Spanish Mountain Files NI 43-101 Technical Report for Pre-Feasibility Study & Provides Update on Project Activities
1120-1095 West Pender Street
Vancouver, British Columbia, V6E 2M6
Tel: 604.601.3651
June 3, 2021
Spanish Mountain Files NI 43-101 Technical Report for Pre-Feasibility Study &
Provides Update on Project Activities
Vancouver, BC - Spanish Mountain Gold Ltd. (the “Company”) (TSX-V:SPA) is pleased to announce the
completion and filing of the National Instrument 43-101 Independent Technical Report (the “Report”) for
the Company's Spanish Mountain Gold Project (the “Project”) located in British Columbia, Canada. The
Report provides detailed information on the Project and affirms the technical and economic results of
the Pre-Feasibility Study (PFS) as announced in a news release dated May 11, 2021.
The Report has been filed on SEDAR under the profile of the Company and can be viewed or downloaded
at www.sedar.com or the Company’s website.
In accordance with the guidelines of NI 43 -101 and Form 43 -101F1 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 contributions from a team of expert consultants. Mr.
Schulte is independent of the Company and has reviewed and approved this news release.
Resource Drilling Results
The Company expects to receive all assay results for the latest resource drilling p rogram within the
coming weeks and will announce as soon as the tabulation is completed. The drilling program was part
of the ongoing campaign to expand the Project’s multi -million ounce gold Mineral Resource. A total of
28 holes covering four prospectiv e areas adjacent to the boundary of the current resource were drilled.
The results are also expected to provide tangible targets for the next phase of drilling.
Environmental Assessment
The Company resumed environmental field work in the autumn of 2020 and has intensified the data
gathering activities covering both aquatic and terrestrial studies. The exploration camp near Likely was
opened in May to facilitate a team of technicians and experts with their extensive field surveys.
Management is in the p rocess of preparing comprehensive environmental information for presentation
and submission to the First Nations, communities and regulators in the coming months.
Project Optimization
In addition to demonstrating the Project’s potential to be a mining operation with a robust production
profile and profitability, the PFS has detailed several tangible optimization targets. The Company intends
to conduct a series of programs to quantify these opportunities in order to capture the full benefit in the
Definitive Feasibility Study in due course. The timeline for delivering major project milestones is not
expected to be affected by these value- added exercises. Management will announce the details once
the plans are formalized.
About Spanish Mountain Gold
Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain gold project in
southern central British Columbia. The Company is simultaneously pursuing the dual objectives of
delivering critical project milestones for the multi-million ounce Mineral Reserve and further expanding
the overall Mineral Resource. The Pre-Feasibility Study (2021) demonstrates the Project’s potential to be
a mining operation with a robust production profile (>150,000 oz per year) and profitability ( AISC $801
per oz ) over a mine life of 14 years. Details on the Project and the Company are available on
www.sedar.com and on the Company’s website: www.spanishmountaingold.com
On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD.
Larry Yau,
Chief Executive Officer
Inquiries:
SPANISH MOUNTAIN GOLD LTD.
Phone: (604) 601-3651
E-mail: [email protected]
Website: www.spanishmountaingold.com
FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press release constitute
"forward -looking statements" or "forward- looking information" Any statements or information that express or
involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates",
"believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potent ial" or variations
thereof or stating that certain actions, events or results "may", "could", "would", "might" 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 an d may be forward- looking statements or information.
Forward -looking statements or information relate to, among other things, the timing and scope of NI 43 -101
technical reports in respect of 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, risk s relating to: results from infill and exploration
drilling, geotechnical studies, metallurgical studies, planning of tailings facilities, access to power supply,
fluctuations in the spot and forward price of gold or certain other commodities; timing of re ceipt of permits and
regulatory approvals; the sufficiency of the Company's capital to finance the Company's operations; geological
interpretations and potential mineral recovery processes, changes in national and local government legislation,
taxation, co ntrols, regulations and political or economic developments in Canada or other countries in which the
Company may carry on business in the future; the uncertainties involved in interpreting geological data; business
opportunities that may be presented to, o r pursued by, the Company; operating or technical difficulties in
connection with mining activities; the speculative nature of gold exploration and development, including the risks
of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title
to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated
with the business of gold exploration, development and mining, including environmental hazards, industr ial
accidents, unusual or unexpected formations, pressures, cave -ins, flooding and gold bullion losses (and the risk of
inadequate insurance, or the inability to obtain insurance, to cover these risks).
This list is not exhaustive of the factors that may affect any of the Company's forward- looking statements or
information. Forward- looking statements or information are statements about the future and are inherently
uncertain, and actual achievements of the Company or other future events or conditions may di ffer materially
from those reflected in the forward -looking statements or information due to a variety of risks, uncertainties and
other factors, including, without limitation, those referred to in the Company's continuous disclosure documents
under the he ading "Risk Factors". Although the Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other factors that cause results not to be as anticipated,
estimated, described or intended. Accordingly, 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 r elease, and other than as required by applicable
securities laws, the Company does not assume any obligation to update forward- looking statements and
information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or
changes in any other events affecting such statements or information. For the reasons set forth above, investors
should not place undue reliance on forward- looking statements and information.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.