Nov 3 2010
Gold Standard Mining Corp. (OTCBB: GSTP), announced today that, due to favorable weather conditions at its alluvial mining operation in Zeya, Russia, the Company has been able to extend the "summer mining season."
The company holds owns of 100% of Gold Standard Wyoming, whose operating subsidiary, RossZoloto, historically has produced on average about 150 ounces of gold per day during the mining season from its alluvial mining operation. The Company's alluvial gold reserves are estimated at approximately 3186 kilograms (112,000 ounces). For the past few years, the "summer mining season" has been on average about 100 operating days. However, due to extremely favorable weather conditions, the Company has been able to extend the mining season this year for at least an additional thirty days.
"We are very fortunate this year that the weather was very cooperative and allowed us to extend the mining season. Based upon preliminary calculations, this summer's alluvial mining results should be the best in the Company's history. We look forward to reporting the actual results shortly upon completion of the season," stated Araik Khachatrian, Chief Operating Officer/Director, Gold Standard, and Managing Director of Rosszoloto.
Rosszoloto operates a producing gold mine in the far east of Russia near the Russo-Sino border, and currently produces gold from its alluvial mining operation on 12 claims with gold reserves of 3,186 kilograms (112,000 ounces), a gold content of 2 to 10 grams per ton and a gold standard of 763 to 933. Current production is about 150 ounces of gold per day during the mining season from its alluvial reserves.
Rosszoloto also has two hard rock reserve properties at Snezhinka and Elnichnoe. Hard rock mineral deposits at its Snezhinka property have reported reserves (under the Russian reporting system) of:
120 tons (4,200,000 ounces) of gold classified as C1 and P2
3 tons (105,000 ounces) of platinum; and
195 tons (6,800,000 ounces) of silver P2.
Hard rock mineral deposits at its Elnichnoe property have:
69 tons (2,400,000 ounces) of B+C1 gold reserves, which are the equivalent of measured reserves;
6 tons (211,000 ounces) of C2 gold reserves;
480 tons (16,900,000 ounces) of silver;
418,000 tons (921,000,000 pounds) of copper; and
6400 tons (14,000,000 pounds) of molybdenum.
Total gold reserves are calculated at over six million (6,000,000) ounces. The Company intends to continue mining the alluvial reserves and to begin the mining of the hard rock reserves at Snezhinka and Elnichnoe while exploring and developing other projects.
Source: Gold Standard Mining Corp.