Gold Mountain Mining Corp. (CVE:GMTN) (OTCMKTS:GMTNF) Stock Corrects After The Corporate Update
Gold Mountain Mining Corp. (CVE:GMTN) (OTCMKTS:GMTNF) stock is moving down in after trading session on Tuesday.
Major Trigger:
Gold Mountain Provides Corporate Update and Guidance for H2 2021
Key Highlights:
- GMTN provided a corporate update as it nears its 6 month trading anniversary, showcasing its transformation from a small-scale asset to a near-term producer on the cusp of mining operations and reaching 1,000,000 ounces.
- In May of 2019, Gold Mountain (formerly Bayshore Minerals Inc.) acquired the property from Equinox Gold Corp (“Equinox”) for $10M, with a $1M deposit and a $9M interest-free promissory note. The asset had 127,000m of historical drilling, was located on an all-season highway near Merritt, British Columbia and had an M-199 mine permit.
- When the Elk Gold Project (the “Elk Gold Project”) was mining high-grade ore in 2012, it ran into operational challenges and a soft gold market which led to the asset being put into care and maintenance. The Gold Mountain team saw an opportunity to leverage their strong BC mining operations experience and were confident in their ability to expand the mineral resource, amend the mining permit and get the project back into production.
Market Reactions
As of 12.38, GMTNF stock down by 5.50% at $1.70. Total volume so far stood at 62k shares, compared to its average volume of 99K shares. The stock moved within a range of $1.7000 – 1.8700 after opening at $1.84.
