PureGold files Third Quarter 2022 Financials, Provides LOM Plan and Technical Report Update

VANCOUVER, British Columbia, Nov. 14, 2022 (GLOBE NEWSWIRE) — Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”), today filed Third Quarter 2022 summary financial and operating results. The Company’s unaudited condensed interim financial statements and related management’s discussion and analysis for the three and nine months ended September 30, 2022, will be available for download on SEDAR and on the Company’s website. All amounts are expressed in Canadian dollars (“$”), unless otherwise noted.

Following the decision to place the PureGold Mine on care and maintenance and considering the time constraints associated with the Companies’ Creditors Arrangement Act (“CCAA”) proceedings, the Company no longer expects to release a Pre-Feasibility Study (“PFS”) Technical Report in the fourth quarter of 2022 as has been previously disclosed. The Company continues to evaluate several alternatives to advance an updated Life-of-mine Plan (“LOM Plan”) for the PureGold Mine which may include the completion of a PFS or similar study at a later date.

About Pure Gold Mining Inc.
The Company is a Canadian gold mining company, located in Red Lake, Ontario, Canada. The Company owns and operates the Company’s Mine, which began gold production in 2021 after the successful construction of an 800 tpd underground mine and processing facility. The Company’s 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
[email protected]

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 the Company within the meaning of applicable securities laws, including, but not limited to statements relating to the timing of a potential updated Pre-Feasibility Study Technical Report and updated Life-of-mine Plan or similar study. 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”, “intends”, “believe”, “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”, “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 the Company 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 the CCAA proceedings and the impact of the same on the Company’s operations; securing financing or undertaking a restructuring transaction and the timing thereof; 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 the Company’s SEDAR profile at www.sedar.com.

Although the Company 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. The Company 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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