Spanish Mountain Gold Activates First Module of Field Program
1120‐1095 West Pender Street
Vancouver, British Columbia, V6E 2M6
Tel: 604.601.3651
August 20, 2020
Spanish Mountain Gold Activates First Module of Field Program
Vancouver, BC. Spanish Mountain Gold Ltd. ( “Spanish Mountain” o r t h e “Company”) (TSX‐V: SPA) is
pleased to announce that its technical team and contractors have been mobilized to the project site near
Likely, B.C. to execute the first module of the field program for its Spanish Mountain gold project (the
“Project”). The Company expects the summer program to contribute signi ficantly to the realization of
the dual objectives of fast tracking the Project’s Phase 1 to b e “shovel ready” and expanding the multi‐
million ounce gold resource as stated in a news release dated August 10, 2020.
In accordance with the health and safety protocols mandated by the health authorities, company
personnel have put in place various safety features and procedures that will be strictly enforced by
management on‐site throughout the duration of the field program . The camp and the enhanced
operating procedures have been inspected and approved by the pr ovincial health agency. Management
b e l i e v e s t h a t t h e n e c e s s a r y p r e c a u t i o n s h a v e b e e n t a k e n t o s a f eguard the health of our employees,
consultants and community members and to avoid potential interruptions to the field work.
The first module of the field program will last approximately s ix weeks and will immediately be followed
by a drilling campaign designed to further expand the Project’s multi‐million ounce gold resource. This
first module consists of a series of geotechnical drill holes a nd test pits that will develop additional data
to sustain the proposed project infrastructure as outlined in t he Preliminary Economic Assessment
(“PEA”) filed in December 2019, which delineates the Project’s current mineral resource. The program
will also develop additional data that will assist in the evalu ation of the potential for an expanded Phase
1 scenario as part of the Preliminary Feasibility Study that co uld be undertaken later this year. The field
program will be monitored by independent engineers from Knight Piésold Ltd.
The latest PEA highlighted the potential viability of Phase 1 operations, which target exclusively the near‐
surface/ higher‐grade portion of the mineral deposit, comprising l e s s t h a n 3 0 % o f t h e m e a s u r e d a n d
indicated ounces of the Project’s multimillion ounce gold resou r c e . T h e C o m p a n y b e l i e v e s t h a t a n
expanded Phase 1, if supported by the underlying data, may further enhance the potential economics
and multiple key metrics of the Project.
Larry Yau, CEO, commented: “In just over a month, we have achieved full funding for our dual project
objectives and successful mobilization for our summer program. I b e l i e v e i t s p e a k s v o l u m e s f o r o u r
technical team’s competence and effectiveness as well as the st rong support from our expert
consultants. We look forward to a productive field program tha t could potentially add significant value
to our Project.”
About Spanish Mountain Gold
Spanish Mountain Gold Ltd. is focused on advancing its multi‐mi llion ounce Spanish Mountain gold
project in southern central British Columbia. The Project is f ully funded to pursue the dual objectives of
fast tracking Phase 1 of the Project to be “shovel ready” and actively expanding the mineral resource.
Phase 1 focuses on the pit‐delineated high‐grade core of the deposit that is potentially expected to
sustain a stand‐alone operation of 11 years. The potential via bility of Phase 1 has been demonstrated in
a Preliminary Economic Assessment. The PEA illustrates the project potential with a combination of
modest capital requirements ( US$270m) and low operating cost ( AISC $549/oz) over its mine life.
Additional information on the PEA and about the Company is avai lable 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
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: Certai n of the statements and infor mation in this press release constitute "forward‐looking
statements" or "forward‐looking information", including statements regarding the completion of the Preliminary Feasibility
Study on the Spanish Mountain Project. Further, 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", "goal s",
" f o r e c a s t s " , " o b j e c t i v e s " , " p o t e n t i a l " o r v a r i a t i o n s t h e r e o f o r stating that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved, or t he negative of any of these terms and similar expressions) are not
statements of historical fact and may be forward‐looking statements or information.
This news release contains forward‐looking information, which involves known and unknown risks, uncertainties and other
factors that may cause actual events to differ materially from current expectation. Important factors that could cause actual
results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on
SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward‐looking statements, which
speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required
by law, to update or revise any forward‐looking statements.