VANCOUVER, BC / ACCESSWIRE / May 17, 2023 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to announce it has made its final $3,000,000 property payment to Sandbox Royalties Corp. ("Sandbox") discharging all obligations owed relating to the Company's original purchase of the Elk Gold Project.
The Company originally acquired the Elk Gold Project in May 2019 for $10,000,000 from Equinox Gold Corp. ("Equinox") for a $1,000,000 cash deposit and a $9,000,000 interest-free promissory note (the "Note"). Equinox assigned its interest in the loan to Sandbox in May 2022. The Note was secured over Gold Mountain's interest in the Elk Gold Project.
Pursuant to the terms of the Loan, Gold Mountain made the following payments:
- $1,000,000 - May 2019
- $3,000,000 - May 2021
- $3,000,000 - May 2022
- $3,000,000 - May 2023
The final property payment is a major milestone for Gold Mountain as it was the last obligation remaining from its original purchase of the Elk Gold Project.
About Gold Mountain Mining
Gold Mountain is a British Columbia based gold and silver exploration and production company focused on the development of the Elk Gold Project, located 57 KM from Merritt in South Central British Columbia. Additional information is available at www.sedar.com or on the Company's new website at www.gold-mountain.ca.
For further information, please contact:
SOURCE: Gold Mountain Mining Corp