 4.41
14SMRC-1216 82.30 88.39 6.10 0.48
including 86.87 88.39 1.52 1.31
14SMRC-1216 96.01 100.58 4.57 0.33
14SMRC-1216 117.35 131.06 13.72 0.40
including 121.92 123.44 1.52 1.23
14SMRC-1216 137.16 140.21 3.05 1.88
including 137.16 138.68 1.52 3.52

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