Gold Mountain Mining (TSX-V: GMTN) CEO Kevin Smith on Ore Purchase Agreement With New Gold Inc.
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Gold Mountain Mining, Mr. Kevin Smith. Kevin, how are you this morning?
Kevin Smith: Gerardo, I'm well, thanks for having me again.
Gerardo Del Real: Last time we spoke, I congratulated you and I find myself having to do it again. You had some news this morning. You signed an ore purchase agreement with New Gold, a big milestone for the company, important milestone for shareholders. Walk me through the announcement and what it means for the company.
Kevin Smith: Yeah, this is like you said, another fantastic milestone for the team here and our shareholders, obviously. The feedback we got from the market is small scale mining initially, it was a tough market, and they wanted to see cost certainty, and they wanted to see an ore purchase partner. I think that's what we've delivered so far. We've got a strong partner with cost certainty in that mining contract agreement that the markets saw last week.
Then we're coming out today, delivering a partnership with New Gold, which is a $1.3 or $1.5 billion company. They're going to be buying our ore from us, so that we don't have to do the big capital outlay of building a mill onsite initially. So we're extremely excited to be able to bring this to our shareholders.
Gerardo Del Real: The company has been extremely, extremely methodical in efficient startup for the mine. This is just an absolutely brilliant path forward, I believe, for shareholders. Walk me through the permitting situation. How is that coming along?
Kevin Smith: Permitting situation, we feel is going very well. Obviously, it's in the hands of the government to make the final decision, but we delivered them our permit amendment on May 16th of this year. We're through the screening phase. We're through first round of questions. We've provided all our responses and we're starting to see the second round of questions trickle in from the government. Based on their feedback, they're not anticipating any further rounds being required at this time. So we feel, based on our commitment to the market, that we're going to try to deliver this permit in Q2 of 2021. We still think we're going to be able to deliver on that and we're pushing as hard as we can on all fronts.
Gerardo Del Real: Kevin, I know you have a lot of news to come. It's a pleasure catching up again. Congrats again. Is there anything else that you'd like to add?
Kevin Smith: No, I think you hit the nail on the head. Expect more news flow from this company. We've been working hard while the company was private and we plan to continue delivering to our shareholders in the broader market exciting news releases such as this one.
Gerardo Del Real: Fantastic. Thanks again for your time, Kevin.
Kevin Smith: Thank you, Gerardo.
Gerardo Del Real: Chat soon.
Kevin Smith: Chat soon, man.