ELEM.CN · 2023-04-26 12:00:00

Element79 Gold Corp. Confirms Debt Settlement

Share Capital & Compensation

Company Further Strengthens Balance Sheet by Entering Debt Settlement Agreement

with Creditor

VANCOUVER, BC / THENEWSWIRE / April 26, 2023 – Element79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE:

7YS) ("Element79 Gold", the "Company") a mining company focused on gold, silver and associated metals,

provided an update to investors today by conﬁrming payment to a creditor to complete a contract for

services.

Debt Setlement

The Company also announces that it has entered into a debt setlement agreement with an arms -length

creditor (the "Creditor") to setle CAD$50,000.00 (the "Debt Setlement") of debt for services provided by

the Creditor to the Company.

In setlement and full sa�sfac�on of the debt in the amount of CAD$ 50,000.00, the Company has agreed

to issue to the Creditor 1,000,000 common shares in the capital of the Company (the "Common Shares")

at a deemed issue price of $0.050 per Common Share.

All Common Shares issued pursuant to the Debt Setlement are subject to a statutory hold period of four

months plus a day from the date of issuance of the Common Shares in accordance with applicable

securi�es legisla�on.

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 Gold's primary focus is on two core proper�es: Lucero Property in Arequipa, Peru,

and its ﬂagship Maverick Springs Property in the gold mining district of northeastern Nevada, USA. The

Maverick Springs Property, located between the Elko and White Pine Coun�es, hosts a 43-101-compliant,

pit-constrained mineral resource es�mate reﬂec�ng an inferred resource of 3.71 million ounces of gold

equiv alen t "AuE q" a t a gr ade of 0.92 g/t AuE q (0.34 g/t Au and 43.4 g/t Ag) with an e ﬀ ec�v e dat e of

October 19, 2022. Element79 Gold also holds a por�olio of 15 proper�es along the Batle Mountain trend

in Nevada. As part of its Canadian opera�ons, Element79 Gold has the op�on to acquire a 100% interest

in the Snowbird High-Grade Gold Project, consis�ng of 10 mineral claims approximately 20km west of Fort

St. James in Central Bri�sh Columbia. The Company also has the op�on to acquire the Dale Property,

comprised of 90 unpatented mining claims in the Timmins Mining Division, Dale Township, in Ontario,

Canada. The Company is analyzing the non-core Nevada, Dale, and Snowbird projects 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 maters, please contact:

James C. Tworek,

Chief Execu�ve Oﬃcer

For investor rela�ons inquiries, please contact:

Investor Rela�ons Department

Phone: +1.613.879.9387

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.