VANCOUVER, Oct. 29, 2013 /CNW/ - Spanish Mountain Gold Ltd. (the "Company") (TSXV:SPA) is pleased to announce assay results from the reverse circulation drilling program currently underway within the Main Zone of its Spanish Mountain Gold Project (the "Project") located in central British Columbia, Canada. The results presented in this news release represent approximately 25% of the total number of drill holes planned for the current program.  Results from the remaining drill holes are expected to be available over the next two months.

Highlights of Drilling Results:

  • 18.29 metres (m) grading 1.32 grams per tonne (g/t) gold in hole 13SMRC-1144
  • 6.10m grading 1.29 g/t gold and 6.1m grading 1.31 g/t gold in hole 13SMRC-1145
  • 6.10m grading 1.75 g/t gold in hole 13SMRC-1146
  • 19.81m grading 0.92 g/t gold in hole 13MRC-1147
  • 16.76m grading 1.32 g/t and 7.62m grading 0.96 g/t gold in hole 13MRC-1152
  • 12.19m grading 1.55 g/t gold in hole 13SMRC-1157
  • 12.19m grading 0.95 g/t gold in hole 13SMRC-1159

Significant assay results are contained in Table 1 appended to this news release. Drilling is being carried out in the central portion of the potential open pit as outlined in the Preliminary Economic Assessment announced on November 14, 2012. A map showing the location of the reported drill holes is shown in Figure 1 appended to this news release.

Dr. Morris Beattie, Chief Operating Officer, commented: "The objective of the current reverse circulation drilling program is to provide larger samples than previously obtained from NQ diamond drilling.  Encouraged by the results of this first batch of 16 reverse circulation drill holes, we are continuing to drill up to a total of 60 holes. When all of the assay results are available, they will be analysed to determine their impact on the project."

Judy Stoeterau, P.Geo., the Company's Vice-President of Geology and the qualified person as defined under National Instrument 43-101, has reviewed the contents of this news release. All samples were assayed at ALS Chemex Laboratory in Vancouver, BC. The Company has retained Discovery Consultants of Vernon, BC, to monitor independently the quality control and quality assurance (QC/QA) data on the Spanish Mountain Gold Project. Analytical precision and accuracy are being measured and monitored by the use of duplicates, prep and pulp samples and by standards (reference material). Possible contamination during the sampling and processing procedures is being monitored by the insertion of blank samples.

CHANGE OF MANAGEMENT

The Company announces that in the current harsh financial climate for junior gold companies, it is reducing the Company's annual overheads to the maximum practicable extent. For this reason, some substantial economies have been made and as part of this process, it has now been decided to merge the roles of Chief Executive Officer and Chief Operating Officer.  To facilitate this change, Mr. Brian Groves will step down as CEO and a Director of the Company effective October 31, 2013 and will serve as an Advisor to ease the transition.

Ian Watson, Chairman, commented: "Brian has served Spanish Mountain very well over the last six years. In these difficult times, we are sorry to see him leave the Company and wish him well with all of his present and future activities.  We will be keeping in touch with Brian and look forward to his continued input as an Advisor."

Morris Beattie will be appointed CEO of the Company effective October 31, 2013.  Dr. Beattie joined the Company's Board of Directors in March 2011 and has been the COO since September 2011.  He has over 40 years of technical and corporate experience in the mining industry covering every aspect of project development around the world. The Company's website gives a more detailed profile of Dr. Beattie's distinguished career in mining.

About Spanish Mountain Gold
Spanish Mountain Gold Ltd. is focused on the responsible development of its flagship Spanish Mountain gold project in southern central British Columbia, Canada. The Company has no debt and owns 100% of the Spanish Mountain gold property. Additional information about the Company is available on its website: www.spanishmountaingold.com

On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD.

Morris Beattie,
Chief Operating Officer

This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Management has assumed that these will be our major projects going forward. Risks include that we are unable to satisfy environmental or other regulators, that we determine that our resources are not commercially viable, or that we have difficulties due to unavailability of labour or equipment.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.

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.

Table 1: Significant Assay Results

                                 
Hole       From       To       Length
(metres)		       Au (g/t)
13SMRC-1144       10.97       29.26       18.29       1.32
including       14.02       23.16       9.14       2.28
and       18.59       23.16       4.57       3.45
13SMRC-1144       41.45       53.64       12.19       0.32
including       47.55       53.64       6.10       0.50
and       47.55       49.07       1.52       1.48
13SMRC-1144       73.45       74.98       1.52       0.27
13SMRC-1144       91.74       119.17       27.43       0.30
including       99.36       102.41       3.05       0.91
including       106.98       110.03       3.05       0.43
including       116.12       119.17       3.05       0.83
13SMRC-1144       158.79       161.84       3.05       1.49
including       158.79       160.32       1.52       2.70
                                 
