Silver Mountain Mines Inc. announced that it has executed a binding Definitive Agreement with Nevgold Corp. with respect to a proposed transaction (the "Proposed Transaction") whereby Silver Mountain will acquire all of the issued and outstanding common shares in the capital of Nevgold (the "Nevgold Shares"). Upon closing of the Proposed Transaction, the management and board of directors of the Resulting Issuer is expected to consist of Giulio Bonifacio, Brandon Bonifacio, Vic Bradley, Greg French, Tim Dyhr, Steve Konopelky, and Morgan Hay.