Element79 Gold Announces Execution of Agreement with Centra Mining Ltd. for the Sale of Battle Mountain Portfolio Properties in Nevada

Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE: 7YS) (“Element 79 Gold”, the “Company”) announces that, in addition to its November 17, 2022 launch, the Company has celebrated an Asset Purchase Agreement (the “Agreement”) for the sale of two properties of its Battle Mountain Portfolio located in the Northeastern Nevada gold mining district, USA to a subsidiary of Centra Mining Ltd. (” Center”).

Under the terms of the Agreement, Centra has agreed to purchase all of Element79 Gold’s interests and obligations in connection with the Long Peak Project (“Long Peak”) and the Stargo Project (“Stargo”) in exchange for aggregate consideration of CAD 1,000,000 payable by the issuance of an aggregate of 2,500,000 common shares of Centra at an estimated price of CAD 0.40 per share (the “Payment Shares”). The transaction is expected to close on or before June 30, 2023, and is subject to regulatory approval.

“The sale of Long Peak and Stargo to Centra marks another milestone in Element79’s journey to strategically develop its high-grade gold assets,” commented James Tworek, Element79’s chief executive officer. “Centra realizes that these projects have great exploration potential along with the rest of its portfolio and it will be exciting to see what their near-term development plans are. We are excited to maintain our exposure to the very promising development potential of these properties through our equity interest in Centra”.

Added Tworek: “We have been working on the sale of secondary assets in Battle Mountain for over a year, and it feels great to confirm that we have a package of properties now registered and pending its closing date. This achievement further helps to highlight the currently unrealized value of individual properties in the Battle Mountain portfolio, helping to re-envision a benchmark for corporate valuation and allowing us to unlock additional value from our extensive portfolio of properties. potentials while increasing the focus of Element79 Gold. , energy and capital flows in the development of its flagship Maverick Springs and both in the definition of a resource and in the start-up of production in Lucero in 2024”.

Element79 Gold Battle Mountain Wallet

The Battle Mountain portfolio was originally comprised of 15 separate projects totaling more than 44,478 acres on 2,203 unlicensed claims in five counties: Elko County, Eureka County, Humboldt County, Lander County, and from Nye. The majority of the Battle Mountain portfolio is within the Battle Mountain Trend, with several projects near world-renowned gold deposits, including Nevada Gold’s Cortez mine.

Battle Mountain’s portfolio is comprised primarily of early stage projects. While drilling has been completed on some projects, such as Elder Creek (155 holes) and Clover (104 holes), many have only completed surface sampling and geophysical surveys. Of particular interest are the Long Peak, Elephant, Elder Creek, North Mill Creek, Clipper, Pipeline South, West Cortez and Walti projects, which are interpreted to lie along the northwest-trending fault that hosts the high-altitude Pipeline deposit. grade, which is included in Nevada Gold’s Cortez mine.

Figure 1 . Map of Nevada showing the location of the Battle Mountain Projects and select major gold mines.

The Long Peak Project

Long Peak is made up of 34 non-proprietary claims located near the Copper Basin and the Copper Canyon Mine in Lander County, Nevada. Long Peak harbors significant historical prospects, which warrants further exploration at Long Peak.

The Stargo Project

Stargo is made up of 337 unpatented claims located south of Battle Mountain Trend in Nye County, Nevada. The large reclamation block contains attractive host rocks, Tertiary-age intrusives, and age-appropriate structural preparation to represent an attractive area for exploration target development.

About Element79 Gold

Element79 Gold is a mining company focused on gold, silver and associated metals and committed to maximizing shareholder value through responsible mining practices and the sustainable development of its projects. Element79 Gold’s primary focus is on two primary properties: developing its previously producing high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to bring it back to production in the near term; and its flagship Maverick Springs project, located in the famed gold mining district of Northeast Nevada, USA, between Elko and White Pine counties. Maverick Springs hosts a 43-101 compliant pit restricted mineral resource estimate reflecting an inferred resource of 3.71 million “AuEq” gold equivalent ounces grading 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag) with an effective date of October 19, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which were not they are central to your core business focus. In British Columbia, Element79 Gold has executed a letter of intent and financed a drill program to acquire a private company that holds an option for a 100% interest in the Snowbird high-grade gold project, consisting of 10 centrally located mineral claims. from British Columbia. , approximately 20 km west of Fort St. James. The Company also has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada, in the Timmins Mining Division, Dale Township. The Company is reviewing the non-core Nevada projects, The Dale Property and Snowbird Property for further exploration, sale or spin-off merit.

For more information about the Company, please visit www.element79.gold

contact information

For corporate matters, please contact:

James C. Tworek, CEO Email: [email protected]

For investor relations inquiries, please contact:

Investor Relations Department

Phone: +1 (613) 879-9387

Email: [email protected]

Cautionary Note Regarding Forward-Looking Statements

This press contains “forward-looking information” and “forward-looking statements” under applicable securities laws (collectively, “forward-looking statements”). These statements relate to future events or future performance of the Company, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and management assumptions made in light of management experience and the perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements regarding: the Company’s business strategy; future planning processes; exploration activities; the timing and outcome of exploration activities; final sale and closing time, if any, of the aforementioned properties; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may turn out to be incorrect and actual results may differ materially from those anticipated. Accordingly, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance on forward-looking statements, as there can be no guarantee that the plans, assumptions or expectations on which they are based will materialize. All statements that are not statements of historical fact may be forward-looking statements. Any statement that expresses or involves discussions regarding predictions, expectations, beliefs, plans, projections, goals, or future events or performance (often, but not always, using words or phrases such as “seek,” “anticipate,” “plan” , “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “target”, “intend”, “could”, ” could”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, without limitation: the duration and effects of coronavirus and COVID -19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes to project parameters as plans continue to be refined; raw material prices; variations in mineral reserves, grade or recovery rates; actual performance of plant, equipment or processes in relation to specifications and expectations; accidents; labor Relations; relations with local communities; changes in national or local governments; changes in the applicable legislation or its application; delays in obtaining approvals or financing or in completing development or construction activities; exchange rate fluctuations; additional capital requirements; government regulation; Environmental risks; recovery expenses; results of pending litigation; limitations on insurance coverage, as well as those factors discussed in other Company public disclosure documents, available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or anticipated. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but there can be no guarantee that these expectations will turn out to be correct and such forward-looking statements contained herein should not be undue reliance. These statements speak only as of the date hereof. The Company does not intend and does not undertake any obligation to update these forward-looking statements, except as required by applicable law.

Neither the Canada Stock Exchange nor the Market Regulator (as that term is defined in the policies of the Canada Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.


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