SSR Mining Provides Exploration Update

VANCOUVER, May 14, 2020 /CNW/ - SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) ("SSR Mining") provides an update on exploration activities and results at our Marigold mine in Nevada, U.S., Seabee Gold Operation in Saskatchewan, Canada and Puna Operations in Jujuy, Argentina for the period from June 1, 2019 to April 30, 2020 (the "Exploration Period").

Paul Benson, President and CEO said, "We are very pleased to report positive exploration results from our recent drill programs at Marigold and the Seabee Gold Operation. For 2020, we are planning significant investment in our exploration and the results reported here justify the investment.

The exploration drilling on the recently acquired Trenton Canyon property at Marigold has yielded exciting high-grade gold results from newly discovered sulphide mineralization in a geologic setting analogous to other high-grade underground gold mines in Nevada. These intercepts are just north of one of the historic pits at Trenton Canyon, and we are evaluating the impact they may have on Mineral Resources. Our work to confirm and validate Trenton Canyon's historic drill results has progressed according to plan, and we look forward to reporting Mineral Resources when reported at year-end 2020.

We continue to enjoy exploration success at Seabee with positive drill results from Santoy Gap Hanging Wall area where we are upgrading and expanding the Mineral Resources to extend Santoy's mine life. Finally, we also had encouraging exploration results on early stage targets with several holes returning high-grade gold results at Batman Lake and on the Fisher property."

Highlights:

At Marigold our Trenton Canyon exploration drilling has returned better than expected results from four holes completed 300 meters north of the South Pit in a newly discovered sulphide zone hosted by carbonaceous mudstone located immediately beneath Valmy Formation quartzite. We are evaluating the significance and impact of these sulphide intercepts which are listed below on Mineral Resources.

• MRA7178 returned 5.19 g/t gold over 94.5 meters including 44.68 g/t gold over 7.6 meters and 6.68 g/t gold over 6.1 meters.
  
  
• MRA7176 returned 1.98 g/t gold over 82.3 meters including 6.11 g/t gold over 13.7 meters.
  
  
• MRA7148 returned 0.97 g/t gold over 99.1 meters including 4.34 g/t gold over 9.1 meters.
  
  
• MRA7097 returned 1.57 g/t gold over 77.7 meters including 7.89 g/t gold over 9.1 meters and 3.85 g/t gold over 9.1 meters.

Trenton Canyon confirmation drilling for oxide mineralization also returned positive results, as highlighted below, that may contribute to our Mineral Resources estimate at year-end 2020:

• MRA7141 returned 1.94 g/t gold over 50.3 meters from surface and 1.08 g/t gold over 21.3 meters as oxide plus a transitional intercept of 1.38 g/t gold over 15.2 meters.
  
  
• At West Pit, drillhole MRA7092 returned 7.27 g/t gold over 30.5 meters from 274.3 meters leading to the discovery of gold mineralization that is transitional oxide.
  
  
• At Relay Ridge, drillhole MR7084 returned 3.13 g/t gold over 108.2 meters from 27.4 meters including 12.73 g/t gold over 21.3 meters.

At the Seabee Gold Operation, brownfields drill results for the Santoy Gap Hanging Wall ("Gap HW") are expected to increase Mineral Resources at year-end 2020. Drill results include:

• Drillhole SUG-20-911 intercepted 14.75 g/t gold over 7.64 meters true width.
  
  
• Drillhole JOY-20-914 intercepted 28.92 g/t gold over 2.62 meters extending mineralization 210 meters beyond the year end 2019 Mineral Resource limits.

Also, at Seabee, greenfields exploration intercepted a new gold mineralized zone at the Batman Lake area, where we targeted a new gold discovery. Drill results include:

• Drillhole BAT-20-013 intercepted 37.95 g/t gold over 3.6 meters.

At the Fisher project, drill results for the Mac North and Yin targets intercepted visible gold occurrences, where we targeted a new gold discovery. Drill results include:

• Drillhole FIS-20-053 intercepted 9.1 g/t gold over 1.92 meters
  
  
• Drillhole YIN-20-004 intercepted 13.74 g/t gold over 2.29 meters, including 55.50 g/t gold over 0.53 meters.

Marigold mine, U.S.

At the Marigold mine, our exploration plan for 2020 focusses on the discovery of additional Mineral Resources south of the currently producing Mackay Pit, including Trenton Canyon, Valmy, East Basalt and Crossfire. A limited amount of reverse circulation ("RC") drilling for additional Mineral Reserves at Mackay Pit and extensions at Red Dot is underway.

