PureGold announces securities for loan transactions

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Not for distribution or promotion in the United States newswear services

Vancouver, British Columbia, May 24, 2022 (GlobeNewswire) – Pure Gold Mining Inc. (TSX-V: PGM, LSE: PUR) (“PureGold” or “Company”) is pleased to announce that it will enter into certain company-specific securities. Debt settlement agreement with the service contractor (“creditor”) according to which it will issue 20,922,914 units (“units”) to the creditors at a cost of $ 0.15 per unit to settle the total arrears. $ 3,138,437 (“loan”).

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Each unit consists of a common share of the company (a “common share”) and a common share purchase warrant (a “warrant”) of the company. Each warrant will give its holder the right to purchase a common share, in accordance with the terms of the warrant, and will have a practice price of 18 0.18 per ordinary share for a period of six months. The settlement of the loan in exchange for issuing the unit is subject to the approval of the TSX Venture Exchange.

Shares and warrants may not be traded for four months and one day after the closing of the transaction described in this release. The securities described herein are not and will not be registered under the U.S. Securities Act of 1933 as amended and cannot be offered or sold with the applicable waiver from missing U.S. registrations or registration requirements of such laws. .

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Pure Gold Mining Inc.

Puregold is a Canadian gold mining company located in the heart of Red Lake, Ontario, Canada. The company owns and operates the Puregold Mine, which entered commercial production in 2021 after the successful construction of an 800 tpd underground mining and processing facility. Gold reserves and resources concentrate a 47 sq km property with significant discovery potential. PureGold’s strategy is to achieve operational excellence while investing in systematic exploration and phased expansion for future discovery and growth.¹

Additional information about the company and its activities can be found on the company’s website www.puregoldmining.ca And under the company profile www.sedar.com

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On behalf of the board
“Mark O’Dea“
Mark O’Day, President and CEO

Investors ask:
Adrian O’Brien, Director, IR & Communications
Telephone: 604-809-6890
[email protected]

Neither the TSX Venture Exchange nor its regulation service providers (as defined in the TSX Venture Exchange Policy) accept responsibility for the adequacy or accuracy of this release.

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All of the statements in this press release, except the statement of historical facts, contain “face-to-face information” in the case of PureGold within the meaning of applicable securities law, but are not limited to the possibility and statements of the discovery of PureGold Mine. Close the company’s strategy and equity financing. Uses words like “search”, “guess”, “plan”, “continue”, “planned”, “expectation”, “project”, “prediction” often, but not always. , “Probability”, “targeting”, “intents”, “belief”, “probability”, and similar expressions, or a “goal”, or describes variations of such words and phrases or says that some verb, event or result ” Maybe “”, “should”, “get”, “will”, “maybe” or “will” take, happen or be achieved. Future performance is not guaranteed and is based on a number of assumptions and management estimates as of the date the statements were made, including the future value of gold and other metals, exchange rates and interest rates, favorable operating conditions, political stability, government approval and timely funding. , Obtaining renewal for existing licenses and permits and obtaining necessary licenses and permits, labor stability, stability of market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and expected costs and expenses. Many assumptions are based on factors and events that are beyond Puregold’s control and there is no guarantee that they will be proven correct.

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Such far-sighted information involves known and unknown risks, which may distinguish actual results from future results that may differ from future results, including risks related to the interpretation of results in Pure Gold Red Lake Mine Complex; Changes in project parameters as plans are modified; Current economic situation; Future prices of products; Possible change in grade or recovery rate; The cost and time of developing new deposits; Failure of equipment or process to work as expected; Failure to perform contract parties; The timing and success of research and development activities in general; Delay in allowing Potential claims against the company; During future economic research; Labor disputes and other risks to the mining industry; Delays in completing government approvals, financing, or investigations for those issues discussed in the company’s Annual Information Form dated March 30, 2022, in the section titled “Risk Factors” under PureGold’s SEDAR profile at www.sedar. com.

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While PureGold seeks to identify important factors that may make physical actions, events, or outcomes materially different from those described in the preceding information, there may be other reasons why actions, events, or outcomes may not be as expected, conjectured, or intended. . There is no guarantee that such information will prove to be accurate as actual results and that future events may differ materially from those expected in such statements. PureGold denies any desire or obligation to update or correct any expected information, as a result of new information, future events or otherwise required by law.