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2019 | Q3 Update

The GS Mining Company is pleased to announce that it has accomplished the following during the third quarter of 2019.


Bates Hunter Mine | Mine Infrastructure Update

The Bates-Hunter mine is currently dewatered to approximately 350 feet below surface, where we are maintaining the water level until we can update the shaft haulage safety features to accommodate personnel. This work will begin in Q4, 2019. On the 240-foot level (depth from surface), the crew has re-configured the timber at the shaft station to accommodate our planned work. Working with a double-drum Slusher (winch and scraper) the crew has cleared much of the level and installed modern ground support. At an intersection with a crosscut, approximately 110 feet from the Bates-Hunter shaft, the crew has identified tons of broken mineralized materials that will be removed from the mine as rehabilitation advances. This material may contain gold and contribute to the metallurgical testing necessary to complete the mineral processing flowsheet.

Bates Hunter Mine | West Hunter Shaft

At the West Hunter shaft, the crew has installed a fourth landing approximately 16 feet above the sill of the stope. Reconnaissance below this level will precede further work to connect this shaft with the Bates-Hunter workings.





Bates Hunter Mine | Permitting and Compliance

The Company received a building permit from Central City for the completion of the ore bin next to the Bates-Hunter shaft. This work has begun with partial demolition of the adjacent air compressor house, rough framing and some additional concrete work to complete the foundation of the structure. The crew also resurfaced much of the area under the headframe where concrete had spalled causing an uneven work surface which is now repaired. The ore chute from the dump station was re-constructed, replacing rotten timbers and relining the chute with modern high-density plastic sheeting. Completion of the ore bin is expected in mid-Q4.

This quarter’s Mine Safety and Health Administration inspection was completed with no compliance defects noted and no citations issued.



Golden Gilpin Mill | Rehab

The Company received a Phase 1 building permit from the city of Black Hawk. The structural work has been completed on the large timbers in the building frame. The crew has stripped the many layers of asphalt composition roofing and removed the sheathing, exposing the rafters. Using new certified rough-cut structural timber, the crew has completed the sistering of the existing rafters and begun re-sheathing the roof. We anticipate the completion of this portion of work, including the installation of new, A606-4 corrugated rusting roof panels on the main roof of the building to be completed mid-Q4.




Clay County Mine | Update and History

The Bates-Hunter crew removed all historic timbers from the Clay County decline portal and installed 40 feet of 10-foot diameter corrugated metal pipe (culvert). A new steel bar-grating door was fabricated and installed. Ground support in the form of steel friction bolts and chain-link mesh was installed to the first crosscut in the decline. Scaling and cleanup of the decline and crosscuts is nearly complete to the seventh crosscut, where stoping was done in the 1980’s. Significant broken material in the stopes remains and the area displays an excellent example of the shrinkage stoping method. A 20-horsepower fan has been installed in the bulkhead at the base of the Gold Ridge shaft which will provide intake ventilation for future rehabilitation of the mine. Power at the site is currently supplied by a diesel 160kw generator. The company plans to investigate installation of public utility power in the near future.








Graham Peterson, the Company’s site geologist, has completed the re-logging of all of the historic drill core and has disposed of all non-mineralized core intervals in order to save valuable storage space for anticipated core drilling. Sampling continues to provide encouraging examples of gold mineralization and material for mineral processing evaluation.


Table 1.0

​Sample ID

​Gold opt

Silver opt​

​240-001

​1.53

5.67

240-002

0.437

0.916

Sample Location Descriptions


240-001: Re-stated: Accessible via the 240 ft landing down the west drift approximately 120 ft west of shaft. There is an intersection of drifts with a low hanging stull filled to the back with muck and collapsed back and rib and abundant ore in easy access. Mineralogy is the typical sooty black mineral with abundant pyrite within a quartz sericite matrix. Although, these ore bearing minerals seem to be slightly larger and more crystalized than on the 163 ft level.


240-002: A grab sample of fine materials (mud and sand) under the historic rail ties on the 240 level was taken near a loading chute approximately 50 feet west of the Bates-Hunter shaft. This material was representative of much of the fine material encountered on the sill of the 240 level.



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This report may be deemed to contain “forward-looking” statements. We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and we are including this statement for the express purpose of availing ourselves of the protections of such safe harbor with respect to all of such forward-looking statements. Examples of forward-looking statements include, but are not limited to (i) projections of revenues, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, capital structure and other financial items, (ii) statements of plans and objectives of ours or our management or Board of Directors, including the introduction of new products or services, or estimates or predictions of actions by customers, suppliers, competitors or regulating authorities, (iii) statements of future economic performance and (iv) statements of assumptions underlying other statements and statements about us or our business.

 

Our ability to predict projected results or to predict the effect of any legislation or other pending events on our operating results is inherently uncertain. Therefore, we wish to caution each reader of the report to carefully consider specific factors, including competition for products, services and technology; the uncertainty of developing or obtaining rights to new products, services or technologies that will be accepted by the market; the effects of government regulations and other factors discussed herein because such factors in some cases have affected; and in the future (together with other factors) could affect, our ability to achieve our projected results and may cause actual results to differ materially from those expressed herein.

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