With the acquisition in 2019 of adjacent claims south and west of our mining activities, such as Trenton Canyon, we nearly doubled our land position. The additional mineral claims provide latitude to systematically explore for extensions to existing near-surface oxide deposits similar to those mined at Marigold, and for higher-grade sulphide deposits associated with deep fault structures, intrusive rocks and favourable Comus Formation sedimentary rocks similar to those hosting the deposits at the near-by Turquoise Ridge Mine. Our exploration plan for high-grade, sulphide gold mineralization in 2020 includes 4,300 meters of core drilling supported by seismic and gravity geophysical surveys.

A total of 70,304 meters in 210 RC and core drillholes were completed during the Exploration Period with drill locations shown in Figures 1 and 2. Table 1 highlights mineralized intercepts from Trenton Canyon, Mackay Pit, Red Dot, East Basalt, Valmy, and Crossfire. Results at Trenton Canyon were successful on two objectives: i) we have confirmed the position and grade of historic gold-mineralized intercepts; and ii) we have discovered a new tabular zone of potentially continuous sulphide mineralization requiring further investigation. Drill results at Valmy and Trenton Canyon successfully extended gold mineralization for potential additions to Mineral Resources estimates from December 31, 2019.

At Trenton Canyon exploration drilling shown in Figure 2 includes a sulphide intercept of 5.19 g/t gold over 94.5 meters including 44.68 g/t gold over 7.6 meters and 6.68 g/t gold over 6.1 meters from drillhole MRA7178. Importantly, the drillhole ended in gold mineralization as shown in Figure 3. The mineralized interval in MRA7178 shows continuity to the next section south located 30 meters away where three drillholes all returned positive results including 1.98 g/t gold over 82.3 meters, 1.57 g/t gold over 77.7 meters and 0.97 g/t gold over 99.1 meters shown in Figure 4 in drillholes MRA7176, MRA7097, and MRA7148 respectively. The mineralized zone measures 150 meters on dip with an orthogonal thickness of 50 to 70 meters with the potential to expand as gold mineralization is open down dip to the east, and to the north of MRA7178, and to the south. These results demonstrate width and grade conditions similar to operating underground gold operations elsewhere in Nevada. As a result of ongoing positive exploration results, we will continue to test and expand this new zone of gold mineralization.

At Trenton Canyon confirmation drilling at Relay Ridge shown in Figure 2, includes 3.13 g/t gold over 108.2 meters starting at 27.4 meters from surface including 12.73 g/t gold over 21.3 meters from drillhole MR7084. In addition, we encountered 1.94 g/t gold over 50.3 meters from exploration drillhole MRA7141 with the new zone starting at surface as shown in Figure 5. Both drillholes returned zones of oxide gold mineralization similar to that mined at Marigold. Drillhole MRA7092 intercepted 7.27 g/t gold over 30.5 meters starting at 274.3 meters in transitional material, which is new, high-grade gold sulphide mineralization associated with a fault structure related to the West Pit fault, as shown in the deeper intercept in Figure 6.

Results from Valmy in the first quarter of 2020 included 0.92 g/t gold over 39.6 meters in drillhole MR7128 and 0.66 g/t gold over 50.3 meters from MR7129. These results are expected to further expand Mineral Resources at Valmy when reported at year-end 2020.

During the third and fourth quarter of 2019, we completed detailed field mapping and sampling of the Trenton Canyon area covering approximately 570 hectares surrounding the historic pits and exploration areas. We have identified the fault and stratigraphic controls to gold mineralization exploited in historic pits and have recognized several new-near surface targets. This work supports the development of targeting concepts as we explore for high-grade sulphide deposits at Trenton Canyon and Marigold.

During the Exploration Period, one core hole was completed at Trenton Canyon which encountered Lower Plate Comus Formation lithologies at 300 meters from surface. This is significant as the favourable Comus Formation sedimentary rocks can be more efficiently explored for high-grade, sulphide deposits at relatively shallow depths. The Comus Formation is the sulphide ore-hosting rock unit encountered at the high-grade Turquoise Ridge Mine.

Looking ahead, we have received approvals to build roads and construct drill sites along the identified mineralized corridors at Trenton Canyon. We anticipate moving the RC drill rigs to exploration areas in the second quarter of 2020. Core drilling is planned to follow up on sulphide mineralization intercepted in MRA7178 and MRA7092 and targets anticipated from the upcoming seismic geophysical studies. Timing to initiate this exploration activity may be impacted by State of Nevada COVID-19 quarantine restrictions.

