ELMGF - Element 79 Gold Corp Signs LOI for Lucero Property Ore Sales in 2024

(TheNewswire)

VANCOUVER, BC / THENEWSWIRE / January30, 2024 – Element 79 Gold Corp (CSE:ELEM)(OTC:ELMGF) (FSE:7YS) ("ELEM" or the "Company") announces that is has completed an LOI withCompañía de Minas Buenaventura S.A.A. (“BVN”) that is asignificant stride toward realizing reanimating and generating revenuefrom its flagship past-producing Lucero property, near Chachas,Arequipa, Peru.

A Transformative Move , Element 79 Gold Corp has signed a Letter of Intent (LOI)with Compañía de Minas Buenaventura S.A.A. ("BVN") thatpaves the way for the sale of ore from the Lucero property. This marksa pivotal moment in the Company's journey and aligns directly with itscash-flow generation strategy for 2024.

Unlocking Lucero'sPotential CEO of Element 79 Gold, James C.Tworek, expressed his confidence in the opportunity the LOI realizes,stating, "This LOI represents a pivotal moment for ELEM – Proofof Concept that this past-producing mine has valuable economicpotential today - by aligning with a potential regional commercialpartner,  and spurring the path to restarting commercial productionin the near term.  Our team has a series of project milestones toachieve along the way to realizing this potential offtake, includingcompleting a Definitive Agreement with BVN.  We are confident ourefforts will enrich our understanding of Lucero's property and helpunlock more of the inherent value of ELEM's crown jewel."

Key Terms of the LOI Under the terms of the LOI, Element 79 Gold and BVN haveoutlined several key points that promise exciting prospects for theLucero property:

• Bulk Sampling Program: A Pilot Bulk Sampling Program is set to commence inmid-2024, aiming to extract a minimum quantity of ore over a 12-monthperiod, to be shipped to BVN's Orcopampa mill for processing.

• Definitive Agreement: The parties are committed to negotiating a DefinitiveAgreement approximately 90 days before the Pilot Program'sstart.

• Quantity: ELEMwill deliver an average of 200 tons per day of ore to BVN's Orcopampafacilities under the Pilot Program.

• Right of First Refusal: BVN has the exclusive right of first refusal to buy the oreproduced by ELEM during the Pilot Program.

• Purchase Price: The purchase price per metric ton of ore will be determined perdelivery, after sampling and testing by BVN, based on industrystandards and the LME (London Metal Exchange) pm price of theday.

• Delivery Schedule: Specific delivery schedules will be mutually agreed upon inadvance, ensuring smooth coordination with Orcopampa'soperations.

• Quality Control: Rigorous quality control mechanisms will be established tomeet agreed-upon specifications.

Unlocking the Past for a BrightFuture the expertise of ELEM's team, notably inmine planning and development, Andean geology, and mine operations inPeru, which played an important role in the current communityrelations and 2023 mapping and sampling plan, as well as will all playa crucial role in drilling for resource value and restartingproduction.  Another component of the LOI is that BVN has grantedELEM access to valuable historical information from its archives, allowing ELEM to benefit from a morecomprehensive understanding of the property, and therefore a greaterpotential for more effective and efficient mine planning. Thisknowledge will be instrumental in developing an efficient bulk tonnageextraction and toll processing plan.

A Bright Future Beckons Element 79 Gold Corp’s management and Board believes it isin a remarkable position and opportunity, opening doors to revenuegeneration from the Lucero property. This strategic partnership hasgreat potential, marking a significant milestone in the Company'spursuit of excellence in the mining industry along with the communityof Chachas.

Note: This Letter of Intent is not legallybinding and is intended as a preliminary expression of the parties'intentions, subject to further negotiation and execution of formaladditional Agreements.

About Compañía de MinasBuenaventura S.A.

Compañía de Minas Buenaventura is a Peruvian preciousmetals producing company with experience in mine exploration,development, construction and operation activities.  BVN’s journeyin 1953 with the acquisition of the Julcani mine, in Huancavelica.Since then they have developed a business culture that focuses oncaring for the environment, the health and safety of all ourcollaborators, and respect for communities.  BVN was the first LatinAmerican mining company to list on the New York Stock Exchange, in1996.

For more information please visit: https://www.buenaventura.com/es/nosotros#perfil-corporativo

About Element79 Gold Corp

Element79 Gold is a mining company focused on gold andsilver committed to maximizing shareholder value through responsiblemining practices and sustainable development of its projects. Element79 Gold's focus is on developing its past-producing,high-grade gold and silver mine, the Lucero project located inArequipa, Peru, with the intent to restart production in the nearterm.

The Company also holds a portfolio of 5 propertiesalong the Battle Mountain trend in Nevada, with the Clover and WestWhistler projects believed to have significant potential for near-termresource development. Three properties in the Battle MountainPortfolio are under contract for sale to Valdo Minerals Ltd., with ananticipated closing date in the first half of 2024.  The Company hasalso signed an Option Agreement to sell the Maverick Springs project,an advanced-stage exploratory property with an Inferred Resource of3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and anticipates completingthis sale on or before July 21, 2024.

In British Columbia, Element79 Gold has executed aLetter of Intent and funded a drilling program to acquire a privatecompany that holds the option to 100% interest of the SnowbirdHigh-Grade Gold Project, which consists of 10 mineral claims locatedin Central British Columbia, approximately 20km west of Fort St.James.

The Company has an option to acquire a 100% interest inthe Dale Property, 90 unpatented mining claims located approximately100 km southwest of Timmins, Ontario, and has recently announced thatit has transferred this project to its wholly-owned subsidiary,Synergy Metals Corp, and is advancing through the Plan of Arrangementspin-out process.

The Company’s 2023 review and Corporate Update can bereviewed HERE

For more information about Element 79Gold Corp. please visit www.element79.gold .

Contact Information

For corporate matters, pleasecontact:

James C. Tworek, Chief Executive Officer andDirector
E-mail: jt@element79.gold

For investor relations inquiries,please contact:

Investor Relations Department
Phone: +1.403.850.8050
E-mai l: investors@element79.gold

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