VANCOUVER - Gold Mountain Mining Corp. ('Gold Mountain' or the 'Company') (TSX: GMTN) (OTCQB: GMTNF) (FRA: 5XFA) is pleased to report its second quarter FY2023 summary financial and operating results.

The Company's interim financial statements and related management's discussion and analysis for the three and six months ended July 31, 2022, are available for download on SEDAR and on the Company's website. All amounts are expressed in Canadian dollars ('$'), unless otherwise noted.

'Since acquiring the project, Management has made a concerted effort to get the Elk back into production and into revenue generation. While we're proud of moving from permit to production in less than 18 months, the Operations team has experienced startup challenges,' commented Chief Operating Officer Grant Carlson. 'After our first producing quarter, our second quarter was focused on gaining an increased understanding of our resource model through the implementation of a number of initiatives.'

'We completed a 3,700m in-fill drill program to tighten the in-pit spatial data. The program will define the grade control model for the next 6 to 12 months. The results to date have shown gold assays that align with the drill hole assays used to build the resource block model. In addition to the in-fill drilling, the Operations team has made an effort to improve ore control practices through drill and blast designs, extraction strategies and optimizing its pit design. The Company has also begun examining pre-concentration technologies such as Dense Media Separation which uses a heavy liquid bath to float low-density waste rock particles away from high-density gold-bearing particles. Initial test results have been encouraging and show the potential to increase the gold grade, reduce trucking costs and mitigate external dilution.'

'We have also received positive results from our Phase III exploration program where we continued to hit high-grade intercepts and anticipate the results will have a positive impact on an updated resource estimate anticipated for the fourth quarter.'

Highlights

The Company generated $968,860 of revenue in the reporting three months.

The reduction in revenue from Q1 was driven by the Company focusing on its in-fill drill program, improving ore control processes and optimizing its pit design.

The Company completed its initial 3,700m in-fill drill campaign and is currently awaiting the final assay results from the lab. The in-fill drill program results to date have shown gold assays that align with the drill hole assays used to build the resource block model.

The Company received all assay results from its Phase lll Drill Program (15,500m) which intersected significant high-grade intervals to extend the known mineralization in the Gold Creek and Siwash North zones.

About Gold Mountain Mining

Gold Mountain is a British Columbia based gold and silver exploration and development company focused on resource expansion at the Elk Gold Project, a producing mine located 57 KM from Merritt in South Central British Columbia.

Contact:

Tel: 778.262.0933

Email: IR@gold-mountain.ca

Web: www.gold-mountain.ca

Forward-Looking Statements

This includes certain 'forward-looking statements' under applicable Canadian securities legislation. Forward- looking statements include statements that are based on assumptions as of the date of this news release and are not purely historical including any information relating to statements regarding beliefs, plans, expectations or intentions regarding the future and often, but not always, use 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' or 'will' be taken, occur or be achieved. Forward-looking statements in this press release include the positive impact the operational initiatives set out above will have on ore production and recovered ounces, the impact of the in-fill drill program on the company's ability to improve its production forecasting, the impact of DMS on the project including its ability to increase ore grade, reduce trucking costs and mitigate dilution into the ore stream and the timing for any update to the resource estimate at the Elk Gold Project, the impact of any sampling analysis and the impact of Phase III and Phase IV on the Company's resource estimate and any potential to upgrade the inferred resource estimates.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the price of gold and the results of current exploration. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold Mountain disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a comprehensive overview of all risks that may impact the Company, please see the Annual Information Form for the year ended January 31, 2021 a copy of which was filed on November 4, 2021 and is available on SEDAR.

The expanded case is contemplated in the Company's 2021 PEA, a copy of which is available at www.sedar.com. The 2021 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the 2021 PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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