Gold Mountain Completes $3,000,000 Property Payment to Equinox Gold

VANCOUVER, BC / ACCESSWIRE / May 18, 2021 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX.V:GMTN)(OTCQB:GMTNF)(Frankfurt:5XFA) is pleased to announce it has made the first $3,000,000 property payment to Equinox Gold Corp. ("Equinox") with respect to the acquisition of the Elk Gold Project.

  • The Company acquired the Elk Gold Project for $10,000,000 from Equinox for a $1,000,000 cash deposit and $9,000,000 interest free loan.
  • The initial May 16th 2021 payment is a major milestone as it was perceived as one of the greatest risks surrounding the Elk Gold Project.
  • Gold Mountain maintains a strong treasury to continue development and exploration of the mine.
  • Remaining two $3,000,000 payments, due May 16th, 2022 and May 16th, 2023, are anticipated to be made with proceeds from commercial production.