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Goldrich Mining Reports 2017 Production Totaling 12,000 Ounces of Gold at Chandalar Mine

SPOKANE, WA - October 18, 2017- Goldrich Mining Company (OTCBB: GRMC) (“Goldrich” or the “Company) is pleased to announce the 2017 production results for the Chandalar Mine. The Chandalar mine is owned by Goldrich NyacAU Placer, LLC (“GNP”), a 50/50% joint venture between Goldrich and NyacAU, to mine the various placer deposits that occur throughout Goldrich’s 23,000-acre Chandalar gold project in Alaska. NyacAU is the manager of the joint venture.

2017 Production Summary
The Chandalar mine production for 2017 was 14,670 ounces of raw placer gold, which is approximately equivalent to 12,000 ounces of fine gold. This compares to 10,209 ounces of raw gold, or approximately 8,200 ounces of fine gold, produced in 2016 and 4,400 ounces of raw gold, or approximately 3,600 ounces of fine gold, produced in 2015.

Per the terms of the joint venture operating agreement, GNP is required to make a payment of approximately $1.3 million (1,100 ounces X $1,201 per ounce) to Goldrich for the 2016 Minimum Production Requirement and approximately $1.4 million (1,200 ounces X $1,201 per ounce) for the 2017 Minimum Production Requirement. The Minimum Production Requirement for 2018 will be determined based on the spot price of gold on December 1, 2017. The Minimum Production Requirement payments for 2016, 2017 and 2018 are due by October 31, 2018. Assuming a spot price of gold of $1,201, the total 2018 Minimum Production Requirement will be $1.6 million (1,300 ounces X $1,201 per ounce) and the total required payments to Goldrich from GNP on October 31, 2018 will be approximately $4.3 million (3,600 ounces X $1,201 per ounce).

The 2017 production season ran from approximately June 4, 2017 through September 27, 2017. The normal production season is approximately from mid-June through mid-September, subject to weather. In addition, stripping of overburden and stockpiling of pay gravel can usually be done for at least one month before and after the production season. Stripping of overburden this year continued through October 17, 2017. 

2017 Drill Program
The GNP sonic drill program drilled 231 holes totaling 14,271 feet. The drilling program was completed by GNP. Goldrich has not yet received the drill results from GNP.

Goldrich previously conducted 15,000 feet (4,572 meters) of reverse circulation drilling on the placer deposit in 2007. This drill program delineated approximately 10.5 million cubic yards of mineralized material at an average grade of 0.025 ounces (0.78 grams) gold per cubic yard containing an estimated 250,000 ounces of gold(1).

(1) This mineralized material is not a mineral reserve as defined in SEC Industry Guide 7.


This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements concern use of proceeds and potential exercise of the warrants. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, budgets, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might”, “should” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Investors should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed in in the Company’s latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q under the heading “Risk Factors”, filed with the U.S. Securities and Exchange Commission (the “SEC”) and available on the SEC website or, as well as the Company’s other SEC filings. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

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