Provenance Gold Enters into Letter of Intent to Form Joint Venture for Development of Silver Bow Property with Drilling to Commence in January and Announces Drill Ready Status at its White Rock Property

PROVENANCE GOLD CORP.

Suite 2200, 885 West Georgia Street

Vancouver, British Columbia, V6C 3E8

www.provenancegold.com

NEWS RELEASE

Provenance Gold Enters into Letter of Intent to Form Joint Venture for Development of Silver

Bow Property with Drilling to Commence in January and Announces Drill Ready Status at its

White Rock Property

December 7, 2020 – Provenance Gold Corp. (CSE: PAU) (FSE: 3PG) (the “Company” or “Provenance”) is

pleased to announce that the Company is now drill ready on its newly acquired White Rock property in

addition to its Silver Bow property, both in Nevada.

Provenance acquired the White Rock gold property in northeastern Nye County earlier this year and then

expanded the property to a total of 258 claims comprising 5,160 acres. This expansion resulted from a

new understanding of the gold system after review of historical drill logs and the Company’s field work.

This new understanding has identified what the Company anticipates being a major gold mineralization

system that starts at the surface. The Company believes the property hosts a large structurally controlled,

sediment-hosted gold system similar to the Black Pine mine in nearby Idaho. The property is now drill-

ready with the initial program designed to verify and expand on the historically identified gold zones, and

to confirm the new mineralization model.

Provenance also controls the Silver Bow property east of Tonopah, Nevada . Based on the Company’s

review of historic information, its subsequent field work and a new understanding of the extensive mineral

system, the Company believes Silver Bow contains a major zoned gold and silver system with large specific

exploration targets. Provenance has identified extensive areas of strong shallow gold and silver

mineralization within a large caldera and flow-dome related gold and silver system that is exposed on the

surface, plus additional deep high -grade targets. An initial staged drilling program has been prepared,

and this property is also drill-ready with a drill program planned to commence in January.

In addition, Provenance has signed a Letter o f Intent (the “LOI”) dated December 4th, 2020 with Palayan

Resources, Inc. (OTCMarkets: PLYN) (“Palayan”), a publicly trading, US fully reporting emerging growth

company. It is anticipated that Palayan and Provenance will form a Joint Venture in which Pala yan will

receive a 49.5% interest (the “ Palayan JV Interest”) upon funding of an initial 20-hole drill program on

Provenance’s Blue Horse property, within Silver Bow.

Rauno Perttu commented “We have worked diligently to get both these properties to the drill ready stage

and are exited to have the opportunity through funding from Palayan to begin drilling the Silver Bow

property in January. With the success of the Silver Bow drilling program, we should be in a good position

to drill the White Rock propert y shortly thereafter. We believe both properties have the likelihood to

contain large ore systems that will allow us to build a strong base for the longevity of the Company.”

Completion of the transaction contemplated by the LOI, and the funding of the drill program at Silver Bow

by Palayan, remains subject to ongoing due diligence and the negotiation of definitive documentation.

Please refer to the Company’s website for further information and to review its reports on both the White

Rock property and Sil ver Bow property in addition to assay and other key exploration data @

https://www.provenancegold.com .

Rauno Perttu, P. Geo., a Qualified Person (as defined by National Instrument 43 -101), and the Chief

Executive Officer of the Company, has reviewed and approved the technical contents of this News

Release.

On behalf of the Board,

Provenance Gold Corp.

Rauno Perttu, Chief Executive Officer

For further information about the Company or this proposed private placement please contact the

Company at: [email protected]

Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy

of this press release.

This news release may contain certain “Forward -Looking Statements” within the meaning of the United States Private Securities

Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words

“anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expression s

identify forward-looking statements or information. These forward -looking statements or information may relate to proposed

activities at the White Rock gold project , and other factors or information. Such statements represent the Company’s current

views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered

reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks,

contingencies and uncertainties. Many factors, both known and unknown, could cause resu lts, performance or achievements to

be materially different from the results, performance or achievements that are or may be expressed or implied by such forward -

looking statements. The Company does not intend, and does not assume any obligation, to update these forward -looking

statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such

statements and information other than as required by applicable laws, rules and regulations.