Gold Rim Exploration Inc. Acquires Old Silver and Gold Producing Property in Yukon

To acquire this asset, Gold Rim Exploration Inc. paid USD $620,000 to a private company and its affiliate; in addition to the required taxes to bring the 7 mining concessions to good standing. There are seven known main veins that cover a total strike length of over 2.44 kilometers, with widths between 35 centimeters and 11 metres.

Simmo's Creek is the most explored vein at the site with a historic resource estimate of 39,000 tonnes at 2.87 grams of gold per ton and 28.3 grams of silver per to.

Gold Rim Exploration Inc. completed preliminary underground channel sampling at the project in quarter four last year where they extracted over 35 metres of strike which suggested an average true width of 4.87 metres, with grades of 3.92 grams of gold and 32.91 grams of silver per ton for the vein. Bottle roll tests suggest composite recoveries of over 90% for both gold and silver.

"Subject to our drilling and operational logistics will depend on whether we operate the project as a standalone mine or a satellite project for additional mill feed to Bonanza Creek," said Mr. Andrew Abrahamson, Chief Operations Officer at Gold Rim Exploration Inc.

"Although the site has produced both gold and silver historically, reliable production records are not available as the site is now over 120 years old and artisanal mining has been ongoing at the site over the past 52 years with very few detailed records. This suits us as we know our exploration techniques are extremely good at locating and identifying high value deposits, something which we know was never done at this site by previous owners," he added.

The company announced they will undertake further mapping, sampling and surveying at the project throughout the remainder of the year and will report results once they become available.