13SMRC-1145       24.38       53.34       28.95       0.41
including       24.38       42.67       18.29       0.58
and       24.38       30.48       6.10       1.29
and       25.91       27.43       1.52       4.33
13SMRC-1145       62.48       65.53       3.05       0.32
13SMRC-1145       79.24       80.77       1.52       0.37
13SMRC-1145       88.39       126.49       38.10       0.47
including       106.67       112.77       6.10       1.31
and       108.20       109.72       1.52       4.50
13SMRC-1145       143.25       163.06       19.81       0.31
including       150.87       163.06       12.19       0.44
and       150.87       156.96       6.10       0.76
and       150.87       152.39       1.52       2.20
                                 
13SMRC-1146       48.77       85.34       36.57       0.39
including       48.77       76.20       27.43       0.48
and       48.77       54.86       6.10       0.66
and       51.81       53.34       1.52       1.46
and       62.48       76.20       13.72       0.63
and       64.00       73.15       9.14       0.77
and       70.10       71.62       1.52       1.46
13SMRC-1146       97.53       106.67       9.14       0.35
including       97.53       102.10       4.57       0.54
13SMRC-1146       124.96       131.06       6.10       1.75
including       126.49       128.01       1.52       4.67
                                 
13SMRC-1147       5.49       91.44       85.95       0.57
including       5.49       83.82       78.33       0.61
and       5.49       74.67       69.19       0.67
and       35.05       54.86       19.81       0.92
and       35.05       41.15       6.10       1.13
and       44.19       50.29       6.10       1.04
and       53.34       54.86       1.52       2.06
and       68.58       71.62       3.05       1.24
13SMRC-1147       97.53       103.63       6.10       0.56
13SMRC-1147       121.91       138.68       16.76       0.23
including       121.91       123.44       1.52       0.68
                                 
13SMRC-1148       3.05       16.76       13.72       0.66
including       3.05       12.19       9.14       0.81
and       3.05       4.57       1.52       1.85
13SMRC-1148       25.91       35.05       9.14       0.79
including       28.95       35.05       6.10       1.02
13SMRC-1148       71.62       83.82       12.19       0.93
including       76.20       77.72       1.52       6.74
                                 
13SMRC-1149       7.62       44.19       36.57       0.54
including       7.62       16.76       9.14       0.83
and       7.62       9.14       1.52       1.73
including       24.38       33.53       9.14       0.76
including       38.10       44.19       6.10       0.61
13SMRC-1149       79.24       99.06       19.81       0.33
including       79.24       80.77       1.52       0.71
including       83.82       89.91       6.10       0.35
including       92.96       99.06       6.10       0.47
13SMRC-1149       109.72       114.29       4.57       0.93
including       112.77       114.29       1.52       1.20
                                 
13SMRC-1150       25.91       33.53       7.62       0.32
13SMRC-1150       45.72       60.96       15.24       0.54
including       47.24       48.77       1.52       3.06
13SMRC-1150       108.20       109.72       1.52       0.54
13SMRC-1150       172.20       176.78       4.57       0.54
13SMRC-1150       188.97       192.01       3.05       0.57
                                 
13SMRC-1151       9.14       13.72       4.57       0.67
including       12.19       13.72       1.52       1.12
13SMRC-1151       27.43       28.95       1.52       1.20
13SMRC-1151       45.72       50.29       4.57       0.77
13SMRC-1151       57.91       67.06       9.14       0.91
including       60.96       67.06       6.10       1.26
and       60.96       64.01       3.05       1.92
13SMRC-1151       77.72       102.11       24.38       0.62
including       77.72       79.25       1.52       0.54
including       96.01       102.11       6.10       1.88
including       97.54       100.58       3.05       3.25
including       97.54       99.06       1.52       5.26
                                 
13SMRC-1152       6.10       22.86       16.76       1.32
including       6.10       15.24       9.14       1.82
and       7.62       10.67       3.05       3.06
including       19.81       22.86       3.05       1.59
13SMRC-1152       45.72       67.06       21.34       0.25
including       50.29       51.82       1.52       0.34
including       54.86       67.06       12.19       0.30
13SMRC-1152       79.25       91.44       12.19       0.66
including       79.25       86.87       7.62       0.96
and       79.25       82.30       3.05       1.60
13SMRC-1152       103.63       129.54       25.91       0.51
including       103.63       112.78       9.14       0.71
13SMRC-1152       150.88       158.50       7.62       0.24
13SMRC-1152       176.78       178.31       1.52       0.37
13SMRC-1152       196.60       199.64       3.05       0.21
                                 
