Element79 Gold Announces Sale of Properties from Battle Mountain Portfolio in Nevada

Element79 Gold Announces Sale of Proper�es from

Batle Mountain Por�olio in Nevada

VANCOUVER, BC / THENEWSWIRE / JULY 13, 2023 – Element 79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE:

7YS) ("Element 79 Gold", the "Company") announces that, further to its November 17, 2022 release, the

Company has closed the sale of two proper�es from its Batle Mountain Por�olio located in the gold

mining district of northeastern Nevada, USA to a subsidiary of Centra Mining Ltd. ("Centra").

Under the terms of the Asset Purchase Agreement, Centra purchased all of Element79 Gold's interests and

obliga�ons in rela�on to the Long Peak Project ("Long Peak") and the Stargo Project ("Stargo") in exchange

for total considera�on of CAD $1,000,000 paid by the issuance of an aggregate of 2,500,000 common

shares of Centra at a deemed price of CAD $0.40 per share (the “Payment Shares”). The transac�on closed

on July 13, 2023, subject to regulatory approval.

"The sale of Long Peak and Stargo to Centra marks another milestone in Element79 Gold's journey for the

strategic development of its high -grade gold assets," commented James Tworek, President and CEO of

Element79 Gold. "This achievement enables us to unlock addi�onal value from our extensive por�olio of

prospec�ve proper�es while advancing our core projects and driving their success to new heights."

Tworek added, "With other development assets in this exci�ng region, and with the prospec�ve nature of

the proper�es being sold, we are excited to maintain our exposure to the very promising poten�al of these

proper�es and the opportunity for con�nued discovery through our equity par�cipa�on in Centra."

The Batle Mountain Por�olio

The Batle Mountain Por�olio was originally comprised of 15 separate projects totaling over 44,478 acres

across 2,203 unpatented claims in five coun�es: Elko County, Eureka County, Humboldt County, Lander

County, and Nye County. Most of the Batle Mountain Por�olio is located within the Batle Mountain Trend,

with several projects close to globally reputable gold deposits including Nevada Gold's Cortez Mine.

The Batle Mountain Por�olio is comprised primarily of early -stage projects. While drilling has been

c o m p l e t e d a t s o m e p r o j e c t s , s u c h a s E l d e r C r e e k ( 1 5 5 h o l e s ) a n d C l o v e r ( 1 0 4 h o l e s ) , m a n y h a v e o n l y

surface sampling and geophysical surveys completed. Of par�cular note are the Long Peak, Elephant, Elder

Creek, North Mill Creek, Clipper, Pipeline South, West Cortez, and Wal� Projects, which are interpreted to

lie along the northwest trending fault that hosts the high-grade Pipeline deposit, which is included in

Nevada Gold's Cortez Mine.

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Figure 1. Map of Nevada showing location of Battle Mountain Projects, and select major gold mines.

The Long Peak Project

Long Peak is comprised of 34 unpatented claims located near Copper Basin and the Copper Canyon Mine

in Lander County, Nevada. Long Peak hosts significant historic prospects, warran�ng further explora�on

at Long Peak.

The Stargo Project

Stargo is comprised of 337 unpatented claims located south of the Batle Mountain Trend in Nye County,

Nevada. The large claim block contains atrac�ve host rocks, ter�ary age intrusives, and appropriate aged

structural prepara�on to represent an atrac�ve area for explora�on target development.

About Element79 Gold

Element79 Gold is a mining company focused on gold, silver and associated metals and commited to

maximizing shareholder value through responsible mining prac�ces and sustainable development of its

projects. Element79 G old's main focus is on two core proper�es: developing its previously -producing,

high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to bring it

back into produc�on in the near term; and its flagship Maverick Springs Project located in the famous gold

mining district of northeastern Nevada, USA, between the Elko and White Pine Coun�es. Maverick Springs

hosts a 43 -101-compliant, pit-constrained mineral resource es�mate reflec�ng an inferred resource of

3.71 million ounces of gold equivalent "AuEq" at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)

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with an effec�ve date of October 19, 2022. The acquisi�on of the Maverick Springs Project also included

a por�olio of 15 proper�es along the Batle Mountain trend in Nevada, which are non-core to its primary

business focus. In Bri�sh Columbia, Element79 Gold has executed a Leter of Intent and funded a drilling

program to acquire a private company that holds the op�on to 100% interest of the Snowbird High-Grade

Gold Project, which consists of 10 mineral claims located in Central Bri�sh Columbia, approximately 20km

west of Fort St. James. The Company also has an op�on to acquire a 100% interest in the Dale Property,

90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the

Timmins Mining Division, Dale Township. The Company is analyzing the non -core Nevada projects, the

Dale Property and the Snowbird Property for further merit of explora�on, sale or spin-out.

