American Eagle to Acquire the NAK Copper- Gold Porphyry Project in British Columbia

American Eagle to Acquire the NAK Copper-

Gold Porphyry Project in British Columbia

TORONTO

,

Dec. 13, 2021

/CNW/ - American Eagle Gold Corp. (TSXV: AE) ("

American Eagle

" or

the "

Company

") is pleased to announce it has entered into an agreement to acquire a 100% interest

in the Nakinilerak Property ("

NAK

" or the "

Property

") in the Babine Copper District of

British

Columbia

.

NAK is a copper-gold porphyry exploration target in the Stikine Island Arc Terrane, which hosts

many copper-gold porphyry deposits. NAK's known copper-gold porphyry mineralization is open at

depth and is defined by a compelling geophysical signature analogous to Newcrest's

Red Chris Mine

and Newmont's Tatogga project located in Northwest BC.

NAK's historic drill and exploration database have been digitized along with a reinterpretation of the

geophysical and geochemical data to delineate targets for American Eagle's drill program in 2022.

During the due diligence process, American Eagle Gold's team uncovered what appears to be a

classic geophysical signature for a large underground copper/gold porphyry system.

NAK has had over

$9 million

of exploration work, including

18,000m

of drilling. Most of the historical

drill holes have been shallow, averaging less than

169m

, which defined an extensive zone of near-

surface, low-grade copper/gold mineralization, with the possibility of higher grades occurring at

depth.

"The acquisition of NAK was data-driven and supported by the risk-reward proposition to drill test a

new geophysical feature within a well understood geologic environment. Our plan with Golden Gate

has not changed, and its drill program is underway, however with the addition of NAK, American

Eagle adds exposure to a copper and gold property in

Canada

," said

Anthony Moreau

, CEO of

American Eagle Gold.

Click Here For Presentation on NAK Acquisition

Accordingly, the Company has entered into a Purchase Agreement (the "

Purchase Agreement

")

dated

December 10, 2021

, with

1302580 B

.C. LTD. (the "

Vendor

"), pursuant to which the Company

will, subject to the approval of the TSX Venture Exchange, assume all rights and interest of the

Vendor under the terms of an option agreement with the underlying claim owner (the "Owner")

executed on

April 28, 2021

(the "Option Agreement").

Terms

The total purchase price (the "Purchase Price") payable by the American Eagle Gold to the Vendor

for the Property shall be:

the assumption of all of the obligations of the Vendor

issuance to the Vendor of two million (2,000,000) common shares of American Eagle Gold

such shares to be issued as fully paid and non-assessable common shares in the capital of

the Purchaser;

the transfer of two million (2,000,000) shares of Orefinders Resources Inc. as currently held by

American Eagle Gold

1% NSR with an option by American Eagle Gold to buyback 0.5% for

$1 million

The Vendor is currently earning a 100% interest in the Property under the terms of the Option

Agreement, which calls for cash payments, in tranches, totalling

$450,000

over three years and

$1,000,000

in work obligations over three years to earn 100%, subject to a 2% NSR royalty to the

Vendor which can be bought down to 1% by paying

$1,500,000

. The Owner has the right to receive

shares of the Company in lieu of the tranches totalling

$450,000

in cash payments, provided that the

value of such shares, at the respective time of issue of the tranche, cannot exceed an aggregate of

$375,000

for the initial

$300,000

in tranches, based on a ten-day volume-weighted price calculation

prior to the issue of the tranche.

About American Eagle Gold Corp.

American Eagle Gold is traded on the TSX Venture Exchange under the symbol 'AE' and is focused

on exploring its flagship property, Golden Gate. The Property is situated on the Cortez Trend, which

hosts three large Carlin-type gold deposits operated by Barrick and Newmont's Joint Venture,

Nevada Gold Mines

(Pipeline,

Cortez Hills

and Goldrush). The Property is located 10 km south of

Cortez Hills and 5 km south of Goldrush and shows many of the same geological characteristics as

at the two deposit areas.

QP Statement

American Eagle's Vice President of Exploration,

Mark Bradley

, B.Sc., M.Sc., P.Geo., a Certified

Professional Geologist and 'qualified person' for the purposes of

Canada's

National Instrument 43-

101 Standards of Disclosure for Mineral Properties, has verified and approved the information

contained in this news release.

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may contain forward-looking statements. Forward-looking

statements in this press release include, but are not limited to, statements regarding whether the

TSX Venture Exchange will approve the Assignment Agreement, and whether the Company's

exploration efforts on the Property produce the results that are anticipated by management. This

information is based on current expectations that are subject to significant risks and uncertainties

that are difficult to predict. Actual results might differ materially from results suggested in any

forward-looking statements. American Eagle Gold Corp. assumes no obligation to update the

forward-looking statements, or to update the reasons why actual results could differ from those

reflected in the forward looking-statements unless and until required by securities laws applicable to

American Eagle Gold Corp. Additional information identifying risks and uncertainties is contained in

filings by American Eagle Gold Corp. with Canadian securities regulators, which filings are available

under American Eagle Gold Corp. profile at

www.sedar.com

.

SOURCE

American Eagle Gold Corporation

View original content:

http://www.newswire.ca/en/releases/archive/December2021/13/c0658.html

%SEDAR: 00051688E

For further information:

Anthony Moreau, Chief Executive Officer, Phone: 416.644.1567, Email:

[email protected]; www.americaneaglegold.ca

CO: American Eagle Gold Corporation

CNW 06:00e 13-DEC-21