SPOKANE, Wash., July 6, 2010 (GLOBE NEWSWIRE) -- Goldrich Mining Company (OTCBB:GRMC) (the "Company") announces it has begun commercial gold production at its Chandalar property in Alaska.
William Schara, President and CEO of Goldrich, comments, "This is a major milestone for the Company. Through the extraordinary efforts of our exploration and mining crew, we have been able to reach production in less than three years since drilling discovered the deposit in the summer of 2007. Having a cash flow helps protect us from some uncertainties in the current world financial markets and gives us a distinct advantage for growth over non-producing junior mining companies."
The Company expects to produce 5,000 to 7,000 ounces of gold this operating season, which ends with freeze up in late September. As the project matures over the next couple of summers, the production level is anticipated to reach 30,000 ounces of gold per year. The alluvial gold mine is being commissioned following successful test processing of some 13,800 cubic yards last season that recovered about 500 ounces of fine gold in a short two week run. Drilling has shown the deposit contains more than 10.5 million cubic yards of mineralized material at an average grade of 0.02456 ounces gold per cubic yard. The Company believes continued drilling would materially expand the size of the deposit. Production is beginning with the gold recovery plant that was constructed and tested last year. A second larger gold recovery plant is expected to be operational sometime in August.
For additional information regarding Goldrich Mining Company or this news release, contact Mr. William Schara at telephone (509) 768-4468; e-mail wschara@goldrichmining.com.
Goldrich Mining Company is engaged in the business of the discovery and mining of gold deposits. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly.
Forward-Looking Statements
This press release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Legislation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Goldrich Mining Company expects or anticipates will or may occur in the future, including such things as the Company's ability to sell forward gold sale contracts, the anticipated use of proceeds from the sale of such contracts, anticipated commercial production at the Company's Chandalar gold project and other such matters are forward-looking statements. Often, but not always, forward-looking statements state that certain actions, events or results ''will'' be taken, occur or be achieved. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Goldrich Mining Company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things: the Company's ability to sell forward gold sale contracts in the current economic environment, volatility of natural resource prices, including gold prices; product demand; market competition; the Company's ability to continue with corporate spending priorities; the Company's ability to secure additional financing; the existence and extent of gold deposits at the Chandalar property; the Company's ability to start and maintain commercial production at the Company's Chandalar property; and other risks inherent in the Company's operations discussed in the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents filed with the U.S. Securities and Exchange Commission. The Company makes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws or regulatory policies.