ELEM:CC - Element79 Gold Enters Letters of Intent to Sell Five Properties from Nevada Gold Portfolio

(TheNewswire)

Vancouver, BC – TheNewswire- November 17, 2022 – Element79 Gold Corp.( CSE:ELEM) (OTC:ELMGF) (FSE:7YS)(" Element79Gold ", the " Company ") today announced it has entered non-binding letters ofintent (the " CentraLOI " and " Valdo LOI "respectively) with Centra Mining Ltd. (" Centra ") andValdo Minerals Ltd. (" Valdo "), whereby the Company intends tosell a total of five properties from its Battle Mountain Portfolio,which is comprised of fifteen properties located in the famous goldmining district of northeastern Nevada, USA.

The properties being considered for saleinclude:

• The Long Peak Project: 34 unpatented claims in Lander County

• The Stargo Project: 337 unpatented claims in Nye County

• The Elder Creek Project: 23 unpatented claims in Lander County

• The North Mill Creek Project: 6 unpatented claims in Lander County

• The Elephant Project: 197 unpatented claims in Lander County

"The potential sale of these claim blocks wouldallow Element79 Gold to continue unlocking additional value from ourvast portfolio of prospective properties while maintaining ourestablished focus on the rapid pace of development at our primaryhigh-grade gold assets," stated James Tworek, President and CEOof Element79 Gold. "Overall, we believe the Battle MountainPortfolio contains several additional targets which warrant extensiveexploration and prospecting to further validate historic high-gradesamples.  Selling some of the portfolio has been a corporate strategypoint and this is a great opportunity that allows us both unlock valuefor our shareholders and to focus our energy on our core projects.”

The Long Peak Project

The Long Peak Project (" Long Peak ") iscomprised of 34 unpatented claims located near Copper Basin and theCopper Canyon Mine in Lander County, Nevada. Long Peak hostssignificant historic prospects, warranting further exploration at LongPeak.

The Stargo Project

The Stargo Project (" Stargo ") iscomprised of 337 unpatented claims located south of the BattleMountain Trend in Nye County, Nevada.The large claim block containsattractive host rocks, tertiary age intrusives, and appropriate agedstructural preparation to represent an attractive area for explorationtarget development.

The North Mill Creek Project

The North Mill Creek Project (" North Mill Creek ") is comprised of 6 unpatented claims located at themargins of the Goat Window in Lander County, Nevada. The Goat Windowis an exposure of lower plate rocks beneath the Roberts MountainsThrust which are the preferred carbonate host of Carlin-type golddeposits. Previous drilling completed at North Mill Creek yieldedencouraging results warranting follow-up exploration.

The Elder Creek Project

The Elder Creek Project (" Elder Creek ") iscomprised of 23 unpatented claims which cover the historic Elder Creekopen-pit mine in Lander County, Nevada. Elder Creek is hosted in upperplate rocks where the mine area is believed to represent leakage fromthe deeper lower plate of the Roberts Mountains Thrust, suggestingthat deeper targets could host significant mineralization withinfaulted and anticline folded sedimentary beds.

The Elephant Project

The Elephant Project (" Elephant ") iscomprised of 197 claims located at the foot of the mine dumps atNevada Gold Mines' Phoenix operation. Elephant hosts a coveredpediment target with various depths of cover based on the displacementof fault blocks. Limited past drilling has confirmed the presence andmineralization of the Elephant target model.

Terms of The Centra LOI

Under the terms of the Centra LOI, it is anticipatedthat Centra would purchase all of Element79 Gold's interests andobligations in relation to Long Peak, and Stargo in exchange for atotal consideration of $1,000,000 CAD payable by the issuance of anaggregate of 2,500,000 common shares of Centra at a deemed price of$0.40 CAD per share. The Centra LOI is non-binding and is subject to a180-day exclusivity period.

Terms of the Valdo LOI

Under the terms of the Valdo LOI, it is anticipatedthat Valdo would purchase all of Element79 Gold's interests andobligations in relation to North Mill Creek, Elder Creek, and Elephantin exchange for a total consideration of $1,125,000 CAD payable by theissuance of an aggregate of 3,750,000 common shares of Centra at adeemed price of $0.30 CAD per share. The Valdo LOI is non-binding andis subject to a 180-day exclusivity period.

Qualified Person

The technical information in this release has beenreviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director ofElement79 Gold and a "qualified person" as defined byNational Instrument 43-101.

About Element79 Gold

Element79 Gold is a mineral exploration company focusedon the acquisition, exploration and development of mining propertiesfor gold and associated metals. Element79 Gold has acquired itsflagship Maverick Springs Project located in the famous gold miningdistrict of northeastern Nevada, USA, between the Elko and White PineCounties, where it has recently completed a 43-101-compliant,pit-constrained mineral resource estimate reflecting an Inferredresource of 3.71 million ounces of gold equivalent* “AuEq” at agrade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)) with aneffective date of Oct. 7, 2021 (see news release January 31st, 2022,available on SEDAR). The acquisition of the Maverick Springs Projectalso included a portfolio of 15 properties along the Battle Mountaintrend in Nevada, which the Company is analyzing for further merit ofexploration, along with the potential for sale or spin-out. In BritishColumbia, Element79 Gold has executed a Letter of Intent to acquire aprivate company which holds the option to 100% interest of theSnowbird High-Grade Gold Project, which consists of 10 mineral claimslocated in Central British Columbia, approximately 20km west of FortSt. James. In Peru, Element79 Gold holds 100% interest in the pastproducing Lucero Mine, one of the highest-grade underground mines tobe commercially mined in Peru's history, as well as the past producingMachacala Mine. The Company also has an option to acquire 100%interest in the Dale Property which consists of 90 unpatented miningclaims located approximately 100 km southwest of Timmins, Ontario,Canada in the Timmins Mining Division, Dale Township. For moreinformation about the Company, please visit www.element79.gold or www.element79gold.com .

For corporate matters, pleasecontact:

James C. Tworek, Chief Executive Officer

Email: jt@element79gold.com

For investor relations inquiries,please contact:

Investor Relations Department

Phone: +1 (604) 200-3608

Email: investors@element79gold.com

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 plans for its portfolio of mining projects andproperties; the Company’s business strategy; future planningprocesses; exploration activities; the timing and result ofexploration activities; capital projects and exploration activitiesand the possible results thereof; any potential future cash flow andthe timing thereof; acquisition opportunities; the impact ofacquisitions, if any, on the Company. Assumptions may prove to beincorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statementscannot be guaranteed. As such, investors are cautioned not to placeundue reliance upon forward-looking statements as there can be noassurance that the plans, assumptions or expectations upon which theyare 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: 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 with local communities; changesin national or local governments; changes in applicable legislation orapplication thereof; delays in obtaining approvals or financing or inthe completion of development or construction activities; exchangerate fluctuations; requirements for additional capital; governmentregulation; environmental risks; reclamation expenses; outcomes ofpending litigation; limitations on insurance coverage as well as thosefactors discussed in the Company’s other public disclosuredocuments, available on www.sedar.com . Although the Company has attempted to identify importantfactors that could cause actual results to differ materially fromthose contained in forward-looking statements, there may be otherfactors that cause results not to be as anticipated, estimated orintended. The Company believes that the expectations reflected inthese forward?looking statements are reasonable, but no assurancecan be given that these expectations will prove to be correct and suchforward?looking statements included herein should not be undulyrelied upon. These statements speak only as of the date hereof. TheCompany does not intend, and does not assume any obligation, to updatethese forward-looking statements, except as required by applicablelaws.

Source: Element79 Gold

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.

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