ELMGF - Element79 Gold: Ongoing Commitment to Community Empowerment

(TheNewswire)

Chachas, Arequipa,Peru

VANCOUVER, BC / THENEWSWIRE / March4, 2024 – Element79 GoldCorp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", the"Company") is pleased to provide further insight intoits environmental, social and governance ("ESG") efforts,including ongoing social initiatives with the Chachas Community localto the Lucero mine.

Chachas Community Engagement

Element79 remains steadfast in its commitment to sustainable andresponsible mining practices, recognizing the pivotal role ofcommunity engagement in project success.  In line with thiscommitment, Element79 has partnered with UMA ("UMA"), aprominent Peruvian Non-Governmental Organization (NGO) based in Lima. UMA helps communities across Peru develop through a focus onenvironmental education, with a drive to understand social andeconomic scenarios of developing communities to help create solutionsto their unique social-environmental challenges.

Together, Element79 and UMA aim to develop a comprehensive educationprogram that will create a baseline of knowledge and perception of themining industry as well as social, environmental and economical topicstailored for the Chachas community and surrounding areas.

The social evaluation model, led by UMA, encompasses diagnosticassessment, data evaluation, and the design of a social education planfocused on educating about the mining industry and sustainability. Thediagnostic assessment will measure the community's perception andknowledge of various facets, including the mining industry,environmental concerns, social dynamics, and economic themes. Thecurriculum, based on local socioeconomic themes and topics garneredfrom the community diagnostic assessment, will be delivered throughclassroom sessions using dynamic books for three age groups that UMAis developing, with the education process providing pragmaticsolutions and inspiration to students.

The subsequent data evaluation phase will delve into the following:

• The community's comprehension and perception of the mining industry

• Their understanding of social hierarchies and needs

• The awareness and priority associated with environmental issues

• Their familiarity with economic concepts

• Their knowledge about national development and educational, employmentopportunities across the country

• The distribution of industrial activities and their impact in localsocieties

Based on the assessment and data evaluation, the resulting educationplan will prioritize sustainability across its three pillars:economic, social and environmental.

"We have been increasing our presence in the Chachas communitywith a drive to create a lasting positive impact through communityempowerment and view the social evaluation model as a crucial step innurturing a robust relationship with the Community," said JamesTworek, President and CEO of Element79 Gold. "The overarchingobjective is to equip the community with accurate information andknowledge about the mining industry as a whole, as well as how we cangrow and operate together, dispelling doubts and enabling mutuallyinformed decision-making."

Local Chachas Office Opening

To facilitate its ongoing community relations as well as increasinglevel of field work ramping up to ore operations later in the year,The Company has set up an official field office in Chachas, Arequipaas of February, 2024.

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Image 1 – the Element79 Gold Corpoffice located on Calle San Antonio, in Chachas, Arequipa, Peru

Local Miners – FormalizingAgreements for Work at Lucero in 2024 and Beyond

Element79 is actively negotiating with local artisanal miners toformalize an agreement during the first quarter of 2024, enablingproper access to direct extraction. To formalize an agreement betweenthe parties would ensure that all current and future artisanalproduction would be sold directly to Element79 as raw material (brosa)for processing, securing the legal production permits of the artisanalminers under the Company’s mineral leases, thereby harnessing anestimated 70-100 tons per week of production per month that isanticipated to restart in Q2/24.  Other aspects of the proposedagreement include extending the current work permit for as many as 15years (requested), ensure that all current production adheres toElement79's OH&S and environmental standards as well as severaladditional community-focused initiatives including employment of locallogistical and mining teams, and terms for fair remuneration for mineworkers.  The Company looks forward to providing further updates onthese processes in the near term as negotiations with the local minergroups conclude through March 2024.

Additional Social Initiatives

Element79’s community relations team has been present in Chachas10-20 days per month over the past year and a half, helping andlearning with the community.  Through the Company’s presence andcollaboration with UMA and the Chachas Community and local artisanalminers, a number of additional social initiatives are being consideredas potential future commitments with the local community, extendingand fostering relationships, empowering:

• Child Anemia Diagnosis andReduction: Targeting children aged 0 to 5 years.

• Water Access Program: Ensuringaccess to clean water.

• Start Link Internet: Providingsatellite Wi-Fi connectivity.

• Technical Skill Development: Preparing locals for future employment opportunities.

• Local Entrepreneurship: Cultivating future product providers within the community.

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 devel oping its past-producing,high-grade gold and silver mine, the Lucero project located inArequipa, Peru, with the intent to restart production in 2024.

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) (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 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 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 the Company, please visit www.element79.gold

Contact Information

For corporatematters, please contact:

James C. Tworek, Chief Executive Officer

E-mail: jt@element79.gold

For investorrelations inquiries, please contact:

Investor RelationsDepartment

Phone: +1.403.850.8050

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 consideringmanagement'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 undue reliance upon forward-looking statements as therecan be no assurance that the plans, assumptions or expectations uponwhich they are placed will occur. All statements other than statementsof historical 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 disclosure documents,available on www.sedarplus.ca . 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.

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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