WRLG.V · 2024-06-05 12:00:00

West Red Lake Gold Outlines 2024 Madsen Mine Plans

Corporate Updates

VANCOUVER, British Columbia -- June 5, 2024 -- West Red Lake Gold Mines Ltd. (“West Red Lake

Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased to outline some

of the key mine infrastructure and development projects the Company plans to undertake at the

Madsen Mine in the near to medium term with the funds from its recent ﬁnancings.

West Red Lake Gold has a goal to restart the high-grade Madsen gold mine in the second half of

2025. The company is working on a pre -feasibility study detailing that restart plan, which is

targeted for release in early 2025.

West Red Lake Gold has identiﬁed the mine site projects of scale that will be critical to the restart

plan. The Company will be commencing work on these critical path projects in the coming weeks

and months, alongside the consistent drilling, exploration, and engineering work that is informing

the prefeasibility study and outlining potential project enhancements in the future.

Shane Williams, President & CEO, stated, “With the funds raised in our recent ﬁnancings,

including $10 million in Canadian Development Expense ﬂow-through funding, we are excited to

get started on these important projects. With a year of work under our belts at Madsen, we know

what needs to be procured, built, and developed at the mine site over the next six to twelve

months to achieve our goal of restarting the mine in 2025. We look forward to keeping investors

up to date on key milestones as this work progresses.”

KEY MINE INFRASTRUCTURE AND DEVELOPMENT PROJECTS:

• Connection Drift: 1,200-meter haulage way to connect the East and West portals/declines

at the Madsen Mine, to increase material hauling eﬃciency, ventilation, and safety. The

Company’s recent ﬁnancing (see press release West Red Lake Gold Announces Closing $33

Million Bought Deal Public Oﬀering Including The Full Exercise Of The Overallotment

Option, dated May 16th) raised $33 million. Of that total, $10 million were ﬂow -through

funds raised for use under the Canadian Development Expe nse category; that amount is

in line with the company’s cost forecast for this project. The company is pleased to be able

to use ﬂow-through funds of this type to fund development of this key haulage way in the

Madsen mine.

• Primary Crusher: Install a permanent primary crusher as part of the Madsen mill, which

previously relied on a temporary leased crusher.

• Test Mining: Initiate a test mining program to assess longhole stoping and cut -and-ﬁll

mining methods on the range of mining environments at Madsen. This will be an essential

step in further de-risking the asset.

• Bulk Sample: Analyze samples from the test mining program through a sample tower to

determine representative grade of a bulk sample.

• Camp: Procure and install a mine camp to house 100 workers at the Madsen mine site.

• Mine Dry: Procure, install, and staﬀ a facility with showers, change areas, and laundry

where workers can transition into and out of work shifts.

• Evaporators: Install two (2) evaporator fans with the ability to manage 2,000 cubic meters

of water daily, to increase overall water management capacity at the mine site.

• Shaft Rehabilitation: Continue the process of dewatering the mine and rehabilitating the

existing shaft, which is now certiﬁed to move people for the purpose of inspecting shaft

conditions.

UNDERGROUND DRILLING:

As the above site projects progress, West Red Lake Gold will continue its consistent underground

drilling work. Over the remainder of 2024 the Company plans to have two (2) diamond drills

operating regularly in a program totaling up to 39,000 meters, with two primary objectives:

• Resource Deﬁnition Drilling: 70% of the drilling (approximately 27,000 meters) will be

used to increase resource conﬁdence across all known resource domains (Austin, North

Austin, South Austin, and McVeigh), in support of the mine restart plan.

• Resource Expansion Drilling: 30% of the drilling (approximately 12,000 meters) will test

the Company’s top targets for resource expansion. Expansion drilling is currently focused

on the near surface North Austin area. As underground development progresses deeper,

other expansion targets will become more accessible and will be incorporated into the

drill schedule, such as the Austin extension target between the 12 and 15 levels of the

mine and the 8 Zone down plunge extension target

“Our updated and reﬁned geologic model has been performing well, as evidenced by our success

reporting gold mineralization in both inﬁll and expansion drill holes,” stated Will Robinson, VP of

Exploration. “We are keen to continue building conﬁdence in the Madsen resource with deﬁnition

holes ahead of our prefeasibility study, to continue expanding the North and South Austin zones

where our drill holes have been stepping out from known domains in recent months, and to test

additional high caliber targets close to existing underground infrastructure where historic drill

intercepts suggest there is good potential to deﬁne additional mineralization, like the 8 Zone.”

ONE YEAR ON SITE:

West Red Lake Gold closed its acquisition of the Madsen Mine on June 19, 2023 (see press release

dated June 19, 2023). The Company is proud of the signiﬁcant work accomplished in the last year.

Personnel: The Company has recruited a management team with signiﬁcant experience across

corporate roles in mining, from ﬁnance to technical services . The Company has also hired over

100 personnel in roles at the Madsen mine , from drilling to underground development to

environmental monitoring to geology and more.

Madsen Drilling: During 2023, the Company drilled a total of 28 Expansion holes for 2,524 meters

(“m”) and 71 Deﬁnition holes for 4,611m from underground at Madsen. In 2024 (as of May 31st),

the Company has drilled an additional 62 Expansion holes for 6,076m and 74 Deﬁnition holes for

5,803m. Madsen Mine drilling has been directed at two main goals: 1) increasing conﬁdence in

the known resource blocks to enable conﬁdent detailed mine planning , and 2) testing near-

resource targets with potential for new mineralization. The Company has been pleased to issue

consistently positive drill results over the last seven months demonstrating progress with both

goals.

