EnGold Announces $8 Million Non-Brokered Flow-Through Financing & Plans Consolidation of Capital

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EnGold Announces $8 Million Non-Brokered Flow-Through

Financing & Plans Consolidation of Capital

For Immediate Release . May 25, 20 21. Vancouver, BC. David H. Brett, President &

CEO, EnGold Mines Ltd., (TSX -V: EGM, “EnGold” or the “Company”) reports that the

Company has arranged an $8 million non-brokered private placement of flow -through

units (the “Financing”) , subject to a consolidation of capital on a 10 for 1 basis (the

“Consolidation”). The Company currently has 256,465,446 common shares issued and

outstanding. Upon completion of the Consolidation, the Company is expected to have

approximately 25,646,544 common shares outstanding.

Under the Financing, on a post-Consolidation basis, the Company will issue 16,000,000

units at a price of $0.50 per unit. Each unit will consist of one flow -through share and

one-half of one warrant whereby each whole warrant will entitle the holder to purchase

one common share at a price of $0.75 for period of two years . The Financing and

Consolidation are subject to sh areholder and TSX Venture Exchange approval. The

proceeds of the Financing will be used to explore the Company’s Lac La Hache Copper-

Gold Project in the Cariboo region of BC.

About EnGold

EnGold is a Vancouver -based copper , gold, silver, magnetite explo ration company

focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC

which hosts the Spout Copper Deposit, the Aurizon Gold Deposit and the G1 Copper

Deposit and other exploration targets within a large porphyry mineralizing sy stem. With

world class infrastructure at its doorstep, Lac La Hache is a great location to be

exploring.

EnGold Mines Ltd.

David Brett

President & CEO

For further info contact David Brett, 604-682-2421 or [email protected]

This news release may contain "forward‐looking statements". Readers are cautioned that any such statements are not

guarantees of future performance and that actual development or results may vary materially from those in these "forward

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

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