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Spanish Mountain Gold Reports Interim Results for Reverse Circulation Drilling Program & Change of Management

29.10.2013  |  CNW

VANCOUVER, Oct. 29, 2013 /CNW/ - Spanish Mountain Gold Ltd. (the "Company") (TSXV:SPA) is pleased to announce assay results from the reverse circulation drilling program currently underway within the Main Zone of its Spanish Mountain Gold Project (the "Project") located in central British Columbia, Canada. The results presented in this news release represent approximately 25% of the total number of drill holes planned for the current program. Results from the remaining drill holes are expected to be available over the next two months.

Highlights of Drilling Results:

  • 18.29 metres (m) grading 1.32 grams per tonne (g/t) gold in hole 13SMRC-1144
  • 6.10m grading 1.29 g/t gold and 6.1m grading 1.31 g/t gold in hole 13SMRC-1145
  • 6.10m grading 1.75 g/t gold in hole 13SMRC-1146
  • 19.81m grading 0.92 g/t gold in hole 13MRC-1147
  • 16.76m grading 1.32 g/t and 7.62m grading 0.96 g/t gold in hole 13MRC-1152
  • 12.19m grading 1.55 g/t gold in hole 13SMRC-1157
  • 12.19m grading 0.95 g/t gold in hole 13SMRC-1159

Significant assay results are contained in Table 1 appended to this news release. Drilling is being carried out in the central portion of the potential open pit as outlined in the Preliminary Economic Assessment announced on November 14, 2012. A map showing the location of the reported drill holes is shown in Figure 1 appended to this news release.

Dr. Morris Beattie, Chief Operating Officer, commented: "The objective of the current reverse circulation drilling program is to provide larger samples than previously obtained from NQ diamond drilling. Encouraged by the results of this first batch of 16 reverse circulation drill holes, we are continuing to drill up to a total of 60 holes. When all of the assay results are available, they will be analysed to determine their impact on the project."

Judy Stoeterau, P.Geo., the Company's Vice-President of Geology and the qualified person as defined under National Instrument 43-101, has reviewed the contents of this news release. All samples were assayed at ALS Chemex Laboratory in Vancouver, BC. The Company has retained Discovery Consultants of Vernon, BC, to monitor independently the quality control and quality assurance (QC/QA) data on the Spanish Mountain Gold Project. Analytical precision and accuracy are being measured and monitored by the use of duplicates, prep and pulp samples and by standards (reference material). Possible contamination during the sampling and processing procedures is being monitored by the insertion of blank samples.

CHANGE OF MANAGEMENT

The Company announces that in the current harsh financial climate for junior gold companies, it is reducing the Company's annual overheads to the maximum practicable extent. For this reason, some substantial economies have been made and as part of this process, it has now been decided to merge the roles of Chief Executive Officer and Chief Operating Officer. To facilitate this change, Mr. Brian Groves will step down as CEO and a Director of the Company effective October 31, 2013 and will serve as an Advisor to ease the transition.

Ian Watson, Chairman, commented: "Brian has served Spanish Mountain very well over the last six years. In these difficult times, we are sorry to see him leave the Company and wish him well with all of his present and future activities. We will be keeping in touch with Brian and look forward to his continued input as an Advisor."

Morris Beattie will be appointed CEO of the Company effective October 31, 2013. Dr. Beattie joined the Company's Board of Directors in March 2011 and has been the COO since September 2011. He has over 40 years of technical and corporate experience in the mining industry covering every aspect of project development around the world. The Company's website gives a more detailed profile of Dr. Beattie's distinguished career in mining.

About Spanish Mountain Gold
Spanish Mountain Gold Ltd. is focused on the responsible development of its flagship Spanish Mountain gold project in southern central British Columbia, Canada. The Company has no debt and owns 100% of the Spanish Mountain gold property. Additional information about the Company is available on its website: www.spanishmountaingold.com

On Behalf of the Board,
Spanish Mountain Gold Ltd.

Morris Beattie,
Chief Operating Officer

This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Management has assumed that these will be our major projects going forward. Risks include that we are unable to satisfy environmental or other regulators, that we determine that our resources are not commercially viable, or that we have difficulties due to unavailability of labour or equipment.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.

