Spokane, WA - July 9, 2012 - Goldrich Mining Company (OTCBB: GRMC) ("Goldrich") is pleased to report Goldrich NyacAU Placer, LLC ("GNP"), a 50/50 joint-venture company formed by Goldrich and NyacAU, LLC. ("NyacAU") has received a general mining permit for placer mining operations at Chandalar, Alaska. This permit will enable mining operations to proceed at the Chandalar property.
GNP has begun earth moving at Chandalar and anticipates the recovery plant to extract gold from the placer gravels will be set up by mid-August. Commercial production is anticipated to begin by June 2013, although it could begin as early as this summer. An eventual production rate of approximately 10,000 ounces of fine gold per season is anticipated, but this could be significantly increased if a second gold recovery plant is put into production. Goldrich has not defined a mineral reserve according to SEC Industry Guide 7 criteria. However, based on drilling of the placer deposit to date and the anticipated production rate, Goldrich estimates the mine life will be approximately 25 years. The placer deposit is open to expansion in three directions and Goldrich believes the mine life may be significantly extended with additional drilling.
Goldrich also reports GNP has completed construction and set up of a new 30-man camp. The camp includes a water system, kitchen/mess hall, and recreation facilities. The camp will be used primarily for placer mining operations and Goldrich's existing camp will be used for exploration activities.