Gold Mountain hits 1.6 meters of 159.9 g/t gold and 118.3 g/t silver at Elk Gold project and begins resource update

TSX-V TRADING SYMBOL:  GUM

VANCOUVER, Nov. 28, 2011 /PRNewswire/ - Gold Mountain Mining Corporation (the "Company" or  "Gold Mountain") is pleased to announce initial assay results from the Company's 2011 exploration program at its 100% owned advanced stage Elk Gold project near Merritt BC. The drill campaign was successful in confirming and extending several high grade veins within the historic pit area, and also discovered a new vein occurrence or extension some 450 meters along strike from previous drilling on the known resource.  Highlights of the holes announced today include the following:

Gold Mountain's CEO Jim O'Rourke commented "Elk is an intriguing deposit with veins locally carrying very high grades of gold and silver and has an existing half million ounce gold resource. The veins are narrow but generally project to surface and are potentially amenable to selective open pit and/or underground mining methods, as outlined in our Preliminary Economic Assessment. We are now looking forward to completing an updated resource estimate, based on the 26,750m of additional drilling completed since the last estimate in 2009."

During the 4 month field program, the Company completed 14,000m of core drilling in 77 holes. The drill program was designed to confirm and upgrade the existing resource and to test three other high priority targets on the property, which included the Gold Creek, Lake and South zones. Highlights of the first 45 drill holes in the historic pit area (numbered 88 to 132) are reported below. Results from the remaining 32 regional holes (numbered 133- 164) are pending and will be reported once assays are received.

Please note that the gold assays above have been composited to a "minimum mining width" of 1-2 meters (which may include zero grade material) to reflect the average widths used in the existing block model resource estimate. Also note that all widths reported above are down hole intercepts only, with true widths ranging from approximately 70 to 100 % of the reported width.

Drilling was successful in confirming the continuity of high grade vein structures in several areas surrounding the historic bulk sample pit where 53,000 ounces of gold was recovered.  Infill hole SND11-128, in the central pit area, where the steeply dipping 1300 vein was intersected as expected, returning grades up to 159 g/t gold over 1.60 meters (including 465 g/t over 0.55m).  Step out hole SND11-110, in the northwest pit area, where the steeply dipping 2400 vein was extended along strike at least 300 meters to the west, with grades up to 16.6 g/t gold over 1.46 meters (including 115 g/t over 0.2m); and step out hole SND11-113, in the southeast resource area, where the flat lying 1200 vein was extended at least 35 meters down dip to the south, with grades up to 14.2 g/t gold over 1.63 meters (including 109 g/t over 0.21m). A drill hole location map and composite cross section for these holes will be posted to our website shortly.

Drilling also discovered a new vein structure in the Far West zone, located some 450 meters west and along strike of the historic pit area, where drill hole SND11-123 returned an intercept of semi-massive pyrite, sphalerite, galena and chalcopyrite in quartz, which graded 30.4 g/t gold over 0.39 meters. This could represent an extension of the 1300 vein (which was previously mined in the historic pit) and will be a particular focus of drill testing next year.  This intercept suggests significant additional resource potential along strike from known mineralization.

The drill data is now being compiled and interpreted in more detail, to allow for an updated resource estimate, planned for completion in Q2 2012. The current NI 43-101 resource estimate, based on drill data available in 2009, stands at 2,190,000 tonnes Measured and Indicated at an average grade of 4.26 g/t Au (for 301,000 ounces gold contained), plus 1,150,000 tonnes Inferred at an average grade of 7.13 g/t Au (for 263,000 ounces gold contained).

The resource update will be performed by Giroux Consultants Ltd. of Vancouver, BC to include new data from both the 2010 program of 12,750m drilling (conducted by previous owner Almaden Minerals) and the 2011 program of 14,000m drilling discussed herein. The update will also be based on a new interpretation of the vein system based on a complete re-survey of the existing holes, moving from the old mine grid into modern UTM coordinates.

Gold Mountain adheres to a strict QA/QC monitoring program that includes the insertion of blanks, standards and duplicates into the sample stream, as well as the re-submission of select samples for check assays by a third party laboratory. Core samples were analyzed at Ecotech Labs (a Stewart Group company) in Kamloops, BC, by Fire Assay with a gravimetric finish if over 10g/t gold, and an Atomic Absorption finish if under 10 g/t.

Gold Mountain's Vice President of Exploration, Peter Thiersch, M.Sc., P.Geo., was responsible for the design and execution of the 2011 field program and also acts as the Company's Qualified Person for technical disclosure per National Instrument 43-101.

About Gold Mountain Mining

Gold Mountain is a new public resource company managed by an experienced team of professionals with a solid track record of exploration and development success.  The Company owns 100% of the 16,700 hectare Elk Gold property, which the Company intends to develop into a precious metal producer within the next two years, and is also seeking additional near-term production assets to further build shareholder value.  Additional information is available on Sedar.com or on the Company's new website at www.aumtn.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.

ON BEHALF OF THE BOARD

"Peter Thiersch" (signed)
Peter Thiersch, Vice President Exploration

Forward-Looking Statements:  This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the closing of further tranches of the Offering, the use of proceeds from the  Offering and the Company's plans with respect to the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

SOURCE Gold Mountain Mining Corporation