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

Table 1: Significant Assay Results

Hole From To Length
(metres) 		Au (g/t)
13SMRC-1144 10.97 29.26 18.29 1.32
including 14.02 23.16 9.14 2.28
and 18.59 23.16 4.57 3.45
13SMRC-1144 41.45 53.64 12.19 0.32
including 47.55 53.64 6.10 0.50
and 47.55 49.07 1.52 1.48
13SMRC-1144 73.45 74.98 1.52 0.27
13SMRC-1144 91.74 119.17 27.43 0.30
including 99.36 102.41 3.05 0.91
including 106.98 110.03 3.05 0.43
including 116.12 119.17 3.05 0.83
13SMRC-1144 158.79 161.84 3.05 1.49
including 158.79 160.32 1.52 2.70
13SMRC-1145 24.38 53.34 28.95 0.41
including 24.38 42.67 18.29 0.58
and 24.38 30.48 6.10 1.29
and 25.91 27.43 1.52 4.33
13SMRC-1145 62.48 65.53 3.05 0.32
13SMRC-1145 79.24 80.77 1.52 0.37
13SMRC-1145 88.39 126.49 38.10 0.47
including 106.67 112.77 6.10 1.31
and 108.20 109.72 1.52 4.50
13SMRC-1145 143.25 163.06 19.81 0.31
including 150.87 163.06 12.19 0.44
and 150.87 156.96 6.10 0.76
and 150.87 152.39 1.52 2.20
13SMRC-1146 48.77 85.34 36.57 0.39
including 48.77 76.20 27.43 0.48
and 48.77 54.86 6.10 0.66
and 51.81 53.34 1.52 1.46
and 62.48 76.20 13.72 0.63
and 64.00 73.15 9.14 0.77
and 70.10 71.62 1.52 1.46
13SMRC-1146 97.53 106.67 9.14 0.35
including 97.53 102.10 4.57 0.54
13SMRC-1146 124.96 131.06 6.10 1.75
including 126.49 128.01 1.52 4.67
13SMRC-1147 5.49 91.44 85.95 0.57
including 5.49 83.82 78.33 0.61
and 5.49 74.67 69.19 0.67
and 35.05 54.86 19.81 0.92
and 35.05 41.15 6.10 1.13
and 44.19 50.29 6.10 1.04
and 53.34 54.86 1.52 2.06
and 68.58 71.62 3.05 1.24
13SMRC-1147 97.53 103.63 6.10 0.56
13SMRC-1147 121.91 138.68 16.76 0.23
including 121.91 123.44 1.52 0.68
13SMRC-1148 3.05 16.76 13.72 0.66
including 3.05 12.19 9.14 0.81
and 3.05 4.57 1.52 1.85
13SMRC-1148 25.91 35.05 9.14 0.79
including 28.95 35.05 6.10 1.02
13SMRC-1148 71.62 83.82 12.19 0.93
including 76.20 77.72 1.52 6.74
13SMRC-1149 7.62 44.19 36.57 0.54
including 7.62 16.76 9.14 0.83
and 7.62 9.14 1.52 1.73
including 24.38 33.53 9.14 0.76
including 38.10 44.19 6.10 0.61
13SMRC-1149 79.24 99.06 19.81 0.33
including 79.24 80.77 1.52 0.71
including 83.82 89.91 6.10 0.35
including 92.96 99.06 6.10 0.47
13SMRC-1149 109.72 114.29 4.57 0.93
including 112.77 114.29 1.52 1.20
13SMRC-1150 25.91 33.53 7.62 0.32
13SMRC-1150 45.72 60.96 15.24 0.54
including 47.24 48.77 1.52 3.06
13SMRC-1150 108.20 109.72 1.52 0.54
13SMRC-1150 172.20 176.78 4.57 0.54
13SMRC-1150 188.97 192.01 3.05 0.57
13SMRC-1151 9.14 13.72 4.57 0.67
including 12.19 13.72 1.52 1.12
13SMRC-1151 27.43 28.95 1.52 1.20
13SMRC-1151 45.72 50.29 4.57 0.77
13SMRC-1151 57.91 67.06 9.14 0.91
including 60.96 67.06 6.10 1.26
and 60.96 64.01 3.05 1.92
13SMRC-1151 77.72 102.11 24.38 0.62
including 77.72 79.25 1.52 0.54
including 96.01 102.11 6.10 1.88
including 97.54 100.58 3.05 3.25
including 97.54 99.06 1.52 5.26
13SMRC-1152 6.10 22.86 16.76 1.32
including 6.10 15.24 9.14 1.82
and 7.62 10.67 3.05 3.06
including 19.81 22.86 3.05 1.59
13SMRC-1152 45.72 67.06 21.34 0.25
including 50.29 51.82 1.52 0.34
including 54.86 67.06 12.19 0.30
13SMRC-1152 79.25 91.44 12.19 0.66
including 79.25 86.87 7.62 0.96
and 79.25 82.30 3.05 1.60
13SMRC-1152 103.63 129.54 25.91 0.51
including 103.63 112.78 9.14 0.71