Seabee Gold Operation, Canada

At the Santoy mine complex, drilling throughout the Exploration Period focused on increasing Mineral Resources and Mineral Reserves at the Gap HW, Santoy 8A and Santoy 9A and 9C zones, and nearby Batman Lake target. Over the Exploration Period a total of 50,114 meters of core drilling was completed in underground and surface programs in 166 holes. The locations are shown relative to the year-end 2019 Mineral Resources outlines in Figure 7 together with highlights from the Exploration Period.

The Gap HW drill program comprises two-thirds of the Seabee drilling for the Exploration Period and contributed to our Mineral Resource estimate for year-end 2019 announced on February 20, 2020. Infill and step out drilling shown in Figure 8 continued through the first quarter of 2020 leading to positive results as outlined below.

Drilling at Gap HW has identified three stacked zones (A, B and C) that occur between one and ten meters apart that are associated with quartz veining and visible gold. This mineralization has comparable processing characteristics to the ore from our Santoy mine currently being mined. Selected drillhole results include 14.75 g/t gold over 7.64 meters and 28.92 g/t gold over 2.62 meters in underground hole SUG-20-911 and surface hole JOY-20-914, respectively. Notably, the JOY-20-914 intercept is 210 meters down plunge from the nearest Inferred Mineral Resources at Gap HW, implying that Mineral Resources may extend to these depths, potentially adding 20% to the Gap HW plunge length. Table 3 presents the highlights of 47 Gap HW intercepts with gram-meter products exceeding 9.0. We expect these new first quarter 2020 results to further expand Mineral Resources at Gap HW when estimated at year-end 2020.

Infill and step-out drilling at Santoy 8A identified extensions to Mineral Resources from higher-grade intercepts including 20.14 g/t gold over 6.23 meters and 19.81 g/t gold over 5.83 meters in underground holes SUG-19-307 and SUG-19-928, respectively. These high-grade results were incorporated in the Santoy 8A Mineral Resources estimate for year-end 2019 reported on February 20, 2020. Table 3 presents selected highlights of 16 intercepts from the Exploration Period that achieved resource grade and width conditions.

Infill and step-out drilling was completed during the Exploration Period at Santoy 9A through 9C with six holes achieving Mineral Resource grade and width conditions. Two selected holes include 21.04 g/t gold over 1.57 meters in SUG-20-302 and 28.67 g/t gold over 0.73 meters in SUG-20-300. These two narrow width high-grade intercepts were received in January 2020 from Santoy 9A, which, taken together with existing infrastructure and Mineral Resources, are expected to expand Mineral Resources in the upper reaches of Santoy 9A.

The location of district-scale greenfield drilling conducted in the first quarter of 2020 is shown in Figure 9. At the Batman Lake area located 650 meters south of Santoy 8 underground workings, we tested several previously un-drilled targets and have completed 13 drill holes totaling 3,457 meters during the Exploration Period. This drilling, illustrated in Figure 10, tested the Riddler and Joker zones defined by surface soil and grab sample anomalies from the 2019 summer field program. Drillhole BAT-20-013 returned 37.95 g/t gold over 3.6 meters, including 117.20 g/t gold over 1.0 meter, from a shallow diorite-hosted sheeted quartz vein zone with minor sulphides and visible gold at the Joker target. Drill hole BAT-20-007 was drilled approximately 150 meters down plunge and intercepted 1.23 g/t gold over 1.5 meters in a 7.5-meter zone of vein quartz and diopside-actinolite altered diorite. These intercepts demonstrate the near-surface Mineral Resource potential of the Santoy mine complex proximal to existing mine infrastructure.

At the Fisher project our 2020 primary exploration objective is to discover a new zone with potential for Inferred Mineral Resources from targets developed during the 2019 summer field program. Exploration drilling during the Exploration Period focused on the Mac North, Yin, Abel Lake, and Aurora targets, where we completed 31 drill holes totaling 9,463 meters.

