Gold Mountain Mining Corp. (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to announce the Company hit one of the widest intercepts ever recorded at the Elk Gold project during its Phase II, Siwash North drill program.

Highlights:

• 2.4m grading 20.2 g/t Au including 0.4m of 127.0 g/t Au
• 1.3m grading 6.87 g/t Au including 0.3m of 28.6 g/t Au
• 1.3m grading 4.48 g/t Au including 0.3m of 19.4 g/t Au
• 1.3m grading 4.25 g/t Au including 0.3m of 18.4 g/t Au

Phase II drill program is complete and the Company is waiting for the results from its final drill holes from the Lake, South and Elusive Zones.

"When we acquired this project from Equinox in 2019, many believed that all of the Elk's exploration upside had been realized and that drill programs would struggle to add value. Our drills continue connecting with high grade mineralization and this latest bonanza grade intercept should show the market the Elk's significant upside potential." commented CEO and Director, Kevin Smith. "With almost all the assays from Phase II Siwash North drilling back from the lab, we now await the updated geological model. Based on the quality of these intercepts we continue to see, management is very keen to see how these grades play into our upcoming resource estimate."

The Intercept

Gold Mountain and its exploration management partners HEG Exploration ("HEG") hit one of the widest intercepts ever recorded at the Elk, located 150m north of its open pits. This mineralization was the result of a 75m step out along the 2600 vein, which remains open to the east and will be further explored during the Company's Phase III drill program. With 127,000m of historical drilling on the property, management is confident the Elk is still home to significant, untapped mineralization that will allow the Company to continue to scale its resources.

Phase II

Gold Mountain has concluded all drilling activity for its Phase II program and now awaits its final assay results. In total the program drilled 13,900m with 10,500m occurring in the Siwash North zone and the remaining 3,400m drilled in the Lake, South and Elusive Zones. The results of the Phase ll drill program will inform an updated resource estimate which the Company anticipates publishing in the coming weeks.

Satellite Zones

The Elk Gold Project has eight additional exploration zones that were drill tested by previous operators. To date, 9,000m of drilling have been performed in the Elk's Satellite Zones which do not currently contribute to the project's resource estimate.

For the first time, Gold Mountain has explored these satellite zones and will look to develop maiden resources in multiple areas on the Elk claims. By coupling historical drill data with strong visual mineralization in new core samples, the Company is confident that these satellite zones will showcase similar grade and structure as the Siwash North zone.

Elusive Zone

The Elusive Zone is located 10km away from Siwash North and is the most prospective region on the property. When the Elk Gold Project was discovered in the 1980's, the second largest gold-in-soil anomaly was identified in the Elusive Zone; however, given the focus on developing the Siwash North deposit, the Elusive Zone has never been drill tested. Gold Mountain will be the first operator to carry out a drill campaign on this highly-prospective target, in hopes of identifying a totally new type of mineralization and adding a new dimension to the Elk Gold mine.

Phase III

With the conclusion of Phase II drilling, Gold Mountain and HEG have immediately transitioned into the Elk's Phase lll exploration program, with the first holes of the campaign already being completed in Siwash North. Currently, the program is forecasted to include 2 drill rigs performing 10,000 total meters and will also feature 5,000 meters of historical core relogging.

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