ELEM:CC - Element79 Gold Corp Provides Updates on Advancing Multiple Corporate Initiatives

(TheNewswire)

VANCOUVER, BC - TheNewswire – March11 2024 – Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS)("Element 79 Gold", the "Company") is pleased to share the following summary and update on ofcorporate activities underway through the first half of 2024.

During PDAC 2024 in Toronto last week, our CEO andDirector James Tworek completed a series of interviews one of whichsummarized many of the Company’s updates and trajectory pointsincluded here:

Pathway to revenuegeneration

In January 2024, Element 79 signed an LOI withCompañía de Minas Buenaventura (NASDAQ: BVN) for a 200tpd commercialofftake agreement, slated to begin mid-2024. This strategicpartnership aims to reinforce the commercial potential of generatingnon-dilutive cash flow to fund corporate operations and explorationinitiatives across the Company's portfolio of projects. The Company'sfocus over Q1/24 is to integrate historical data (mapping, channelsampling) into models, allowing for underground and surface drillingprograms in Q2/24 that will feed a minimum 200tpd mine plan.Subsequent quarters will witness ore extraction and continued drillingfor resources, estimate mine development, along with completion of apreliminary economic assessment (PEA), laying the foundation for theconstruction of on site process facilities to improve mid-termeconomics and unlock resource size.

"Our objective remains to generate cash flowthrough bulk sampling and artisanal production ramp-up enhancements byQ2-Q3 of this year," said James Tworek, CEO of Element 79 Gold."We have our sights set on the validation of a Gold (Au) and GoldEquivalent (AuEq) resource at Lucero, with resource drilling set to commence in the sametimeframe. Our revenue-generating strategy underscores the Company'scommitment to non-dilutive cash flow, supporting operations,exploration, and mine optimization efforts."

Lucero Property (Arequipa,Peru)

In the Apacheta, Pillune, and Sando Alcade regions, theCompany mapped 19, with 10 additional adits remaining for undergroundmapping. As disclosed in the February 6, 2024news release notable assays from 2023include 21 economic-grade samples, with high-yield values measuring upto 11.7 oz/t Au and 247 oz/t Ag.  8,830m of underground workings havebeen accessed and mapped which far exceeds the 2500 km of workingsthat E79 previously believed to be on the property. This is a pleasantsurprise to the Company, and it is a significant development that willfacilitate future infill sampling, drilling and mine planning.

More recently, on February 13, 2024 , the Company released data on assays from underground chipsamples across several veins from the Apacheta Zone (LUC2023-33 andLUC2023-34) returned promising results of 10.5 oz/t Au and 29 oz/t Ag.Further results from channel sampling efforts are being received andprocessed internally in the coming weeks.   Follow-up infill ofchannel samples are planned for Q2 of 2024

While the Company holds a 350-ton per day permit forore extraction, its commitment to ongoing communityengagement focuses on sustainable miningpractices, driving to both formalize the local miners’ permits alongwith the Company’s mineral rights, as well as extending the currentexploration permit into a 10 to 15-year exploration and mineralexploitation permit with mutually beneficial outcomes.

Clover and West Whistler Properties (Nevada, US)

Summer 2024 exploration efforts on the Clover and West Whistlerproperties aim to refine drill targeting concepts and structuralanalyses, particularly for identifying deeper targets within favorablelithologies.

Update on Sale of Maverick Springs

As previously updated on January 17, 2024, efforts concerning the sale of Maverick Springs areadvancing smoothly, with the closing checklist nearing completion. Current guidance indicates the closing of the sale of MaverickSprings in May 2024, with a concrete closing date to be established inthe coming weeks.

Update on Plan of Arrangement for Synergy Metals Corp

The Company is actively engaged in updating Letters of Intent (LOIs)with counterparties pertaining to the sale of Synergy Metals Corp.upon completion of the Plan of Arrangement.  Legal and consultingteams continue to work through the many professional reports anddocuments required to complete the process.  In the coming weeks theCompany plans to disclose timing of a combined Annual General Meeting(AGM) and Special Shareholder Meeting, a major required milestone inthe Plan of Arrangement process.

Update on Investor Relations/Marketing Initiatives

In adherence to CSE Policy 7.3, we provide updates on our current andongoing Investor Relations and Marketing initiatives.

