Independence Gold to Further Increase Private Placement to Raise Up to $2.1 Million

NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATON INTO THE USA

NEWS RELEASE

December 10, 2020 TSX Venture: IGO

Independence Gold to Further Increase Private Placement to Raise Up to $2.1 Million

Vancouver, B.C. – Independence Gold Corp. (TSX.V: IGO) (the "Company") wishes to announce that due

to demand it has increased the size of its i nitially announced $1. 5 million private placement financing

(the “Offering”). The increase will allow for up t o 9,375,000 flow -through common shares (the “FT

Shares”) at a pri ce of $0.16 FT Share, for aggreg ate proceeds of $1 ,500,000; and 4,285,714 additional

common shares (each a “Unit”) at a price of $0.14 per Unit for aggregate proc eeds of $600,000 . Each

Unit will cons ist of one common share of the Company ( a “Share”) and one half of one common share

purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share

at an exercise price of $0.20 per common share for a period of 24 months. Subject to compliance with

applicable securities laws and the approval of the Exchange, finders’ fees may be payable to eligible

arm’s length persons with respect to certain subscriptions accepted by the Company.

The net proceeds from the Offering will be used by the Company to fund a winter drill program at the

3Ts Property, expected to commence in February 2021, as well as advance the Merit and Nicoamen

properties in the Spences Bridge Gold Belt. Proceeds will also be used for general and ad ministrative

purposes.

Closing of the O ffering is subject to receipt of applicable regulatory approvals including the approval of

the TSX Venture Exchange. The securities issued will be subject to a standard four month hold period.

ON BEHALF OF THE BOARD OF INDEPENDENCE GOLD CORP.

“Randy Turner”

Randy Turner, President and CEO

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

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

All statements in this press release, other than statements of historical fact, are "forward -looking information" with respect to

Independence within the meaning of applicable securities laws, including statements with resp ect to th e Company’s planned

drilling and exploration activities. The Company provides forward -looking statements for the purpose of conveying information

about current expectations and plans relating to the future and readers are cautioned that such state ments may not be

appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general

or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove

to be accura te, that assumptions may not be correct and that object ives, strategic goals and priorities will not be achieved.

These risks and uncertainties include but are not limited to those identified and reported in Independ ence’s public filings under

Independence Gold Corp.’s SEDAR profile at www.sedar.com. Although Independence has attempted to identify important

factors that could cause actual actions, events or results to differ mater ially fro m those des cribed in forward -looking

information, there may be other factors that caus e actions, events or results not to be as anticipated, estimated or intended.

There can be no assurance that such information will prove to be accurate as actual results and future events could differ

materially from those anticipated in such statements. Independence disclaims any intention or obligation to update or revise

any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

UNITED STATES ADVISORY. The securities referred to herein ha ve not been and will not be registered under the United States

Securities Act of 1933, as amended (the "U.S. Securities Act"), have been offered and sold outside the United States t o eligible

investors pursuant to Regulation S promulgated under the U.S. Se curities Act, and may not be offered, sold, or resold in the

United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under t he United

States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration

requirements of the U.S. Securities Act is available. Hedging transactions involving the securities must not be conducted unless in

accordance with the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy

any securities, nor shall there be any sale of securities in the state in the United States in which suc h offer, solicitatio n or sale

would be unlawful.