13SMRC-1152 150.88 158.50 7.62 0.24
13SMRC-1152 176.78 178.31 1.52 0.37
13SMRC-1152 196.60 199.64 3.05 0.21
13SMRC-1153 0.00 3.05 3.05 2.45
13SMRC-1153 50.29 53.34 3.05 0.34
13SMRC-1153 74.68 102.11 27.43 0.30
including 80.77 86.87 6.10 0.53
including 92.96 102.11 9.14 0.46
and 92.96 94.49 1.52 1.25
13SMRC-1153 118.87 123.44 4.57 0.45
13SMRC-1153 143.26 150.88 7.62 0.52
including 144.78 146.30 1.52 1.29
13SMRC-1153 161.54 195.07 33.53 0.23
Including 161.54 164.59 3.05 0.39
including 170.69 195.07 24.38 0.26
including 193.55 195.07 1.52 0.49
13SMRC-1154 10.67 27.43 16.76 0.64
including 10.67 16.76 6.10 1.50
and 12.19 15.24 3.05 2.30
13SMRC-1154 41.15 42.67 1.52 0.63
13SMRC-1154 88.39 89.92 1.52 0.35
13SMRC-1154 100.58 102.11 1.52 0.85
13SMRC-1154 112.78 124.97 12.19 0.72
including 112.78 117.35 4.57 1.30
and 112.78 114.30 1.52 3.61
including 121.92 124.97 3.05 0.84
13SMRC-1154 155.45 169.16 13.72 0.39
including 167.64 169.16 1.52 0.95
13SMRC-1155 1.52 10.67 9.14 0.22
13SMRC-1155 97.54 99.06 1.52 0.20
13SMRC-1155 111.25 112.78 1.52 0.24
13SMRC-1155 137.16 140.21 3.05 0.32
13SMRC-1155 147.83 150.88 3.05 0.23
13SMRC-1155 155.45 156.97 1.52 0.32
13SMRC-1155 160.02 161.54 1.52 0.26
13SMRC-1155 167.64 170.69 3.05 0.38
13SMRC-1156 97.54 99.06 1.52 0.20
13SMRC-1157 1.52 41.15 39.62 0.74
including 7.62 12.19 4.57 1.26
including 28.96 41.15 12.19 1.55
and 28.96 33.53 4.57 3.10
and 32.00 33.53 1.52 6.06
13SMRC-1157 50.29 67.06 16.76 0.61
including 56.39 67.06 10.67 0.80
and 64.01 65.53 1.52 3.04
13SMRC-1157 88.39 97.54 9.14 0.48
13SMRC-1157 152.40 156.97 4.57 0.47
13SMRC-1158 0.00 6.10 6.10 1.33
13SMRC-1158 15.24 22.86 7.62 0.31
including 15.24 16.76 1.52 0.71
13SMRC-1158 45.72 47.24 1.52 0.26
13SMRC-1158 59.44 60.96 1.52 0.42
13SMRC-1158 89.92 91.44 1.52 0.44
13SMRC-1158 106.68 108.20 1.52 0.37
13SMRC-1158 117.35 144.78 27.43 0.45
including 128.02 144.78 16.76 0.62
and 134.11 137.16 3.05 1.10
13SMRC-1158 156.97 163.07 6.10 0.45
including 161.54 163.07 1.52 1.04
13SMRC-1159 3.66 4.57 0.91 0.23
13SMRC-1159 7.62 9.14 1.52 0.32
13SMRC-1159 15.24 16.76 1.52 0.39
13SMRC-1159 19.81 21.34 1.52 0.23
13SMRC-1159 33.53 35.05 1.52 0.62
13SMRC-1159 76.20 86.87 10.67 0.32
13SMRC-1159 105.16 111.25 6.10 0.42
13SMRC-1159 131.06 143.26 12.19 0.95
including 137.16 143.26 6.10 1.61
and 137.16 141.73 4.57 2.08
and 140.21 141.73 1.52 4.17
13SMRC-1160 9.14 12.19 3.05 0.64
13SMRC-1160 25.91 35.05 9.14 0.34
including 25.91 28.96 3.05 0.71
and 25.91 27.43 1.52 1.05
13SMRC-1160 68.58 71.63 3.05 0.30
13SMRC-1160 85.34 89.92 4.57 0.23
13SMRC-1160 112.78 114.30 1.52 0.22
13SMRC-1160 146.30 153.92 7.62 0.27
including 146.30 147.83 1.52 0.57
13SMRC-1160 172.21 179.83 7.62 6.88
including 178.31 179.83 1.52 33.40


SOURCE Spanish Mountain Gold Ltd.

Image with caption: "Figure 1: Location of Drill Holes (CNW Group/Spanish Mountain Gold Ltd.)". Image available at: http://photos.newswire.ca/images/download/20131029_C7892_PHOTO_EN_32665.jpg



Contact

Inquiries:
Phone: (604) 601-3651
E-mail: info@spanishmountaingold.com
Website: www.spanishmountaingold.com


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Spanish Mountain Gold Ltd.
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