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Sale to West Red Lake Gold Mines Ltd. Approved by the Court

30.05.2023  |  CNW

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, May 30, 2023 - Pure Gold Mining Inc. (NEX:PGM.H) (the "Company") announces that the British Columbia Supreme Court (the "Court") has approved a transaction (the "Transaction") for the sale of the Company's issued and outstanding shares to West Red Lake Gold Mines Inc. ("West Red Lake") (TSXV: WRLG, OTC: WRLGF) pursuant to an Approval and Reverse Vesting Order (the "Order") in the Company's ongoing proceedings under the Companies' Creditors Arrangement Act (the "CCAA Proceedings").

Further information with respect to the Transaction is set out in the Company's Press Release of April 17, 2023, and can also be found on the website of KSV Restructuring Inc., the Company's Court appointed Monitor in the CCAA Proceedings at: https://www.ksvadvisory.com/experience/case/pure-gold- (the "Monitor's Website").

The Company, West Red Lake, and Sprott Resource Lending Corp. are working to close the Transaction prior to June 28, 2023, which is subject to various conditions precedent including receipt of required regulatory approvals.

About Pure Gold Mining Inc.

The Company is a Canadian gold mining company with a mine (the "Mine") 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. Additional information about the CCAA Proceedings can be found on the Monitor's Website.

ON BEHALF OF THE COMPANY

"Jonathan Singh"

Jonathan Singh, Chief Administrative Officer

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 closing of the Transaction and receipt of all necessary approvals including West Red Lake shareholder and TSX Venture Exchange approval. 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; completing the Transaction and the impact and 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.

SOURCE Pure Gold Mining Inc.


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