Gold Standard Mining Corp. is a publicly held Nevada corporation, whose common stock trades on the OTC Bulletin Board. Their operating subsidiary, Gold Standard of Wyoming, owns 100 percent of the share capital of RossZoloto, which operates a producing gold mine in the far east of Russia near the Russo-Sino border. Gold Standard Mining’s mission is to become a million ounce plus precious metals producer.
The Company intends to implement the strategy of continuing to produce precious metals from the skill base and labor force of the Russian mining sector, with the support of Western technology, finance and corporate governance. Gold Standard Mining Corp. has offices in Los Angeles, California, and in Blagoveshensk, Russia.
Gold Standard Mining Corp. will continue to explore and develop their Russian properties. They will do this while searching out new producing projects and joint ventures. The Company currently produces approximately 200 ounces of gold daily during the mining season from their alluvial mining operation. This is on 12 claims with gold reserves of 3186 kilograms (112,000 ounces), with a gold content of 2 to 10 grams per ton and a gold standard of 763 to 933. Gold Standard Mining Corp.’s total gold reserves are calculated at 6.24 million ounces.
Their hard rock mineral deposits at their Snezhinka property have 120 tons of gold reserves classified as C1 and P2 under the Russian reserve reporting system, 3 tons of platinum P2 and 195 tons of silver P2. Snezhinka, covers a 20 square kilometer area in the Skovorodinsky District of the Amur Region, and sits approximately 11 miles south of the town of Erofey-Pavlovich.
The Company’s hard rock mineral deposits at their Elnichnoe property have 69 tons of B+C1 gold reserves, 6 tons of C2 gold reserves, and 480 tons of silver. It also has 418,000 tons (921,500,000 pounds) of P1 copper resources; and 6,400 tons (14,000,000 pounds) of P1 molybdenum resources.
Elnichnoe is in the district of Zeya, Amur Region of the Russian Federation, approximately 8.3 miles east of the town of Algach. The Company produces placer gold at Elnichnoe from their alluvial deposits.
Today, Gold Standard Mining Corp. announced that they intend to boost gold extraction in 2011 by more than 40 percent. They announced that they sold 13,800 ounces (391 kgs) of gold in 2010 at an average price of US$1,252 per ounce.
The Company recorded revenues of US$17,252,000 in 2010 and income before taxes of US$5,480,000. Gold Standard Mining Corp. intends to sell at least 20,000 ounces (567 kgs) in 2011. The Company believes that they are on track to achieve extraction of at least 75,000 ounces (2,126 kgs) in 2012.