At Mac North we drilled 5,547 meters in 13 holes following up on drillhole FIS-19-035 that intersected 3.76 g/t gold over 4.18 meters while exploring a longitudinal section measuring 1,000 meters by 450 meters deep. Four holes explored the area adjacent to FIS-19-035 as shown in Figure 11 and encountered visible gold with one drill hole providing a resource grade and width intercept of 9.1 g/t gold over 1.92 meters in FIS-20-053. At Yin we drilled five holes over a 500-meter strike length of anomalous soil samples overlying interleaved metavolcanic rocks and diorite. Drill hole YIN-20-004 intercepted two results of 11.93 g/t gold over 0.5 meters and 13.72 g/t gold over 2.29 meters including 55.5 g/t gold over 0.53 meters requiring follow up during our summer 2020 drilling program.

Exploration activities were complete in late-March 2020 and coincided with our voluntary suspension of operations at Seabee in response to the COVID-19 pandemic. We expect to resume our Seabee and Fisher project exploration activities once a safe re-start of operations at Seabee allows for added exploration personnel on site.

Puna Operations, Argentina

In January we concluded a 3,430-meter core drill program on the Granada target at the Pirquitas property. The drilling explored the projected intersection of the historically mined, high grade Potosi vein and the Cortaderas vein breccia, which already contributes to Mineral Resources at the Pirquitas Underground area. Three holes were completed to depths ranging from 1,010 to 1,220 meters. One drill hole intercepted a near ore-grade intercept containing gold and silver over 4.3 meters at a depth of 1031.15 meters. The occurrence of elevated gold grades requires follow up as it is not historically present in Mineral Resources estimated at Pirquitas. No further work is planned on the target for 2020.

Table 1. Selected drillhole results from the Marigold mine, Nevada, U.S. for the Exploration Period.

Notes: Width in meters represents downhole intersected length, which may or may not be a true thickness of the mineralization. Drillholes presented in this table have gram-meter product greater than 20. "Width" may not equal the difference between "From" and "To" due to rounding.

Table 2. Collar locations from the exploration drill programs at the Marigold mine, Nevada, U.S. for the Exploration Period.

Notes: The numerical gaps in the drillhole sequence result from drillholes reported previously or drillholes expected to be drilled in 2020.

Table 3. Selected drillhole results from Seabee Gold Operation, Saskatchewan, Canada for the Exploration Period.

Notes: Drillholes presented in this table have gram-meter product greater than 9. For the Joker, Abel Lake, Mac North and Yin areas, width in meters represents downhole intersected length, which may or may not be a true thickness of the mineralization.
1 Midpoints of the intercept determined where mineralized structure intersected.
2 Gold values cut to 75 g/t.
3 Coordinates in UTM NAD83 Zone 13 Datum.

Sampling and Analytical Procedures

Drill samples in respect of the Marigold mine drilling program were sent for processing and analysis to the offices of American Assay Laboratories, Inc. ("AAL") in Sparks, Nevada which is an ISO 17025 accredited laboratory independent from SSR Mining. Fire assay was completed on a 30-gram sample (AAL method code FA-PB30-ICP) with an Inductively Coupled Plasma finish after a two-acid digestion. Samples with assay results greater than 10 g/t gold were fire assayed on a 30-gram sample (AAL method code Grav Au30) with a gravimetric finish. We employ a rigorous Quality Assurance/Quality Control ("QA/QC") program, which includes real-time assay quality monitoring through the regular insertion of blanks, duplicates, and certified reference material, as well as reviewing laboratory-provided QA/QC data.

Marigold mine also utilizes Paragon Geochemical Laboratories, a privately held corporation located in Sparks, Nevada. Analytical procedures utilized are ISO/IEC 17025:2017 accredited and ISO 9001:2015 certified. Samples were prepared under strictly controlled processes, and 30-gram aliquots fire assayed with lead collection. The analytical determinations were with aqua regia digestion and Inductively Coupled Plasma analysis (Au-OES30). Results greater than 8 g/t gold were fire assayed with gravimetric finish (Au-GR30). Quality control utilizes layers of embedded controls that are monitored during operations and used for final certification.

