FOR IMMEDIATE RELEASE NEWS
August 12th, 2011 OTCBB-WMTN
WestMountain Initiates 2011 Drilling Program at its Bonanza Terra Gold Project In Alaska
Denver, CO – WestMountain Index Advisor, Inc. (“WestMountain”) (OTCBB-WMTN), an exploration and development company, today announced it has commenced its 2011 Drilling Program at its flagship Bonanza Terra Gold Project in Alaska.
The Company is focusing on the high-grade Ben Vein gold system, which has a resource potential of more than 1.0 million ounces of gold. In conjunction with the drill program, WestMountain has commenced bulk sampling of the Ben Vein which includes the construction of the pilot mill.
“We are excited to commence drilling at our Terra project, which has the potential to produce more than one million ounces of gold,” said Greg Schifrin, CEO. “We look forward to a successful summer season, with a focus on near-term production and expansion of our resource over time.”
The 2011 Drill Program will target the north extension of the Ben Vein system previously drilled by AngloGold Ashanti (2005) and International Tower Hill (2006 and 2007). The NI 43-101 compliant estimated inferred resource is 428,000 tonnes at 12.2 g/t gold, for a resource of 168,000 ounces contained gold, and 23.1 g/t silver, for 318,000 ounces contained silver, at a cutoff grade of 5 g/t gold. The vein system remains open.
International Tower Hill’s 2007 drill program included 12 holes that focused on defining continuity of the high-grade mineralization and developed the project's first resource in the Ben Vein zone, one of several vein systems identified at Terra. All 12 drill holes intersected the main Ben Vein as planned. The mineralized vein varies in true width (using a 3 g/t cutoff grade) from 0.2 to 3.0 meters, averaging 1.0 meter with 19.8 g/t gold. The high-grade zone averages 1.3 meter in thickness with 23 g/t gold. “What we find promising,” Schifrin added, “is that the 2007 results, together with previous drill holes, indicate the Ben Vein System is open along strike and at depth, with a minimum strike length of 400 meters and a depth of at least 350 meters.”
In addition to the Ben Vein system, WestMountain‘s 2011 Drill Program will target a deeper vein system discovered by International Tower Hill during their 2006 and 2007 drilling, where intercepts returned 0.6 meters of gold at 43.20 g/t at 323 meters depth and 1.99 meters of gold grading 13.9 g/t at 324.61 meters depth.
In preparation for this new stage of development, WestMountain has strengthened its workforce with the addition of geologists, miners and mill personnel. The Company has contracted with CoreOne Drilling to provide drilling services for a 10,000-foot HQ drill program on the Terra Gold property, and with Pollux Aviation to provide personnel and cargo transportation services related to startup and ongoing operations at Terra.
About WestMountain, Inc. / Terra Mining Corporation
WestMountain / Terra Mining Corporation is an exploration and development company that explores, acquires, and develops advanced stage properties. TMC has a high-grade gold system in the resource definition phase with 168,000 oz of inferred gold, which in total offers potential of greater than 1.0 million ounces. The property consists of 295 Alaska state mining claims covering approximately 205 square kilometers. All Government permits and reclamation plans for continued exploration through 2014 were renewed in 2010. Additional details are available at www.terraminingcorp.com.
Safe Harbor Statement
Some statements contained in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, therefore, involve uncertainties or risks that could cause actual results to differ materially. These statements may contain words such as "desires," "believes," "anticipates," "plans," "expects," "intends," "estimates" or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause its actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Such statements include, but are not limited to, projections of gold reserves, assay results, plans to raise capital, expand the board, strengthen management and governance and develop gold projects. Additional information regarding factors that could cause results to differ materially from management's expectations is found in the Company’s SEC filings. The Company intends that the forward-looking statements contained herein be subject to the above-mentioned statutory safe harbors. Investors are cautioned not to rely on forward-looking statements. The Company disclaims any obligation to update forward-looking statements.
Chief Executive Officer