Spanish Mountain files NI 43-101 technical report for pre-feasibility study and provides update on project activities




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Vancouver, British Columbia – (Newsfile Corp. – June 3, 2021) – Spanish Mountain Gold Ltd.(TSXV: SPA) (the “Company“) is pleased to announce the completion and filing of the independent National Instrument 43-101 technical report (the” Report “) for the Company’s Spanish Mountain Gold project (the” Project “) located in Colombia. British, Canada The report provides detailed project information and confirms the technical and economic results of the Pre-Feasibility Study (EPF) as announced in a press release dated May 11, 2021.

The report has been filed on SEDAR under the Company’s profile and can be viewed or downloaded at www.sedar.com or the Company’s website.

In accordance with the guidelines of National Instrument 43-101 and Form 43-101A1 issued by the Canadian Securities Administrators, the report was prepared by Moose Mountain Technical Services under the direction of Marc Schulte, P. Eng., A Qualified Person, with the contribution of a team of expert consultants. Mr. Schulte is independent of the Company and has reviewed and approved this press release.

Resource drilling results

The Company expects to receive all assay results from the latest resource drilling program in the coming weeks and will announce them as soon as the tabulation is complete. The drill program was part of the ongoing campaign to expand the project’s multi-million ounce gold mineral resources. A total of 28 holes covering four promising areas adjacent to the current resource limit have been drilled. The results should also provide tangible targets for the next phase of drilling.

Environmental assessment

The Company resumed environmental field work in fall 2020 and stepped up data collection activities covering both aquatic and terrestrial studies. The exploration camp near Likely was opened in May to facilitate in-depth field studies by a team of technicians and experts. Management is in the process of preparing comprehensive environmental information to present and submit to First Nations, communities and regulators in the coming months.

Project optimization

In addition to demonstrating the potential of the project to be a mining operation with a robust production profile and profitability, the PFS detailed several tangible optimization targets. The Company intends to conduct a series of programs to quantify these opportunities in order to take full advantage of the final feasibility study in due time. The timing of the achievement of project milestones should not be affected by these value-added exercises. Management will announce details once plans are formalized.

About Spanish Mountain Gold

Spanish Mountain Gold Ltd. is focused on advancing its 100% owned Spanish Mountain gold project in south-central British Columbia. The Company simultaneously pursues the dual objective of reaching critical project milestones for the multi-million ounce mineral reserves and further expanding the overall mineral resource. Pre-feasibility study (2021) demonstrates the potential of the project to be a mining operation with a robust production profile (> 150,000 ounces per year) and profitability (AISC 801 $ per ounce) over a mine life of 14 years. Details on the Project and the Company are available at www.sedar.com and on the Company’s website: www.spanishmountaingold.com.

On behalf of the Council,
SPANISH MOUNTAIN GOLD LTD.

Larry Yau,
Chief executive officer

Surveys:
SPANISH MOUNTAIN GOLD LTD.

Telephone: (604) 601-3651
Email: info@spanishmountaingold.com
Website: www.spanishmountaingold.com

FORWARD-LOOKING STATEMENTS: Certain of the statements and information contained in this press release constitute “forward-looking statements” or “forward-looking information”. Any statement or information that expresses or involves discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions or future events or performance (often, but not always, using words or expressions such as “expects”, “anticipates”, “believes”, “plans”, “estimates”, “intends”, “objectives”, “goals”, “forecasts”, ” objectives ”,“ potential ”or variations thereof or stating that certain actions,“, “could”, “would”, “could” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.

Forward-looking statements or information relate, among other things, to the timing and scope of NI 43-101 compliant technical reports regarding the Spanish Mountain Gold project.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the risks related to: results of infill and exploration drilling, geotechnical studies, metallurgical studies, planning of tailings facilities, access to electricity supply, fluctuations in spot and forward prices of the gold or certain other raw materials; the timing of receipt of permits and regulatory approvals; the adequacy of the Company’s capital to finance the operations of the Company; geological interpretations and potential mineral recovery processes, changes in national and local legislation, taxation, controls, regulations and political or economic developments in Canada or in other countries in which the Company may operate its activities in the future; uncertainties related to the interpretation of geological data; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties related to mining activities; the speculative nature of gold exploration and development, including the risks of obtaining the necessary licenses and permits; reduction in the quantities or contents of reserves; and disputes over title to property, in particular title to undeveloped property. In addition, there are risks and dangers associated with gold exploration, development and mining activities, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, collapses, flooding. and losses of gold bullion (and the risk of inadequate insurance, or the inability to obtain insurance to cover these risks).

This list is not exhaustive of the factors likely to affect the Company’s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and the actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to various risks, uncertainties and other factors, including, without limitation, those mentioned in the Company’s continuous disclosure documents under the heading “Risk Factors”. Although the Company has attempted to identify important factors that could cause actual results to differ materially, other factors may cause results not to be as anticipated, estimated, described or anticipated. Therefore, readers should not place undue reliance on forward-looking statements or information.

The Company’s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and except as required by applicable securities laws, the Company assumes no obligation to update forward-looking statements and information if circumstances or assumptions, beliefs, expectations or opinions of management should change, or changes in any other event affecting such statements or information. For the reasons stated above, investors should not place undue reliance on forward-looking statements and information.

The TSX Venture Exchange accepts no responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86251



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