All drill samples in respect of the Seabee Gold Operation ("SGO") underground drilling program and some samples from the surface program were assayed by our onsite non-accredited assay laboratory, which is not independent from SSR Mining. Surface drilling samples not analyzed by our onsite assay laboratory were analyzed at TSL Laboratories Inc. ("TSL") in Saskatoon, Saskatchewan, which also serves as the QAQC laboratory for our onsite lab. Duplicate check assays were conducted at site as well as at TSL, which is independent from SSR Mining. Results of the spot checks were consistent with those reported. Sampling interval was established by minimum or maximum sampling lengths and geological and/or structural criteria. SGO site lab typically prepares two hundred-gram samples that were pulverized until greater than 80 percent passed through a 150-mesh screen. Thirty-gram pulp samples were then analyzed for gold by fire assay with gravimetric finish (0.01 g/t gold detection limit). TSL prepares a minus150 mesh pulp (95% passing) weighing 250 grams from a minus 10 mesh coarse crush reject. Fire assay with Atomic Absorption finish was completed on a 30-gram aliquot to produce gold analytical results with a 0.005 g/t gold detection limit. Fire assay with gravimetric finish was prepared on those samples with greater than 3 g/t gold.

Qualified Persons

The scientific and technical data contained in this news release relating to the Marigold mine has been reviewed and approved by James N. Carver, SME Registered Member and a qualified person under National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Carver is our Exploration Manager at the Marigold mine. The scientific and technical data contained in this news release relating to the Seabee Gold Operation has been reviewed and approved by Jeffrey Kulas, P. Geo., a qualified person under NI 43-101. Mr. Kulas is our Manager Geology, Mining Operations at the Seabee Gold Operation. The scientific and technical data contained in this news release relating to the Puna Operations has been reviewed and approved by F. Carl Edmunds, P. Geo., a qualified person under NI 43-101. Mr. Edmunds is our Vice President, Exploration. The qualified persons have verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying such information, and are not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

About SSR Mining

SSR Mining Inc. is a Canadian-based precious metals producer with three operations, including the Marigold gold mine in Nevada, U.S., the Seabee Gold Operation in Saskatchewan, Canada and Puna Operations in Jujuy, Argentina. We also have two feasibility stage projects and a portfolio of exploration properties in North and South America. We are committed to delivering safe production through relentless emphasis on Operational Excellence. We are also focused on growing production and Mineral Reserves through the exploration and acquisition of assets for accretive growth, while maintaining financial strength.

For further information contact:
W. John DeCooman, Jr.
Senior Vice President, Business Development and Strategy
SSR Mining Inc.
Vancouver, BC
Toll free: +1 (888) 338-0046
All others: +1 (604) 689-3846
E-Mail: invest@ssrmining.com

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Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements") concerning the anticipated developments in our operations in future periods, and other events or conditions that may occur or exist in the future. All statements, other than statements of historical fact, are forward-looking statements.

Generally, forward-looking statements can be identified by the use of words or phrases such as "expects," "anticipates," "plans," "projects," "estimates," "assumes," "intends," "strategy," "goals," "objectives," "potential," or variations thereof, or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The forward-looking statements in this news release relate to, among other things: our ability to discover and increase Mineral Resources at the Marigold mine and the Seabee Gold Operation, including (a) increasing Mineral Resources at Trenton Canyon and Valmy at year-end 2020 and (b) increasing Mineral Resources at Santoy Gap HW and Santoy 9A at year-end 2020; expected timing for our exploration program at the Trenton Canyon property in the second quarter of 2020; our expected drill programs at each of the Marigold mine and the Seabee Gold Operation; estimated mine life, including anticipated extension of the mine life of the Marigold mine and the Seabee Gold Operation; estimated project economics; the impact of the COVID-19 outbreak on our mining operations and exploration programs, including the suspension of operations at the Seabee Gold Operation and Puna Operations and the implementation of a safe restart plan at the Seabee Gold Operation; the timing, focus and results of our exploration and development programs, including our ability to achieve certain exploration objectives depending on the duration of the suspension at the Seabee Gold Operation; the Marigold mine continuing to operate with limited impact from COVID-19, including exploration activities at the Marigold mine continuing as planned; future production of gold, silver and other metals; estimated production rates for gold, silver and other metals produced by us; ongoing or future development plans and capital replacement, improvement or remediation programs; and our plans and expectations for our properties and operations.

