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Gold Standard Mining Corp. Announces Extension of Summer Mining Season

^{Published on 2010-11-02 14:00:51 - Market Wire}
 

LOS ANGELES & BLAGOVESHENSK, Russia--([ BUSINESS WIRE ])--Gold Standard Mining Corp. (OTCBB: GSTP) (aGold Standarda or the aCompanya), announced today that, due to favorable weather conditions at its alluvial mining operation in Zeya, Russia, the Company has been able to extend the asummer mining season.a

The company holds owns of 100% of Gold Standard Wyoming, whose operating subsidiary, RossZoloto, historically has produced on average about 150 ounces of gold per day during the mining season from its alluvial mining operation. The Companya™s alluvial gold reserves are estimated at approximately 3186 kilograms (112,000 ounces). For the past few years, the asummer mining seasona has been on average about 100 operating days. However, due to extremely favorable weather conditions, the Company has been able to extend the mining season this year for at least an additional thirty days.

aWe are very fortunate this year that the weather was very cooperative and allowed us to extend the mining season. Based upon preliminary calculations, this summera™s alluvial mining results should be the best in the Companya™s history. We look forward to reporting the actual results shortly upon completion of the season,a stated Araik Khachatrian, Chief Operating Officer/Director, Gold Standard, and Managing Director of Rosszoloto.

ABOUT GOLD STANDARD MINING CORP. (OTCBB: GSTP)

Gold Standard Mining Corp. is a publicly held Nevada corporation, whose common stock trades on the over-the-counter bulletin board under the trading symbol GSTP. Gold Standarda™s mission is to become a producer of over one million ounces per year of minerals from the vast resources of Russia. The Company combines the vast skill base and engineering strength of the Russian mining sector with state-of-the-art Western technology, inance, and corporate governance.

Rosszoloto operates a producing gold mine in the far east of Russia near the Russo-Sino border, and currently produces gold from its alluvial mining operation on 12 claims with gold reserves of 3,186 kilograms (112,000 ounces), a gold content of 2 to 10 grams per ton and a gold standard of 763 to 933. Current production is about 150 ounces of gold per day during the mining season from its alluvial reserves.

Rosszoloto also has two hard rock reserve properties at Snezhinka and Elnichnoe. Hard rock mineral deposits at its Snezhinka property have reported reserves (under the Russian reporting system) of:

120 tons (4,200,000 ounces) of gold classified as C1 and P2
3 tons (105,000 ounces) of platinum; and
195 tons (6,800,000 ounces) of silver P2.

Hard rock mineral deposits at its Elnichnoe property have:

69 tons (2,400,000 ounces) of B+C1 gold reserves, which are the equivalent of measured reserves;
6 tons (211,000 ounces) of C2 gold reserves;
480 tons (16,900,000 ounces) of silver;
418,000 tons (921,000,000 pounds) of copper; and
6400 tons (14,000,000 pounds) of molybdenum.

Total gold reserves are calculated at over six million (6,000,000) ounces. The Company intends to continue mining the alluvial reserves and to begin the mining of the hard rock reserves at Snezhinka and Elnichnoe while exploring and developing other projects.

Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statementsa as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on the Company's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors that the Company has little or no control. Such forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by the Company with the Securities and Exchange Commission.