Spanish Mountain Successfully Completes First Module of Field Program and Mobilizes for Resource Expansion Drilling.
1120‐1095 West Pender Street
Vancouver, British Columbia, V6E 2M6
Tel: 604.601.3651
October 19, 2020
Spanish Mountain Successfully Completes First Module of Field Program
and Mobilizes for Resource Expansion Drilling.
Vancouver, B.C. ‐ Spanish Mountain Gold Ltd. (“Spanish Mountain” or the “Company”) (TSX‐V: SPA) is
pleased to announce that its technical team and contractors have successfully completed the first
module of this year’s field program as planned and have immediately launched the resource drilling
program at its Spanish Mountain gold project (the “Project”).
As announced in a news release dated August 20, 2020, the objective of the first module was to
develop additional data in support of the proposed project infr astructure as outlined in the Preliminary
Economic Assessment (PEA) filed in December 2019, which delineates the Project’s current mineral
resource. A significant amount of data has been generated from 33 geotechnical drill holes, 600 metres
of diamond drill holes and 84 test pits, which appears to suppo rt the project configuration proposed in
the PEA.
The Company is rapidly advancing project work related to the Pr oject’s proposed Phase I, which focuses
on the pit‐delineated high‐grade core of the deposit as a stand alone operation. Details of the plan to
achieve major project milestones will be announced shortly.
Resource Drilling
The Company is mobilizing to conduct a strategic drilling program within the Project’s Main Zone in
order to continue expansion of its multi‐million ounce gold reso u r c e . A s r e p o r t e d p r e v i o u s l y , t h e
Company expects to fast‐track Phase 1 of the Project to a const ruction decision while simultaneously
expanding its sizable resource. A drilling crew is being mobilized at the Company’s exploration camp
and is expected to drill approximately 6,000 metres during this phase of the program. The Company
may adjust the size of the program based on feedback from field staff and may also continue with this
initiative next year in order to achieve the objective of aggressive resource expansion.
In accordance with the health and safety protocols mandated by the health authorities, company
personnel have put in place various safety features and procedur e s t h a t w i l l b e s t r i c t l y e n f o r c e d b y
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 believes that the necessary precautions have been ta ken to safeguard the health of our
employees, consultants and community members and to avoid potential interruptions to the field work.
No health or safety issues have been reported since the camp opened in August 2020.
About Spanish Mountain Gold
Spanish Mountain Gold Ltd. is focused on advancing its multi‐million ounce Spanish Mountain gold
project in southern central British Columbia. The Project is w ell funded to pursue the dual objectives of
fast tracking Phase 1 of the Project to be “shovel ready” and a ctively 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 at least 11 years. The pote ntial viability of Phase 1 has been
demonstrated in a Preliminary Economic Assessment. The PEA ill ustrates 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 Com pany is 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
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: Certain of the statements and information 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
( o f t e n , b u t n o t a l w a y s , u s i n g w o rds or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends",
"targets", "goals", "forecasts", "objectives", "potential" or v ariations thereof or stating tha t certain actions, events or re sults
"may", "could", "would", "might" or "will" be taken, occur or b e 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.
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 fr om the Company's expectations ar e disclosed in the Company's doc uments 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 com pany disclaims any intention or obligation, except to the exten t
required by law, to update or revise any forward‐looking statem ents, whether as a result of new information, future events or
otherwise.