Cyon Announces Letter of Intent to Acquire Longface Property IN Nevada

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

CYON EXPLORATION LTD.

NEWS RELEASE

TSX.V Symbol: CYON

CYON ANNOUNCES LETTER OF INTENT TO ACQUIRE LONGFACE PROPERTY IN NEVADA

Vancouver, British Columbia (June 29, 2021) – Cyon Exploration Ltd. (the “Company”) is pleased

to announce that it has entered into a letter of intent on June 28 2021, to acquire (the

“Acquisition”) all the issued and outstanding common shares of Gold State Resources Inc. (“Gold

State”) from the shareholders of Gold State (the “Shareholders”) pursuant to a definitive

agreement being entered into (the “Share Exchange Agreement”). This transaction is arm’s

length and no finder’s fee is payable.

Gold State, through its subsidiary Jumping Jack Exploration Inc. (“Jumping Jack”), is a party to an

option agreement (the “Option Agreement”) for the acquisition of up to a 65% interest in certain

mineral claims known as the Longface Property (the “Property”). The Property comprises 209

lode claims totaling 2,640 acres and is located in the Moors Creek mining district of Nye County,

Nevada, approximately 55 miles north of Tonopah. The Property is situated along the eastern

margin of the Walker Lane Gold Trend, ten miles north of Kinross Gold Corporation’s well-known

Round Mountain Gold Mine, and is five miles north of the nearest Round Mountain open pit.

Longface is ten miles south of the Northumberland Gold Mine, active in the 1980s and 1990s.

The United States Geological Survey Mineral Resource Data System has reported the total metal

content of the Round Mountain gold system to be approximately 20 million ounces of gold.

The project history for the Property dates back to about 1905, when it was reported the

rancher/owner supported his family and ranch by underground gold mining for three years,

constructing several adits and shafts totaling about 100 metres (305 feet) of underground

workings. The ranchers/owners have not been favorable to corporate exploration programs

except for three limited exploration programs , the last time being in the 1980s. Surface

exploration during 2020 identified three parallel N15-20W silicified fault zones which include the

original hundred-year-old mine workings. This strike orientation parallels major gold belts in

Nevada including the Carlin Trend, the Cortez Gold Belt and the Walker Lane Trend. The silicified

fault zones occur approximately 640 metres (2,100 feet) apart from each other and spanning

more than 1 km in width. The East zone is the site of the historical mining and is exposed for 610

metres (2,000 feet) along strike. The Middle zone can be traced over a strike length of 305 metres

(1,000 feet), and the West zone is covered except for one pit exposing the fault zone over 3

metres (10 feet).

Pursuant to the terms of the Option Agreement, Jumping Jack has the exclusive right to earn an

undivided 65% interest in and to the Longface Property by making exploration expenditures

totaling US$5.25 million over three and a half (3.5) years. More specifically, the exploration

expenditure breakdown is US$750,000 by March 4, 2022, an additional US$1,750,000 by March

4, 2023, and an additional US$3,000,000 by March 4 , 2024. Upon completion of the work

commitments, Jumping Jack will have earned a 65% interest in and to the Longface Property. The

Option Agreement also allows Jumping Jack a right of first refusal to convert the remaining 35%

interest in and to the Property, into an equity interest in favor of the public company that

acquires it through a share issuance. In addition, the Option Agreement calls for a 2% NSR tied to

the Property where upon 1% may be purchased at a cost of US$1,000,000.

As consideration for the sale and transfer of the all the common shares of Gold State to the

Company, the Company will issue to the Shareholders an aggregate of 25,000,000 common

shares of the Company. In addition, the Company will issue 10,000,000 shares of the Company

to the Shareholders for every 1,000,000 ounces of gold resource proven on the Property through

a resource estimate.

“This is an exciting opportunity for Cyon to increase its presence in Ne vada”, stated Cyon’s

President, Brian Thurston. “The ranchers-owners of these claims have guarded them for so long,

granting only limited exploration over the past 115 years, this is the first time exploration rights

are being granted in over 30 years for the Longface property. The periodicity of established gold

mines almost every 10 miles, from Manhattan Gold Mine in the south to Northumberland Gold

Mine in the north is something we also find very intriguing. The Longface property is strategically

located to fill the gap between Round Mountain and Northumberland. We believe the limited

past exploration has only scratched the surface of what this property may deliver, with multiple

parallel structures already observed over a kilometer in width and up to 640 meters along strike.

We are excited about the prospects of what we may discover with more detailed and modern

exploration.”

None of the securities issued in connection with the Acquisition will be registered under the

United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be

offered or sold in the United States absent registration or an applicable exemption from the

registration requirements of the 1933 Act. This news release shall not constitute an offer to sell

or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where

such offer, solicitation, or sale would be unlawful.

Brian G. Thurston, P.Geo., the Company’s President and CEO and a qualified person as defined

by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and

approved the technical information in this news release.

About Cyon

CYON is engaged in the acquisition, exploration, and development of mineral properties in North

and South America. The Company is currently focused on its recently acquired Black Rock Canyon

gold property that is favorably located within the Cortez gold trend of the Battle Mountain-

Eureka belt, a productive and rapidly growing gold mining district in Nevada.

Cyon Exploration Ltd.

Per: “Brian Thurston”

Brian Thurston

CEO

Tel: 778 928-6565

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

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

release.

This release includes certain statements that may be deemed "forward-looking statements". All

statements in this release, other than statements of historical facts, that address events or

developments that the Company expects to occur, are forward -looking statements. Forward-

looking statements are statements that are not historical facts and are generally, but not always,

identified by the words "expects", "plans", "anticipates", "believes", "inte nds", "estimates",

"projects", "potential" and similar expressions, or that events or conditions "will", "would", "may",

"could" or "should" occur. Although the Company believes the expectations expressed in such

forward-looking statements are based on reasonable assumptions, such statements are not

guarantees of future performance and actual results may differ materially from those in the

forward-looking statements. Factors that could cause the actual results to differ materially from

those in forward-looking statements include market prices, exploitation and exploration

successes, and continued availability of capital and financing, and general economic, market or

business conditions. Investors are cautioned that any such statements are not guarantees of

future performance and actual results or developments may differ materially from those

projected in the forward-looking statements. Forward-looking statements are based on the

beliefs, estimates and opinions of the Company's management on the date the statements are

made. Except as required by applicable securities laws, the Company undertakes no obligation to

update these forward-looking statements in the event that management's beliefs, estimates or

opinions, or other factors, should change.