Fury Gold Mines Limited Now Launched Auryn Reorganization and Acquisition of Eastmain Completed
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www.furygoldmines.com
Fury Gold Mines Limited Now Launched
Auryn Reorganization and Acquisition of Eastmain Completed
Vancouver & Toronto, Canada – October 9, 2020 – Fury Gold Mines Limited (TSX:FURY, NYSE
American:FURY)(“Fury Gold” or the “Company”) is pleased to announce completion of the previously
announced transaction resulting in Auryn Resources Inc. (TSX:AUG and NYSE American: AUG)
acquiring Eastmain Resources Inc. (TSX:ER)(“Eastmain”) and forming Fury Gold. Prior to the merger,
Auryn spun out its Peruvian assets into two new companies (the “Spincos”) and distributed the shares
to Auryn shareholders. Fury Gold has also now received the net proceeds of the previously completed
C$23 million subscription receipt financing , which was conditional on the completion of the Fury Gold
transaction. Shares of Fury Gold are expected to commence trading on the NYSE American on Monday,
October 12, 2020 and on the Toronto Stock Exchange on Tuesday, October 13, 2020 (due t o the
Canadian Thanksgiving holiday). Shares of Auryn will continue to trade until close of market on October
9, 2020. So long as Auryn shares continue to be traded on the TSX under the AUG symbol, a purchaser
will be entitled to receive SpinCo shares on settlement of the trade and a seller of AUG will not retain any
entitlement to SpinCo shares.
A Message from Ivan Bebek, Chair:
“We would like to thank the shareholders and many people and firms that made the creation of Fury
possible. We are very excited about the ambitious growth plans for the Company and are pleased with
the level of shareholder support for the transaction and for the board of Fury Gold, which was
demonstrated at our recent annual meeting. We are pleased to re confirm Mike Timmins as CEO and
director of Fury Gold and to welcome our other highly qualified new members to the Fury Gold board.”
A Message from Mike Timmins, President & CEO:
“On behalf of Fury Gold, I would like to thank the investors who had the conviction and foresight to
participate in our September subscription receipt financing, which supported the launch of the Company.
It’s a pleasure to officially welcome Eastmain shareholders to Fury Gold as we reposition them to
participate in the considerable growth and discovery potential we see in the Company’s Canadian gold
assets. I would also like to welcome David Rivard to the technical team, he will play an important role in
the planning and execution of our exploration plans as the Exploration Manager for Canada.
“I look f orward to the upcoming drill program at Eau Claire in Quebec, engaging with our surrounding
communities and staying connected with our shareholders as we plan to ‘unleash the fury’ and embark
on the next leg of significant value creation.”
Eau Claire Drilling and Corporate Updates:
A 50,000-meter drill contract has been awarded to Groupe Roullier, which is planned to start in early
November. In the coming weeks, Fury Gold also plans to provide a drill targeting update based on the
work completed over the summer, prior to the start of the drill program.
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In addition, Fury Gold is pleased to add Saga Williams to the board of directors of the Company. Ms.
Williams, LLB has worked in Indigenous communities for over 20 years in government and corporate
roles in the capacity of legal counsel, negotiations and governance, and as a strategic advisor. Ms.
Williams has been on negotiation teams that have successfully settled over $1 billion in agreements and
has worked on Indigenous community engage ment and negotiations to support national energy and
mining projects. Ms. Williams teaches at Osgoode Hall Law School as an Adjunct Professor and supports
student led negotiations focusing on consultation, Indigenous rights and reconciliation. Over the las t 25
years, she has also held many non -profit board positions. Ms. Williams is Anishinaabe, a member of
Curve Lake First Nation and is currently an elected official for her community.
Fury Gold is also pleased to add David Rivard to the technical team as Exploration Manager for Canada.
Mr. Rivard is an exploration geologist with over 20 years of mineral exploration experience, mostly in
Archean terrain. Mr. Rivard was previously a Senior Exploration geologist with Newmont Corporation and
was responsible for overseeing exploration on Newmont’s Quebec-based assets, including the Eleonore
mine region. From 2013 to 2017 he was the regional geologist for Eastmain and is therefore already
familiar with several of Fury’s James Bay gold projects. Mr. Rivard was also Vice-President of Exploration
for Beaufield Resources between 2007 and 2013. Mr. Rivard holds a Bachelor of Science Degree in
Geology from the University of Quebec in Montreal and is a professional geologist registered with the
Ordre des Geologues du Quebec. He was part of the exploration team responsible for the discovery of
the Eleonore Gold Deposit, Discovery of the year by AEMQ (Quebec Mineral Exploration Association) in
2004. He was also part of the geological team awarded Discovery of the year by AEMQ in 2015 for the
Eau Claire Gold Deposit.
Eastmain’s former CFO , Joe Fazzini, will not be continuing with Fury Gold as CFO , however, he will
continue to work with the Company as a consultant through this important planned integration phase.
Auryn’s Interim CFO, Elizabeth Senez, will continue with Fury Gold as interim CFO.
Former Auryn shareholders seeking information about t he Peruvian SpinCos can visit the ir temporary
websites at www.sombreroresources.com and www.tieronemetals.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF FURY GOLD MINES LIMITED
Mike Timmins
President, CEO & Director
For further information on Fury Gold Mines Ltd., please contact Natasha Frakes, Manager of Corporate
Communications at (778) 729-0600, [email protected] or visit www.furygoldmines.com.
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About Fury
Fury Gold Mines Limited is a Canadian-focused exploration and development company positioned in three prolific mining regions
across the country. Led by a management team and board of directors with proven success in financing and developing mining
assets, Fury Gold will aggressively grow and advance its multi -million-ounce gold platform through project development and
potential new discoveries. Fury Gold is committed to upholding the highest industry standards for corporate governance,
environmental stewardship, community engagement and sustainable mining.
Forward Looking Information and Additional Cautionary Language
This release includes certain statements that may be deemed “forward -looking statements”. Forward looking information is
information that includes implied future perfor mance and/or forecast information including information relating to the growth
plans and future results of Fury Gold and the spin-out companies, and the timing and results of the drill program at Eau Claire .
These statements involve known and unknown risks , uncertainties and other factors which may cause actual results,
performance or achievements of the Company to be materially different (either positively or negatively) from any future resul ts,
performance or achievements expressed or implied by such forw ard-looking statements. Readers should refer to the risks
discussed in the Company’s Annual Information Form and MD&A for the year ended December 31, 2019 and subsequent
continuous disclosure filings with the Canadian Securities Administrators available at www.sedar.com and the Company’s
registration statement on Form 40 -F filed with the United States Securities and Exchange Commission and available at
www.sec.gov.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.