For more informa�on about the Company, please visit www.element79.gold

Contact Informa�on

For corporate matters, please contact:

James C. Tworek, Chief Execu�ve Officer

E-mail: [email protected]

For investor rela�ons inquiries, please contact:

Investor Relations Department

Phone: +1.613.879.9387

E-mail: [email protected]

Cau�onary Note Regarding Forward Looking Statements

This press contains "forward-looking informa�on" and "forward-looking statements" under applicable securi�es laws

(collec�vely, "forward-looking statements"). These statements relate to future events or the Company's future

performance, business prospects or opportuni�es that are based on forecasts of future results, es�mates of amounts

not yet determinable and assump�ons of management made in light of management's experience and percep�on

of historical trends, current condi�ons and expected future developments. Forward-looking statements include, but

are not limited to, statements with respect to: the closing of the sale of the Long Peak Project and the Stargo Project;

obtaining regulatory approval for the sale of the Long Peak Project and the Stargo Project; the Company's business

strategy; future planning processes; explora�on ac�vi�es; the �ming and result of explora�on ac�vi�es; capital

projects and explora�on ac�vi�es and the possible results thereof; acquisi�on opportuni�es; and the impact of

acquisi�ons, if any, on the Company. Assump�ons may prove to be incorrect and actual results may differ materially

from those an�cipated. Consequently, forward -looking statements cannot be guaranteed. As such, investors are

cau�oned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans,

assump�ons or expecta�ons upon which they are placed will occur. All statements other than statements of historical

fact may be forward-looking statements. Any statements that express or involve discussions with respect to

predic�ons, expecta�ons, beliefs, plans, projec�ons, objec�ves or future events or performance (o�en, but not

always, using words or phrases such as "seek", "an�cipate", "plan", "con�nue", "es�mate", "expect", "may", "will",

"project", "predict", "forecast", "poten�al", "tar get", "intend", "could", "might", "should", "believe" and similar

expressions) are not statements of historical fact and may be "forward-looking statements".

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Actual results may vary from forward -looking statements. Forward-looking statements are subject to known and

unknown risks, uncertain�es and other factors that may cause actual results to materially differ from those expressed

or implied by such forward -looking statements, including but not limited to: risks related to the integra�on of

acquisi�ons; actual results of explora�on ac�vi�es; conclusions of economic evalua�ons; changes in project

parameters as plans con�nue to be refined; commodity prices; varia�ons in ore reserves, grade or recovery rates;

actual performance of plant, equipment or processes rela�ve to specifica�ons and expecta�ons; accidents; labour

rela�ons; rela�ons with local communi�es; changes in na�onal or local governments; changes in applicable

legisla�on or applica�on thereof; delays in obtaining approvals or financing or in the comple�on of development or

construc�on ac�vi�es; exchange rate fluctua�ons; requirements for addi�onal capital; government regula�on;

environmental risks; reclama�on expenses; outcomes of pending li�ga�on; limita�ons on insurance coverage as well

as those factors discussed in the Company's other public disclosure documents, available on www.sedar.com.

Although the Company has atempted to iden�fy important factors that could cause actual results to differ materially

from those co ntained in forward -looking statements, there may be other factors that cause results not to be as

an�cipated, es�mated or intended. The Company believes that the expecta�ons reflected in these forward-looking

statements are reasonable, but no assurance can be given that these expecta�ons will prove to be correct and such

forward-looking statements included herein should not be unduly relied upon. These statements speak only as of

the date hereof. The Company does not intend, and does not assume any obliga�on, to update these forward-looking

statements, except as required by applicable laws.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the

Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.