Goldrich Reports Production Results
Spokane, WA - October 12, 2010 - Goldrich Mining Company (OTCBB - GRMC) (the “Company”) completed its first season of commercial gold production at its Little Squaw Creek gold mine, Chandalar, Alaska. The Company produced 1,522 ounces of gold (plus 259 ounces of silver) for the season, which ended on September 23rd.
Gold production progressively increased as mine infrastructure improved and overburden was removed. Goldrich produced approximately 346 ounces in July, 498 ounces in August, and 678 ounces in September, of which 523 ounces, or 34% of the season’s total production, was produced in the last 15 days. The normal season for alluvial gold production in Alaska is from mid-June to mid-September plus two additional months for stripping of over-burden in May and October.
The Company had originally planned a larger scale operation but lack of sufficient financing at the beginning of the season prevented this. However, with the finances that were raised, Goldrich moved forward to mobilize a beginning mining equipment fleet, completed a mine infrastructure compliant with MSHA, stripped sufficient overburden to expose pay gravel, and began producing gold.
Information from this year’s operating season will be used to update the 2009 preliminary assessment report. The preliminary assessment shows a 13-year mine life with production reaching 30,000 ounces of gold per year. Drilling has established 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 deposit is open for expansion with additional drilling.
William Schara, CEO of Goldrich, notes, “We finished the season strong. We took the first steps in making the mine a long-lived profitable operation for Goldrich and its shareholders. This year’s operation further confirmed the nature of the alluvial gold deposit, and we are well poised to resume production and benefit from the experience we have gained.”