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PureGold files Independent Technical Report with Updated Mineral Resource Estimate for PureGold Mine

V.PGM.H

VANCOUVER, British Columbia, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”), is pleased to announce that following the release of an updated Mineral Resource Estimate (“MRE”) on August 10th 2022, the Company has filed a National Instrument 43-101 Technical Report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting, dated September 23rd, 2022, with an effective date of December 31st, 2021. The report is available on SEDAR at http://www.sedar.com and has also been posted on the Company’s website at https://www.puregoldmining.ca/our-mine/mineral-resources/.

2022 Mineral Resource Estimate Highlights:

The PureGold Mine MRE includes1,2:

1.65 million ounces of gold at 7.4 grams per tonne (“g/t”) within 6.9 million tonnes in the Indicated Mineral Resource category, and

0.37 million ounces of gold at 6.3 g/t within 1.8 million tonnes in the Inferred Mineral Resource category.

The updated MRE will form the basis of a new Pre-Feasibility Study (PFS) and updated Life of Mine plan, which is being led by SRK and expected to be released in the fourth quarter of 2022. This updated PFS will incorporate several ongoing trade-off studies and will identify the best value-maximizing operational path forward for the Company.

  1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The Canadian Institute of Mining, Metallurgy and Petroleum definitions were followed for the classification of Indicated and Inferred Mineral Resources. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated Mineral Resource category. All figures have been rounded to reflect the relative precision of the estimates. Mineral Resources are reported as constrained with an underground Mining Stope Optimizer tool which generated optimized stope shapes using an assumed gold price of US$1800/ounce, a mining recovery of 95.0%, metallurgical recovery of 95.0%, and successive MSO runs at stope heights of 3, 6, and 12 metres. Mineral Resources are stated as undiluted tonnes and gold grade above a 3.38 g/t cutoff.

  2. For further information, see the technical report titled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada” with an effective date of December 31, 2022, and dated September 23, 2022, for further information, available at puregoldmining.caor under the Company’s Sedar profile at www.sedar.com

Qualified Persons and NI 43-101 Disclosure

Terrence Smith, P.Eng. Chief Operating Officer for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.

About Pure Gold Mining Inc.

PureGold is a Canadian gold mining company, located in Red Lake, Ontario, Canada. The Company owns and operates the PureGold Mine, which began gold production in 2021 after the successful construction of an 800 tpd underground mine and processing facility. The PureGold Mine is centered on a forty-seven square kilometre property with significant discovery potential.

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

ON BEHALF OF THE BOARD
"Mark O’Dea"
Mark O’Dea, President & CEO

Investor inquiries:
Adrian O’Brien,
Director, IR & Communications
Tel: 604-809-6890
aobrien@puregoldmining.ca

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

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to PureGold within the meaning of applicable securities laws, including, but not limited to statements with respect to those that address proposed timing of development plans for the PureGold Mine, including the proposed updated NI 43-101 Technical Report and timing and content of such Technical Report, including the life of mine plan; expectations regarding the effectiveness of new initiatives to improve stope access and result in increased throughput, improved grades and reduced costs in 2022; achievement of minimum targets with respect to ore production, average head grade and reduction in monthly operating costs by the end of 2022 compared to 2021; potential for extending the mine life of the PureGold Mine; the timing and results of the new Pre-Feasibility Study and updated Life of Mine Plan; the potential to convert resources to reserves; the transition of mining from the McVeigh Zone to the South Austin and Austin Zones; and potential for additional resources and expansion of known deposits and potential for making new discoveries and the focus of the Company in the coming months. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "progress", "confirms", "continue", "planned", "expect", "expectations", "expand", "enhanced", "increasing", "optimize", "project", "predict", "potential", "supports", "targeting", "intends", "believe", "improved", "potential", and similar expressions, or describes a "goal", or variation , of such words and phrases or state that certain actions, events or results "may", "should", "confirms", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of PureGold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to liquidity and the Company’s ability to continue as a going concern; mine closure and rehabilitation; failure to achieve estimates or material increases in costs; history of net losses and negative operating cash flow, indebtedness; interpretation of results at the PureGold Mine complex, including reserve and resource estimates may prove to be incorrect; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration and development activities generally; delays in permitting; possible claims against the Company; the timing of future economic studies; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 30, 2022 in the section entitled "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 forward-looking information, there may be other factors that cause actions, events or results not to be as 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 unless required by law.


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