Mine Restart Analysis: Signiﬁcant work has been done identifying the issues that arose at the

Madsen mine under the prior operator - analyzing potential improvements, determining the time

and cost of each improvement , and assessing the best course of action as to repair or replace .

This process has been applied across every aspect of the mine , including the geologic model,

stope designs, mining methods, underground engineering and ﬂow, ore haulage, mill components,

mill parameters, operations oversight, equipment leases, worker accommodations, water

treatment plant enhancements, and more.

Underground Development: The Company has completed 1,488 meters of underground

development at the Madsen mine to access new drill stations, prepare for test mining, and

improve ventil ation. The Company has also completed rehabilitation and slashing on older

workings to make them suitable for modern mining equipment.

Shaft: The hoist mechanism for the 1,275-meter shaft has been refurbished. The Madsen mine is

currently dewatered to the 12 -level and the company has progressively rehabilitated the shaft ,

such that the cage is now certiﬁed to move personnel for the purpose of inspecting the shaft.

Environment and C ommunity: West Red Lake Gold is pleased to be operating in Treaty #3

Territory. The Company has worked to develop good relations with all Red Lake stakeholders and

is pleased to support local initiatives. West Red Lake Gold is honoured to be participating the Red

Lake Anishinaape Pow Wow Circle this weekend (June 8-9).

ABOUT WEST RED LAKE GOLD MINES

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and

focused on advancing and developing its ﬂagship Madsen Gold Mine and the associated 47 km2

highly prospective land package in the Red Lake district of Ontario. The highly productive Red

Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from

high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly

owned Rowan Property in Red Lake, with an expansive property position covering 31 km2

including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

“Shane Williams”

Shane Williams

President & Chief Executive Oﬃcer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Freddie Leigh

Investor Relations

Tel: (604) 609-6132

Email: [email protected] or visit the Company’s website at

https://www.westredlakegold.com

The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo.,

Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake

Project, as defined by NI 43-101 “Standards of Disclosure for Mineral Projects”.

The technical information presented in this news release has been reviewed and approved by Maurice Mostert, P.Eng.,

Vice President of Technical Services for West Red Lake Gold and the Qualified Person for technical services at the

West Red Lake Project, as defined by NI 43-101 “Standards of Disclosure for Mineral Projects”.

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.

FORWARD-LOOKING INFORMATION

Certain statements contained in this news release may constitute "forward-looking information” within the meaning

of applicable securities laws. Forward-looking information generally can be identiﬁed by words such as "anticipate",

"expect", "estimate", "forecast", "planned", and similar expressions suggesting future outcomes or events. Forward -

looking information is based on current expectations of management; however, it is subject to known and unknown

risks, uncertainties and other factors that may cause actual results to diﬀer materially from the forward- looking

information in this news release and include without limitation, statements relating to plans for the potential restart

of mining operations at the Madsen Mine, such as expectations regarding the preparation and timing of a pre-

feasibility study; the identiﬁcation and execution of the critical path items needed to be procured, built and developed

at the mine site; the drilling, exploration, and engineering work, and the potential beneﬁts thereof; the use of funds

(including ﬂow-through funds ), the performance of the updated and reﬁned geological model ; the increase in

conﬁdence in the existing resource; the identiﬁcation of additional mineralization; the identiﬁcation of, and proposed

ﬁxes for, issues identiﬁed under the prior operator; the success of the rehabilitation work completed; and achieving

and maintaining good relations with Red Lake stakeholders . Readers are cautioned not to place undue reliance on

forward-looking information.

Forward-looking information involve numerous risks and uncertainties and actual results might diﬀer materially from

results suggested in any forward- looking information. These risks and uncertainties include, among other things,

market volatility; the state of the ﬁnancial markets for the Company ’s securities; ﬂuctuations in commodity prices ;

timing and results of the cleanup and recovery at the Madsen Mine; and changes in the Company ’s business plans.

Forward-looking information is based on a number of key expectations and assumptions, including without limitation,

that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed.

Although management of the Company has attempted to identify importan t factors that could cause actual results

to diﬀer materially from those contained in forward-looking information, there may be other factors that cause results

not to be as anticipated, estimated or intended. There can be no assurance that such forward- looking information

will prove to be accurate, as actual results and future events could diﬀer materially from those anticipated in such

forward-looking information. Accordingly, readers should not place undue reliance on forward- looking information.

Readers are cautioned that reliance on such information may not be appropriate for other purposes. Additional

information about risks and uncertainties is contained in the Company ’s management’s discussion and analysis for

the year ended November 30, 2023, and the Company’s annual information form for the year ended November 30,

2023, copies of which are available on SEDAR+ at www.sedarplus.ca.

The forward-looking information contained herein is expressly qualiﬁed in its entirety by this cautionary statement.

Forward-looking information reﬂects management's current beliefs and is based on information currently available

to the Company. The forward -looking information is made as of the date of this news release and the Company

assumes no obligation to update or revise such information to reﬂect new events or circumstances, except as may be

required by applicable law.

For more information on the Company, investors should review the Company ’s continuous disclosure ﬁlings that are

available on SEDAR+ at www.sedarplus.ca.

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