PureGold Announces Extension of Waiver Period by Sprott

VANCOUVER, British Columbia, May 12, 2022 (GLOBE NEWSWIRE) — Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”) is pleased to announce that its lending partner , Sprott Private Resource Lending II (Collector), LP (“Sprott”) has agreed to extend the period during which it will waive any existing defaults under its Credit Agreement, Stream Purchase Agreement and Production Payment Period with the Company (“Waiver Period”) from May 15, 2022 through May 23, 2022. Details of the Waiver Period and other terms of the Company’s agreement with Sprott are included in the press release. of the Company dated April 22, 2022.

About Pure Gold Mining Inc.

PureGold is a Canadian gold mining company, located in the heart of Red Lake, Ontario, Canada. The Company owns and operates the PureGold Mine, which entered commercial production in 2021 following the successful construction of an 800 tpd underground mine and processing facilities. Gold reserves and resources are concentrated on a forty-seven square kilometer property with significant discovery potential. PureGold’s strategy is to pursue operational excellence today while investing in systematic exploration and incremental expansions to fuel discovery and growth for the future.1

Additional information about the Company and its business can be found on the Company’s website at www.puregoldmining.ca and under the Company’s profile at www.sedar.com

  1. For more information, see the technical report entitled “Madsen Gold Project Technical Report Feasibility Study for the Madsen Deposit, Red Lake, Ontario, Canada” with an effective date of February 5, 2019 and dated July 5, 2019 ( the “Feasibility Study”), for more information, please see puregoldmining.ca or under the Company’s Sedar profile at www.sedar.com

ON BEHALF OF COUNCIL
Mark O’Dea
Mark O’Dea, President and CEO

Investor requests:
Adrian O’Brien, Director, Marketing and Communications
Tel: 604-809-6890
[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements contained in this press release, other than statements of historical facts, are “forward-looking information” regarding PureGold within the meaning of applicable securities laws, including, but not limited to, statements regarding the Discovery Potential of the PureGold Mine and the Company’s Strategies and Equity Financing Closing. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “planned”, “expect”, “project”, “predict”, “potential”, “targeting”, “intend”, “believe”, “potential” and other similar expressions, or describe an “objective”, or a variation of these words and expressions or state that certain actions, events or results “may”, “should”, “could”, “would”, “could” or “will” be taken, occur or be realized. Forward-looking information is not a guarantee of future performance and is based on a number of management’s estimates and assumptions as of the date the statements are made, including, among other things, assumptions about future gold and other metal prices, foreign exchange and interest rates, favorable operating conditions, political stability, obtaining government approvals resources and funding on time, obtaining renewals of existing licenses and permits and obtaining required licenses and permits, stability of the workforce, stability of market conditions, availability of equipment, accuracy of all mineral resources , successful resolution of disputes and anticipated costs and expenses. Many assumptions are based on factors and events beyond PureGold’s control and there is no assurance that they will prove to be correct.

This forward-looking information involves known and unknown risks, which may cause actual results to differ materially from future results expressed or implied by such forward-looking information, including risks relating to the interpretation of results at Pure Gold Red Lake Mine Complex; changes in project parameters as plans continue to be refined; current economic conditions; future commodity prices; possible variations in grade or recovery rates; the costs and timing of developing new deposits; failure of equipment or processes to perform as intended; non-performance by contracting parties; the timing and success of exploration and development activities generally; delays in obtaining permits; possible claims against the Company; the timing of future economic studies; labor disputes and other hazards of the mining industry; delays in obtaining governmental approvals, financing or in completing exploration as well as the factors discussed in the Company’s Annual Information Form dated March 30, 2022 in the section titled “Risk Factors”, under PureGold’s SEDAR profile at www.sedar. com.

Although PureGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause actual actions, events or results are not those anticipated, estimated or intended. . There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. PureGold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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