Press Releases

Goldrich Concludes Successful 2013 Season at Chandalar

Spokane, WA - October 10, 2013 - Goldrich Mining Company (OTCBB: GRMC) (“Goldrich”) is pleased to announce its 50% owned subsidiary, Goldrich NyacAU Placer, LLC (“GNP”) has concluded a successful season at its mining operations at Chandalar, Alaska.

Achievements in 2013 included mobilization of drilling equipment and plant setup, approval of permits to expand mining operations, significant infrastructure improvements and commencement of commercial production at Chandalar.

“Thanks to the hard work of GNP, the challenges of opening a new mine were met and the Company is now positioned for significant gold production beginning in 2014,” said Goldrich President and CEO William Schara.

2013 Mining Season
The 2013 mine plan was modified to allow for preparation of a planned plant expansion that could increase gold production to as much as 20,000 ounces annually by 2016.

Mining began in May and gold production commenced in late August. Under the new mining plan, operations began in a lower and broader part of the valley to establish essential water control, create a mine design that facilitates maximum future production and provide for proper land reclamation through the life of mine.   

GNP produced approximately 680 ounces of gold before closing out the 2013 season after 330 hours of plant operation at an average processing rate of 125 cubic yards per hour (yph). Approximately 40,000 cubic yards were processed through the plant and 540,000 cubic yards were stripped or moved for construction during the 2013 mining system. The overall estimated stripping ratio for life of mine is 0.89:1. Production in future years will benefit from the stripping and construction completed in 2013.

Plant Expansion
Plant expansion is scheduled to be completed in stages through 2016, culminating in a more than 300% increase from the current 125 cubic yph to 600 cubic yph. Once finished, processing facilities will consist of a primary feeder system with multiple gravel screens and gold recovery tables and an expanded settling pond system for additional water quality control.

Stage one expansion plans completed during the 2013 season included moving of mining operations to a lower and broader part of the valley, establishment of a main pit to provide sufficient access to pay gravel for a high volume operation, construction of an 1,800 foot haul road and building of major water control structures for enhanced mining conditions and increased environmental protection.

2014 Mining Season
GNP expects the first and second stages of expansion to increase plant throughput during the 2014 season to between 200 and 250 cubic yph.  The 2014 season is expected to consist of approximately 2000 hours of plant operation. The new feeder, which has already been completed outside of Alaska, will be moved on site in early 2014. The full capacity of the feeder will be realized as additional gravel screens and gold recovery tables are added in stages. 

Subject to weather, removal of overburden will begin by late March or early April to allow GNP to immediately begin processing mineralized material at the onset of summer conditions in mid-June.

Relocation of the plant in 2013 to its new location is also expected to significantly decrease truck cycle time and increase mining efficiency in 2014 and thereafter. GNP currently has a truck fleet of five 35-ton trucks and two 40-ton trucks. While current equipment and truck capacity is sufficient to feed the plant with mineralized material for the 2014 season, additional equipment may be purchased during the off season.

Goldrich has completed approximately 15,000 feet of drilling to date and outlined 10.5 million cubic yards, at an average head grade of 0.025 ounces of gold per cubic yard for an estimated total of 250,000 contained ounces. The mineralized material at Chandalar is not a mineral reserve as defined in SEC Industry Guide 7.

FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements concern use of proceeds and potential exercise of the warrants. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might”, “should” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

- risks related to our ability to continue as a going concern being in doubt;
- risks related to our history of losses;
- risks related to our outstanding gold forward sales contracts and notes;
- risks related to need to raise additional capital to fund our exploration and, if warranted, development and production programs;
- risks related to our property not having any proven or probable reserves;
- risk related to our limited history of commercial production;
- risk related to operating a mine;
- risk related to accurately forecasting production;
- risks related to our dependence on a single property – the Chandalar property;
- risks related to climate and location restricting our exploration and, if warranted, development and production activities;
- risks related to our mineralization estimates being based on limited drilling data;
- risks related to our exploration activities not being commercially successful;
- risks related to actual capital costs, production or economic return being different than projected;
- risk related to our joint venture arrangements;
- risks related to mineral exploration;
- risks related to increased costs;
- risks related to a shortage of equipment and supplies;
- risk related to fluctuations in gold prices;
- risks related to title to our properties being defective;
- risks related to title to our properties being subject to claims;
- risks related to estimates of mineralized material;
- risks related to government regulation;
- risks related to environmental laws and regulation;
- risks related to land reclamation requirements;
- risks related to future legislation regarding mining laws;
- risks related to future legislation regarding climate change;
- risks related to our lack of insurance coverage for all risks;
- risks related to competition in the mining industry;
- risks related to our dependence on key personnel;
- risks related to our executive offices not dedicating 100% of their time to our company;
- risks related to potential conflicts of interest with our directors and executive officers;
- risks related to market conditions; and
- risks related to our shares of common stock.

This list is not exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are discussed in the Company’s latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents filed with the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

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