ELEM:CC - Element 79 Gold Provides Update on Maverick Springs Project Option Agreement

January, 17 2024 04:00 PM Element79 Gold Corp.

(TheNewswire)

Amendment of Option Period in linewith Agreement Progress

VANCOUVER, BC - T he N ewswire - January 17 ,2024 – Element 79 Gold Corp. (CSE:ELEM)(OTC:ELMGF) (FSE:7YS) (" Element 79 Gold ", the " Company ") is pleased to provide an update on the proposed sale of the theCompany’s Maverick Springs Project (the “ Transaction ”) to Green PowerMinerals Pty (" Green PowerMinerals ") as previously announced in the Company’spress releases dated August 31, 2023 and October 23, 2023.

Pursuant to the option agreement entered into with Green PowerMinerals dated August 28, 2023 (the “ Option Agreement ”) Green Power Minerals has paid both theinitial option fee and the extension fee for an option to acquire theMaverick Springs Project until March 28, 2024. Element79 Gold andGreen Power Minerals have now entered into an additional letter deed (the " Letter Deed ")dated January 12, 2024 that extends the option period to the earlierof July 10, 2024, or the completion or termination of the Transaction,as applicable.

Key additional terms of the Letter Deed are:

Element 79 Gold must give notice to a third party who holds a right offirst refusal with respect to the Transaction.
Green Power Minerals will pay an additional option extension fee ofCAD $75,000 within seven (7) days of receipt of the confirmation fromsuch third party that it has elected not to exercise any rights offirst offer or other preferential rights.

"We appreciate Green Power Minerals' continued commitment tonavigating this option process for the potential sale of MaverickSprings," said James Tworek, Chief Executive Officer of Element79 Gold. "We are optimistic and hopeful we will close theproposed sale of the Maverick Springs Project by the end of theextended option period. We remain dedicated to informing ourshareholders as we advance toward this significant milestone."

The completion of the transaction is subject to a number of conditionsprecedent that are common in transactions of this nature. Thetransaction is subject to the requirements of the Canadian SecuritiesExchange.

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold and silvercommitted to maximizing shareholder value through responsible miningpractices and sustainable development of its projects. Element79Gold's focus is on developing its past-producing, high-grade gold andsilver mine, the Lucero project located in Arequipa, Peru, with theintent to restart production in the near term.

The Company also holds a portfolio of 5 properties along the BattleMountain trend in Nevada, with the Clover and West Whistler projectsbelieved to have significant potential for near-term resourcedevelopment. Three properties in the Battle Mountain Portfolio areunder contract for sale to Valdo Minerals Ltd., with an anticipatedclosing date around the end of 2023. The Company has also signed anOption Agreement to sell the Maverick Springs project, anadvanced-stage exploratory property with an Inferred Resource of3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and anticipates completingthis sale on or before March 28, 2024.

In British Columbia, Element79 Gold has executed a Letter of Intentand funded a drilling program to acquire a private company that holdsthe option to 100% interest of the Snowbird High-Grade Gold Project,which consists of 10 mineral claims located in Central BritishColumbia, approximately 20km west of Fort St. James.

The Company has an option to acquire a 100% interest in the DaleProperty, 90 unpatented mining claims located approximately 100 kmsouthwest of Timmins, Ontario, and has recently announced that it hastransferred this project to its wholly-owned subsidiary, SynergyMetals Corp, and is advancing through the Plan of Arrangement spin-outprocess through the rest of 2023.

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

Contact Information

For corporatematters, please contact:

James C. Tworek, Chief Executive Officer

E-mail: jt@element79gold.com

For investorrelations inquiries, please contact:

Investor RelationsDepartment

Phone: +1.613.879.9387

E-mail: investors@element79.gold

Cautionary Note Regarding ForwardLooking Statements

This press contains "forward?lookinginformation" and "forward-looking statements" underapplicable securities laws (collectively, "forward?lookingstatements"). These statements relate to future events or theCompany's future performance, business prospects or opportunities thatare based on forecasts of future results, estimates of amounts not yetdeterminable and assumptions of management made in light ofmanagement's experience and perception of historical trends, currentconditions and expected future developments. Forward-lookingstatements include, but are not limited to, statements with respectto: the Company's business strategy; future planning processes;exploration activities; the timing and result of explorationactivities; capital projects and exploration activities and thepossible results thereof; acquisition opportunities; and the impact ofacquisitions, if any, on the Company. Assumptions may prove to beincorrect and actual results may differ materially from thoseanticipated. Consequently, forward-looking statements cannot beguaranteed. As such, investors are cautioned not to place unduereliance upon forward-looking statements as there can be no assurancethat the plans, assumptions or expectations upon which they are placedwill occur. All statements other than statements of historical factmay be forward?looking statements. Any statements that express orinvolve discussions with respect to predictions, expectations,beliefs, plans, projections, objectives or future events orperformance (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","might", "should", "believe" and similarexpressions) are not statements of historical fact and may be"forward?looking statements".

Actual results may vary from forward-lookingstatements. Forward-looking statements are subject to known andunknown risks, uncertainties and other factors that may cause actualresults to materially differ from those expressed or implied by suchforward-looking statements, including but not limited to: the durationand effects of the coronavirus and COVID-19; risks related to theintegration of acquisitions; actual results of exploration activities;conclusions of economic evaluations; changes in project parameters asplans continue to be refined; commodity prices; variations in orereserves, grade or recovery rates; actual performance of plant,equipment or processes relative to specifications and expectations; accidents; labour relations; relations withlocal communities; changes in national or local governments; changesin applicable legislation or application thereof; delays in obtainingapprovals or financing or in the completion of development orconstruction activities; exchange rate fluctuations; requirements foradditional capital; government regulation; environmental risks;reclamation expenses; outcomes of pending litigation; limitations oninsurance coverage as well as those factors discussed in the Company'sother public disclosure documents, available on www.sedarplus.ca . Althoughthe Company has attempted to identify important factors that couldcause actual results to differ materially from those contained inforward-looking statements, there may be other factors that causeresults not to be as anticipated, estimated or intended. The Companybelieves that the expectations reflected in these forward?lookingstatements are reasonable, but no assurance can be given that theseexpectations will prove to be correct and such forward?lookingstatements included herein should not be unduly relied upon. Thesestatements speak only as of the date hereof. The Company does notintend, and does not assume any obligation, to update theseforward-looking statements, except as required by applicablelaws.

Neither the Canadian SecuritiesExchange nor the Market Regulator (as that term is defined in thepolicies of the Canadian Securities Exchange) accepts responsibilityfor the adequacy or accuracy of this release.

Company Name:	Element79 Gold Corp.
Stock Symbol:	ELEM:CC
Market:	CNQC
Website:	element79.gold

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