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2020 | Q3 Update

In light of the obstacles that 2020 has presented us all, GS Mining Company is pleased to announce that it has accomplished the following during the third quarter of 2020:

Bates Hunter Mine | Mine Infrastructure Update The Bates-Hunter mine has received a major shaft gear improvement and, for the first time since the creation of the Mine Safety and Health Administration (“MSHA”) in 1977, is now certified to haul miners in the shaft. Up until this point, our only means of access to the underground workings was to descend wooden ladders (metal ladders would corrode too swiftly) into the depths of the mine. Now, riding a modern conveyance, miners can access the work areas and continue to rehabilitate the main shaft towards the 745 level. For the first time in modern history, the Bates-Hunter mine has a secondary egress, an MSHA requirement and precursor to mining. The water treatment plant has been operating flawlessly and we are now preparing to operate two continuous shifts to double the dewatering capacity and accelerate our rehabilitation to depth.


Bates Hunter Mine | Shaft

  • Water maintained at ~370’

  • Shaft guides installed to 330’

  • Shaft utilities – rehab/repair/relocate

  • Hoist rebuild

    • New babbit bearings on main and drive shaft

    • New electric drive motor and couplings

    • New electric drive and brake controls

    • Repaint frame and drum

    • Rebuild brake hydraulics

    • Successful hoist certification for human transport

Bates Hunter Mine | Surface Facilities

  • Restored Radial Arm Saw for underground timber cutting

  • Replaced main ventilation fan

  • Prepared surface explosive magazines


Bates Hunter Mine | 240 Level

  • Prep for connection by West Hunter shaft sinking crew

  • Connection to West Hunter shaft

  • Finalize timber support for stoped areas between Bates-Hunter and West Hunter shafts

Bates Hunter Mine | West Hunter

  • Break through, 8/9/2020

  • Completed 240 Level shaft station

  • Begin shaft survey


Golden Gilpin Mill | Mill Infrastructure Update

The Golden Gilpin mill received the overarching City of Black Hawk permit to operate as a mineral processing facility. This, with the existing State of Colorado permit paves the way for us to complete the modernization and rehabilitation of the plant equipment. The team has begun processing a limited capacity of material for metallurgical and environmental testing which has established the production of gold from the plant (and from the Bates-Hunter) for the first time in many decades. While operating the pilot plant, the staff is also restoring the flotation cells, the grinding circuit and preparing for work in the crushing circuit, concentrate handling equipment and tailings handling circuits.

  • Mill Equipment

    • Flotation Cell disassembly continues

    • Western Foundry flot cell test cast inspection

    • New tub for rake classifier constructed and installed

  • Pilot Mill

    • Replaced pilot crusher

    • Installation of Gemeni 60 table

    • Began size analysis

    • Generating material for flotation testing

  • Permit

    • Received approval for Special Review Use – Q2

    • Phase 2 building permit initiation

    • Minor Subdivision filed

    • Began final site plan, including stormwater, etc.

Clay County Mine | Update

The Clay County mine has had the portal extended an additional forty (40) feet outward with a modern corrugated metal pipe. Underground work has included cleaning and scaling the existing decline and crosscuts, installing ground support where necessary, installing compressed air and water lines and preparation for the construction of underground explosive storage magazines. Exploration, surveying and mapping have continued and we are preparing to evaluate the mineral resource available and plan for future mining. In all, we are thrilled to share our progress with you and look forward to more great news in the coming quarter and 2021!

  • Installed additional 40’ of portal culvert

    • Backfilled culvert

    • Installed final portal doors

    • 500’ of air & water line installed

    • Underground ventilation bulkhead installed at Gold Ridge shaft

    • Preparing for installation of underground explosive magazines





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CAUTIONARY STATEMENT FOR PURPOSES OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

 

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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