White Gold Corp. Announces Fully Subscribed C$9 Million

TORONTO, November 25, 2021 (GLOBE NEWSWIRE) – White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W) (the “society” or “White gold“Is pleased to announce a private unbroken placement of flow-through common stock at a price of $ 0.98 per share (a “Tranche 1 flow-through share“), Flow-through common stock priced at $ 0.80 per share (each a”Tranche 2 flow-through share“) And common shares in the capital of the company at a price of $ 0.70 per common share (each a”Spread share“For total gross proceeds of approximately $ 9,000,000.

Under an investor rights agreement between the Company and Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) (“Agnico”) Dated December 13, 2016, Agnico announced that it intends to increase its stake in the company to 19.9% ​​after the offer.

“We are grateful for the continued support of our exciting and impactful exploration activities in the prolific White Gold District. Details of our future activities will be announced in due course, ”said David D’Onofrio, Chief Executive Officer.

Each Tranche 1 Flow-Through Share and the Tranche 2 Flow-Through Share will be issued as a “Flow-Through Share” within the meaning of Subsection 66 (15) of the Income Tax Act (Canada) (the “Tax law“). The gross proceeds from the sale of the Flow-Through Shares in Tranche 1 and Flow-Through Shares in Tranche 2 will be used by the Company to bear “Canadian Exploration Expenses,” which is referred to as “Flow-Through Mining Expenses” in the meaning of These terms and conditions apply are defined in the Tax Act on its property in the White Gold District of the Yukon Territory (the “Qualifying expenses”) On or before December 31, 2022. The qualifying issues will be withdrawn from subscribers of Tranche 1 Flow-Through Shares and Tranche 2 Flow-Through Shares effective December 31, 2021 at the latest. The net proceeds from the sale of the Shares will be used for working capital and other general corporate purposes.

The Flow-Through-Shares of Tranche 1, the Flow-Through-Shares of Tranche 2 and the shares to be issued as part of the Offer will be offered in accordance with the applicable exemptions from the prospectus requirements in accordance with the applicable securities laws. The offering is expected to close on or about December 21, 2021 (the “DeadlineThe securities issued in accordance with the offer are subject to a statutory holding period of four months plus one day from the closing date in accordance with the applicable securities laws.

The participation of Agnico and other insiders of the company (together the “insider“), Is described in the Offer as a” Transaction with Related Parties “under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is exempt from the requirement to obtain formal assessment or approval from minority shareholders in connection with insiders’ participation in the Offer under sections 5.5 (a) and 5.7 (1) (a) of MI 61-101. In connection with the participation of insiders in the offer, a notice of material changes will be submitted less than 21 days prior to the closing of the offer, which the company deems appropriate under the given circumstances in order to be able to take advantage of potential financing opportunities and to conclude the offer promptly.

This proposed offer is subject to receipt of all necessary regulatory approvals, including approval from the TSX Venture Exchange (“TSXV“).

About White Gold Corp.

The Company holds a portfolio of 21,111 quartz claims on 31 properties spanning over 420,000 hectares, representing over 40% of the emerging White Gold District in the Yukon. The Company’s flagship White Gold property hosts the Golden Saddle and Arc deposits, which have mineral resources of 1,139,900 ounces grading 2.28 g / t Au and 402,100 ounces grading 1.39 g / t Au (1). The Golden Saddle and Arc mineralization is also known to be beyond the limits of the current resource estimate. The Company’s VG deposit, acquired in March 2019, hosts an inferred gold resource of 267,000 ounces grading 1.62 g / t Au (2). Regional exploration work has also produced several other new discoveries and prospective targets on the Company’s claim packages that are adjacent to significant gold discoveries, including the Coffee project owned by Newmont Corporation and the Western Copper and Casino project Gold Corporation. More information is available at www.whitegoldcorp.ca.

(1) See White Gold Corp. technical report. entitled “Technical Report for the White Gold Project, Dawson Range, Yukon Canada”, dated July 10, 2020, prepared by Dr. Gilles Arseneau, P.Geo., And Andrew Hamilton, P .Geo., Available on SEDAR.

(2) See press release from White Gold Corp. dated November 11, 2021 “White Gold Corp. Announces 16% increase in Inferred Resource at its VG deposit located 7 miles north of its flagship deposits Golden Saddle and Arc, Yukon, Canada ”available on SEDAR.

Qualified person

Terry Brace, P.Geo. and Vice President of Exploration for the Company is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure of Mineral Projects and has reviewed and approved the contents of this news release.

Cautionary Note Regarding Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than historical facts, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement that includes discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, with phrases such as “expected” or “does not expect”, “is expected”, “anticipates” or “does not expect”, “plans”, “proposed”, “budget”, “planned”, “projected”, “estimates”, “believes” or “intends” or variations of such words and expressions or that certain actions Events or results “could” or “could”, “would”, “could” or “will” occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements relate, among other things, to the offering, the use of the proceeds from the offering, the receipt of all necessary regulatory approvals, including the approval of the TSXV, the Company’s objectives and objectives, and the exploration activities carried out and proposed on the properties Company perform; future growth potential of the company, including whether any proposed exploration programs on any of the company’s properties will be successful; Exploration results; and future exploration plans and costs and the availability of funding. These forward-looking statements are based on reasonable assumptions and estimates made by the company’s management at the time these statements were made. Actual future results could differ materially because forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements of the company to differ materially from future results, achievements or achievements expressed or achieved therein Forward-looking statements are implied. These factors include, but are not limited to: the anticipated benefits to the Company in relation to the exploration to be conducted and planned on the White Gold properties; obtain all applicable regulatory approvals for the offering; Failure to identify additional mineral resources or significant mineralization; the preliminary nature of the metallurgical test results; Uncertainties about the availability and cost of future funding required, including funding for exploration programs on the Company’s properties; Business integration risks; Fluctuations in general macroeconomic conditions; Fluctuations in the securities markets; Fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; Fluctuations in currency markets (such as the Canadian dollar to US dollar exchange rate); Changes in national and local government, legislation, taxation, controls, regulations, and political or economic developments; Risks and hazards associated with mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, inroads and floods); Inability to obtain adequate insurance to cover risks and hazards; the existence of laws and regulations that may restrict mining and mineral exploration; Employee relations; Relationships with and claims of local communities and indigenous peoples; Availability of rising costs related to mining inputs and labor; the speculative nature of mineral exploration and development (including the risks of obtaining required licenses, permits and permits from government agencies); the unlikely that the explored properties will ultimately develop into producible mines; geological factors; actual results of current and future exploration; Changes in the project parameters in the further evaluation of the plans; The results of the soil sampling are preliminary and are not conclusive evidence of the likelihood of a mineral deposit; Title of ownership; ongoing uncertainties related to the COVID-19 pandemic; and the factors described under the heading “Risk Factors” on the Company’s Annual Information Form dated July 29, 2020, available on SEDAR. Although the forward-looking statements contained in this press release are based on assumptions that the company’s management believes to be reasonable or as there may be other factors that could cause results to be unlikely to be expected, estimated or intended. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information or the material factors or assumptions used to develop such forward-looking information will prove to be correct. The company does not undertake to publicly publish changes to update voluntary forward-looking statements, unless required by applicable securities law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

For more information please contact:

Contact information:

David D’Onofrio
Managing Director
White Gold Corp.
(647) 930-1880
ir@whitegoldcorp.ca

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