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2023 | NOTES FROM THE UNDERGROUND | BREAKING NEWS EDITION

Greetings from Gilpin County,


This week we reached an important milestone. We poured our first gold doré bar using Bates Hunter gold.


Reaching this milestone has not been easy. We've had to outlast and out-think supply chain interruptions, Bates Hunter mine shaft water chemistry curve balls, abundance of clay in our Stope Fill, lightning strikes, Covid caused delays, and more.


Matt Collins and his team have been resourceful and creative. Putting equipment that has not operated in decades into service was no walk in the park. In some cases, the manufacturers of the equipment are out of business, and we had to machine our own replacement parts. In other cases, we had to build our own solutions. But undaunted, we have persevered. What we are doing is unique in North America, and you are participating in mining history in the making.


This Note contains two videos of the process and a picture of the finished product which is a 1.2 Troy Ounce Gold Doré Bar. We still have more work to do before we can reach our Phase One goal of multiple bars and concentrate per day. There's fine tuning to be done to make sure that we aren't losing commercial amounts of gold in our tailings. This requires sampling and laboratory analysis to get the sizing and mix just right. We need to keep "bedding" the mill so that we get maximum gold output. Our goal in this first phase is to run the mill eight hours a day. We can average three and a half tons per hour, which means that we will be able to exceed our original goal of twenty tons per day. We expect to begin at ten tons per day, and as we move through the last quarter of the year reach a minimum of twenty tons a day.

This week we proved the concept - one ounce down, two million nine hundred and ninety-nine thousand, nine hundred and ninety-nine to go.




Best wishes from the GS Mining Company. Stay tuned for further announcements.

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