Gold Mountain (TSX.V: GMTN) (OTCQB: GMTNF) Signs 3 MOUs (Memorandum of Understanding) with surrounding Indigenous communities, furthering the company's corporate initiative and efforts to prioritize its investments within the Nicola Thompson region.
"By taking an inclusive approach since we acquired the project, we continue to build a strong foundation with surrounding Indigenous communities and governments," stated Kevin Smith, CEO of Gold Mountain Mining. "The MOU's and mining contract with Nhwelmen-Lake are a result of our positive engagement and provide the company with momentum as we continue to scale this project through collaborative partnerships."
The Gold Mountain (TSX.V: GMTN) (OTCQB: GMTNF) team has been laser focused on bringing the Elk Gold project into production as of Q4 2021, initially producing 19,000oz/year for year 1-3, and 65,000oz/year from year 4-11.
The company recently started the 10,000 metre phase 2 drill program focused on chasing deep, high grade mineralization of the "Mother Shoot" zone and continuing to relog high interest historical core.
Additionally, Gold Mountain's mining contractors Nhwelmen-Lake LP, a majority Indigenous owned excavating company, are currently mobilizing equipment and are set to begin mine construction at the Elk Gold project. This endeavor is forecasted to provide up to 30 on site job opportunities and will help strengthen the region's economy for the next 10 years.
In the last 30 days gold prices have increased $122.21 to $1,872.79 per ounce (+6.84%), this latest rally comes from a weaker U.S. dollar, as U.S. yields moved lower, which weighed on the greenback, paving the way for higher gold prices.
"We could see $2,700 around the year 2024 just because of the timing of the rally – from the bottom in 2016 to almost $2,100-high in August 2020. That leg-up lasted four years. Then from the August high, we went down to the March lows of this year. And now, we are beginning the second half of the rally," - said Timothy Ord, president and editor of The Ord Oracle.