C:CC - Contact Gold Provides Drilling and Exploration Update for Green Springs Gold Project

(TheNewswire)

Vancouver, B.C. - TheNewswire - June 15, 2023 – Contact Gold Corp. (the“Company” or “Contact Gold”) (TSXV:C ) ; ( OTC:CGOLF) is pleasedto provide an update on the 2023 exploration program at the GreenSprings gold project located on the prolific Cortez Trend innortheastern Nevada.

The 2023 program is being carried out as part of theUS$ 10 million earn-in agreement with a wholly-owned subsidiary ofCenterra Gold Inc. (“Centerra”) (TSX: CG; NYSE: CGAU), and ramped up on May 30, 2023. Contact Gold is the project operator for the planned 4,500 metres ofreverse circulation (RC) drilling.

“We’ve had a safe and efficient start to theprogram, with drilling, geophysics, and surface work all underway.”said Matt Lennox-King, President and CEO of Contact Gold.  “GreenSprings boasts incredible exploration potential, and our work to datein 2023 continues to reinforce that opportunity.  Next up on thetarget list are the C-D Gap target and the X-Ray Zone, a recentlydiscovered outcropping zone of oxidized gold mineralization.”

2023 Program Update:

• 603 metres of RC drilling have been completed out of aplanned total of 4,500 metres, representing 13% of the plannedprogram.

• Drilling to date has been focused at the Echo Zone atthe southern end of the 3 km long Green Springs Mine Trend.

• A total of 47 claims have been added to the project,representing a 19% increase in the project area.

• The Oscar target has been identified to the north ofthe Mine Trend with soil samples returning anomalous low-level goldand pathfinder elements; detailed mapping is scheduled to furtherdefine the target for drilling.

• Soil sampling crews have collected over 802 samplescovering the Zulu, North Whiskey, and Whiskey-Foxtrot corridor targetareas.

• A CSAMT survey is being conducted over the Kilo andZulu targets to better understand the stratigraphic and structuralsetting ahead of drilling later in the program.

• Our earthwork contractor has been actively building newaccess roads at the X-Ray, Alpha, and Tango zones and will becompleting additional drill pad construction in the coming weeks.

Map Showing Green Springs targetareas:

Qualified Person and technicaldisclosure

The scientific and technical information contained inthis news release has been reviewed and approved by Vance Spalding,CPG, VP Exploration, Contact Gold, who is a “qualified person”within the meaning of NI 43-101.

Green Springs is strategically located 7 km immediatelyeast of the Gold Rock project operated by Calibre Mining Corp. (TSX:CXB; OTCQX: CXBMF) and 20 km southeast of their Pan Mine.

In December 2022 the Company entered into an earn-inagreement with a wholly-owned subsidiary of Centerra providing Centerra the option to acquire a 70% interest in GreenSprings for cumulative earn-in exploration expenditures of US$10,000,000 and aggregate cash payments to the Company of US$1,000,000.  For further details on the earn -inwith Centerra, and an overview of the planned program for 2023 pleasesee Contact Gold news release s dated December 9, 2022 , April 5, 2023 ,and May 31,2023 .

Green Springs is an early-stage exploration propertyand does not contain any mineral resource estimates as defined byNational Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”). There has been insufficient exploration to define amineral resource estimate at Green Springs. Additional informationabout Green Springs is summarized in the NI 43-101 Technical Reportentitled, “NI 43-101 Technical Report for the Green Springs Project,White Pine County, Nevada, USA” prepared for Contact Gold, with aneffective date of June 12, 2020, and dated August 5, 2020, by John J.Read, C.P.G; an independent consultant and qualified person under NI43-101, and can be viewed under Contact Gold’s issuer profile onSEDAR at www.sedar.com .

About Contact Gold Corp.

Contact Gold is an exploration company focused onmaking district scale gold discoveries in Nevada.  Contact Gold’sextensive land holdings are on the prolific Carlin and Cortez goldtrends which host numerous gold deposits and mines. Contact Gold’sland position comprises approximately 145 km 2 of target richmineral tenure hosting numerous known gold occurrences, ranging fromearly- to advanced-exploration and current gold resources.

Additional information about the Company is availableat www.contactgold.com .

For more information, please contact: +1 (604)449-3361

Matthew Lennox-King – President & CEO

E-mail: info@ContactGold.com

Neither the TSXV nor its RegulationServices Provider (as that term is defined in the policies of theTSXV) accepts responsibility for the adequacy of this release. Nostock exchange, securities commission or other regulatory authorityhas approved or disapproved the information contained herein.

Cautionary Note RegardingForward-Looking Information

This news release contains"forward-looking information" and "forward-lookingstatements" (collectively, "forward-lookingstatements") within the meaning of the applicable Canadiansecurities legislation. All statements, other than statements ofhistorical fact, are forward-looking statements and are based onexpectations, estimates and projections as at the date of this newsrelease. Any statement that involves discussions with respect topredictions, expectations, beliefs, plans, projections, objectives,assumptions, future events or performance (often but not always usingphrases such as "expects", or "does not expect","is expected", "anticipates" or "does notanticipate", "plans", "budget","scheduled", "forecasts", "estimates","believes" or "intends" or variations of suchwords and phrases or stating that certain actions, events or results"may" or "could", "would","might" or "will" be taken to occur or beachieved) are not statements of historical fact and may beforward-looking statements. In this news release, forward-lookingstatements relate, among other things, to the anticipated explorationactivities of the Company at the Green Springs property, and thecompletion of the earn-in by Centerra at Green Springs.

These forward-looking statements arebased on reasonable assumptions and estimates of management of theCompany at the time such statements were made. Actual future resultsmay differ materially as forward-looking statements involve known andunknown risks, uncertainties and other factors which may cause theactual results, performance or achievements of the Company tomaterially differ from any future results, performance or achievementsexpressed or implied by such forward-looking statements. Such factors,among other things, include: fluctuations in general macroeconomicconditions; fluctuations in securities markets; fluctuations in spotand forward prices of gold, silver, base metals or certain othercommodities; fluctuations in currency markets (such as the Canadiandollar to United States dollar exchange rate); change in national andlocal government, legislation, taxation, controls, regulations andpolitical or economic developments; risks and hazards associated withthe business of mineral exploration, development and mining (includingenvironmental hazards, industrial accidents, unusual or unexpectedformations pressures, cave-ins and flooding); inability to obtainadequate insurance to cover risks and hazards; the presence of lawsand regulations that may impose restrictions on mining; employeerelations; relationships with and claims by local communities andindigenous populations; availability of increasing costs associatedwith mining inputs and labour; the speculative nature of mineralexploration and development (including the risks of obtainingnecessary licenses, permits and approvals from governmentauthorities); and title to properties. Although the forward-lookingstatements contained in this news release are based upon whatmanagement of the Company believes, or believed at the time, to bereasonable assumptions, the Company cannot assure shareholders thatactual results will be consistent with such forward-lookingstatements, as there may be other factors that cause results not to beas anticipated, estimated or intended. Readers should not place unduereliance on the forward-looking statements and information containedin this news release. The Company assumes no obligation to update theforward-looking statements of beliefs, opinions, projections, or otherfactors, should they change, except as required by law.

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