13SMRC-1153       0.00       3.05       3.05       2.45
13SMRC-1153       50.29       53.34       3.05       0.34
13SMRC-1153       74.68       102.11       27.43       0.30
including       80.77       86.87       6.10       0.53
including       92.96       102.11       9.14       0.46
and       92.96       94.49       1.52       1.25
13SMRC-1153       118.87       123.44       4.57       0.45
13SMRC-1153       143.26       150.88       7.62       0.52
including       144.78       146.30       1.52       1.29
13SMRC-1153       161.54       195.07       33.53       0.23
Including       161.54       164.59       3.05       0.39
including       170.69       195.07       24.38       0.26
including       193.55       195.07       1.52       0.49
                                 
13SMRC-1154       10.67       27.43       16.76       0.64
including       10.67       16.76       6.10       1.50
and       12.19       15.24       3.05       2.30
13SMRC-1154       41.15       42.67       1.52       0.63
13SMRC-1154       88.39       89.92       1.52       0.35
13SMRC-1154       100.58       102.11       1.52       0.85
13SMRC-1154       112.78       124.97       12.19       0.72
including       112.78       117.35       4.57       1.30
and       112.78       114.30       1.52       3.61
including       121.92       124.97       3.05       0.84
13SMRC-1154       155.45       169.16       13.72       0.39
including       167.64       169.16       1.52       0.95
                                 
13SMRC-1155       1.52       10.67       9.14       0.22
13SMRC-1155       97.54       99.06       1.52       0.20
13SMRC-1155       111.25       112.78       1.52       0.24
13SMRC-1155       137.16       140.21       3.05       0.32
13SMRC-1155       147.83       150.88       3.05       0.23
13SMRC-1155       155.45       156.97       1.52       0.32
13SMRC-1155       160.02       161.54       1.52       0.26
13SMRC-1155       167.64       170.69       3.05       0.38
                                 
13SMRC-1156       97.54       99.06       1.52       0.20
                                 
13SMRC-1157       1.52       41.15       39.62       0.74
including       7.62       12.19       4.57       1.26
including       28.96       41.15       12.19       1.55
and       28.96       33.53       4.57       3.10
and       32.00       33.53       1.52       6.06
13SMRC-1157       50.29       67.06       16.76       0.61
including       56.39       67.06       10.67       0.80
and       64.01       65.53       1.52       3.04
13SMRC-1157       88.39       97.54       9.14       0.48
13SMRC-1157       152.40       156.97       4.57       0.47
                                 
13SMRC-1158       0.00       6.10       6.10       1.33
13SMRC-1158       15.24       22.86       7.62       0.31
including       15.24       16.76       1.52       0.71
13SMRC-1158       45.72       47.24       1.52       0.26
13SMRC-1158       59.44       60.96       1.52       0.42
13SMRC-1158       89.92       91.44       1.52       0.44
13SMRC-1158       106.68       108.20       1.52       0.37
13SMRC-1158       117.35       144.78       27.43       0.45
including       128.02       144.78       16.76       0.62
and       134.11       137.16       3.05       1.10
13SMRC-1158       156.97       163.07       6.10       0.45
including       161.54       163.07       1.52       1.04
                                 
13SMRC-1159       3.66       4.57       0.91       0.23
13SMRC-1159       7.62       9.14       1.52       0.32
13SMRC-1159       15.24       16.76       1.52       0.39
13SMRC-1159       19.81       21.34       1.52       0.23
13SMRC-1159       33.53       35.05       1.52       0.62
13SMRC-1159       76.20       86.87       10.67       0.32
13SMRC-1159       105.16       111.25       6.10       0.42
13SMRC-1159       131.06       143.26       12.19       0.95
including       137.16       143.26       6.10       1.61
and       137.16       141.73       4.57       2.08
and       140.21       141.73       1.52       4.17
                                 
13SMRC-1160       9.14       12.19       3.05       0.64
13SMRC-1160       25.91       35.05       9.14       0.34
including       25.91       28.96       3.05       0.71
and       25.91       27.43       1.52       1.05
13SMRC-1160       68.58       71.63       3.05       0.30
13SMRC-1160       85.34       89.92       4.57       0.23
13SMRC-1160       112.78       114.30       1.52       0.22
13SMRC-1160       146.30       153.92       7.62       0.27
including       146.30       147.83       1.52       0.57
13SMRC-1160       172.21       179.83       7.62       6.88
including       178.31       179.83       1.52       33.40


SOURCE Spanish Mountain Gold Ltd.

Image with caption: "Figure 1: Location of Drill Holes (CNW Group/Spanish Mountain Gold Ltd.)". Image available at: http://photos.newswire.ca/images/download/20131029_C7892_PHOTO_EN_32665.jpg

Copyright 2013 Canada NewsWire

Spanish Mountain Gold (TSXV:SPA)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Spanish Mountain Gold Charts.
Spanish Mountain Gold (TSXV:SPA)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Spanish Mountain Gold Charts.