These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, the following: uncertainty of production, development plans and cost estimates for the Marigold mine, the Seabee Gold Operation, Puna Operations and our projects, including as a result of COVID-19; the duration of the suspension of operations at the Seabee Gold Operation and Puna Operations, and the development and implementation of plans to resume operations; disruptions to our supply chain, customers and workforce due to the COVID-19 outbreak; the responses of the relevant governments to the COVID-19 outbreak not being sufficient to contain the impact of the COVID-19 outbreak; an economic recession or downturn as a result of the COVID-19 outbreak that materially adversely affects our operations or liquidity position; our ability to replace Mineral Reserves; commodity price fluctuations; political or economic instability and unexpected regulatory changes; currency fluctuations; the possibility of future losses; general economic conditions; counterparty and market risks related to the sale of our concentrates and metals; uncertainty in the accuracy of Mineral Reserves and Mineral Resources estimates and in our ability to extract mineralization profitably; differences in U.S. and Canadian practices for reporting Mineral Reserves and Mineral Resources; lack of suitable infrastructure or damage to existing infrastructure; future development risks, including start-up delays and cost overruns; our ability to obtain adequate financing for further exploration and development programs and opportunities; uncertainty in acquiring additional commercially mineable mineral rights; delays in obtaining or failure to obtain governmental permits, or non-compliance with our permits; our ability to attract and retain qualified personnel and management; the impact of governmental regulations, including health, safety and environmental regulations, including increased costs and restrictions on operations due to compliance with such regulations; unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond our control; reclamation and closure requirements for our mineral properties; potential labour unrest, including labour actions by our unionized employees at Puna Operations; indigenous peoples' title claims and rights to consultation and accommodation may affect our existing operations as well as development projects and future acquisitions; certain transportation risks that could have a negative impact on our ability to operate; assessments by taxation authorities in multiple jurisdictions; recoverability of value added tax and Puna credits balance and significant delays in the collection process in Argentina; claims and legal proceedings, including adverse rulings in litigation against us and/or our directors or officers; compliance with anti-corruption laws and internal controls, and increased regulatory compliance costs; complying with emerging climate change regulations and the impact of climate change; fully realizing our interest in deferred consideration received in connection with recent divestitures; fully realizing the value of our shareholdings in our marketable securities, due to changes in price, liquidity or disposal cost of such marketable securities; uncertainties related to title to our mineral properties and the ability to obtain surface rights; the sufficiency of our insurance coverage; civil disobedience in the countries where our mineral properties are located; operational safety and security risks; actions required to be taken by us under human rights law; competition in the mining industry for mineral properties; our ability to complete and successfully integrate an announced acquisition; reputation loss resulting in decreased investor confidence; increased challenges in developing and maintaining community relations and an impediment to our overall ability to advance our projects; risks normally associated with the conduct of joint ventures; an event of default under our 2013 convertible notes or our 2019 convertible notes may significantly reduce our liquidity and adversely affect our business; failure to meet covenants under our senior secured revolving credit facility; information systems security threats; conflicts of interest that could arise from certain of our directors' and officers' involvement with other natural resource companies; other risks related to our common shares; and those other various risks and uncertainties identified under the heading "Risk Factors" in our most recent Annual Information Form filed with the Canadian securities regulatory authorities and included in our most recent Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission ("SEC").

This list is not exhaustive of the factors that may affect any of our forward-looking statements. Our forward-looking statements are based on what our management currently considers to be reasonable assumptions, beliefs, expectations and opinions based on the information currently available to it. Assumptions have been made regarding, among other things: our ability to carry on our exploration and development activities; our ability to meet our obligations under our property agreements; the timing and results of drilling programs; the discovery of Mineral Resources and Mineral Reserves on our mineral properties; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction and operation of our projects; the price of the minerals we produce; the costs of operating and exploration expenditures; our ability to operate in a safe, efficient and effective manner; our ability to obtain financing as and when required and on reasonable terms; our ability to continue operating the Marigold mine and the Seabee Gold Operation; dilution and mining recovery assumptions; the success of mining, processing, exploration and development activities; the accuracy of geological, mining and metallurgical estimates; no significant unanticipated operational or technical difficulties; maintaining good relations with the communities surrounding the Marigold mine and the Seabee Gold Operation; no significant events or changes relating to regulatory, environmental, health and safety matters; certain tax matters; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices, foreign exchange rates and inflation rates). You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. We cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Our forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and we do not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the SEC set out in SEC Industry Guide 7. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Under SEC standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically produced or extracted at the time the reserve determination is made. In addition, the SEC's disclosure standards normally do not permit the inclusion of information concerning "Measured Mineral Resources," "Indicated Mineral Resources" or "Inferred Mineral Resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by U.S. standards in documents filed with the SEC. U.S. investors should understand that "Inferred Mineral Resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Moreover, the requirements of NI 43-101 for identification of "reserves" are also not the same as those of the SEC, and reserves reported by us in compliance with NI 43-101 may not qualify as "reserves" under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

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