Element79 Gold Corp warrants the above list ofadvertising, marketing, and investor relations (IR) colleaguesprovided is accurate and up to date as of the time of this NewsRelease being published.  The Company is continually reviewing new IRteammates and marketing outlets to engage with to share its growingstory.   To remain compliant with the CSE’s Policies, it willcontinue to update investors with changes to the above list as theyoccur in the future, and it will maintain a version of this list onits website.

QualifiedPerson

The technicalinformation in this release has been reviewed and verified by KimKirkland, Fellow of AusIMM #309585, Chief Operating Officer ofElement79 Gold Corp, and a "qualified person" as defined byNational Instrument 43-101.

About Element79 Gold Corp

Element79 Gold Corp is a gold and silver mining company committed tomaximizing shareholder value through responsible mining practices andsustainable development of its projects.  Element79 Gold's core focusis on developing its past-producing, high-grade gold and silver mine,the Lucero project located in Arequipa, Peru, with the intent torestart production in 2024.

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 in the first half of 2024.  The Company has also signedan Option Agreement to sell the Maverick Springs project, anadvanced-stage exploratory property with an Inferred Resource of3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) (see 43-101 technicalreport titled: Amended Technical Report on the Maverick SpringsProject, Nevada, USA, by Allan Armitage, PhD., P.Geo, and RohanMillar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) andanticipates completing this sale on or before July 21, 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.

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

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer, Director

Email: jt@element79.gold

For investor relations inquiries, please contact:

Investor Relations Department
Phone: +1 (403)850.8050
Email: investors@element79.gold

Cautionary Note Regarding Forward Looking Statements

This press contains "forward?looking information" and"forward-looking statements" under applicable securitieslaws (collectively, "forward?looking statements"). Thesestatements relate to future events or the Company's futureperformance, business prospects or opportunities that are based onforecasts of future results, estimates of amounts not yet determinableand assumptions of management made in light of management's experienceand perception of historical trends, current conditions and expectedfuture developments. Forward-looking statements include, but are notlimited to, statements with respect to: the Company's businessstrategy; future planning processes; exploration activities; thetiming and result of exploration activities; capital projects andexploration activities and the possible results thereof; acquisitionopportunities; and the impact of acquisitions, if any, on the Company.Assumptions may prove to be incorrect and actual results may differmaterially from those anticipated. Consequently, forward-lookingstatements cannot be guaranteed. As such, investors are cautioned notto place undue reliance upon forward-looking statements as there canbe no assurance that the plans, assumptions or expectations upon whichthey are placed will occur. All statements other than statements ofhistorical fact may be forward?looking statements. Any statementsthat express or involve discussions with respect to predictions,expectations, beliefs, plans, projections, objectives or future eventsor 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","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: risksrelated to the integration of acquisitions; actual results ofexploration activities; conclusions of economic evaluations; changesin project parameters as plans continue to be refined; commodityprices; variations in ore reserves, grade or recovery rates; actualperformance of plant, equipment or processes relative tospecifications and expectations; accidents; labour relations;relations with local communities; changes in national or localgovernments; changes in applicable legislation or application thereof;delays in obtaining approvals or financing or in the completion ofdevelopment or construction activities; exchange rate fluctuations;requirements for additional capital; government regulation;environmental risks; reclamation expenses; outcomes of pendinglitigation; limitations on insurance coverage as well as those factorsdiscussed in the Company's other public disclosure documents,available on www.sedarplus.ca . Although the Company has attempted toidentify important factors that could cause actual results to differmaterially from those contained in forward-looking statements, theremay be other factors that cause results not to be as anticipated,estimated or intended. The Company believes that the expectationsreflected in these forward?looking statements are reasonable, but noassurance can be given that these expectations will prove to becorrect and such forward?looking statements included herein shouldnot be unduly relied upon. These statements speak only as of the datehereof. The Company does not intend, and does not assume anyobligation, to update these forward-looking statements, except asrequired by applicable laws.

Neither the Canadian Securities Exchange nor the Market Regulator (asthat term is defined in the policies of the Canadian SecuritiesExchange) accepts responsibility for the adequacy or accuracy of thisrelease.

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